wholly on opinion, so very alarming that the impression made by it to our disadvantage as a people is anything but surprising.  Under such circumstances it is imperatively due from us to the people whom we represent that when we go into the money market to contract a loan we should tender such securities as to cause the money lender, as well at home as abroad, to feel that the most propitious opportunity is afforded him of investing profitably and judiciously his capital.  A government which has paid off the debts of two wars, waged with the most powerful nation of modern times, should not be brought to the necessity of chaffering for terms in the money market.  Under such circumstances as I have adverted to our object should be to produce with the capitalist a feeling of entire confidence, by a tender of that sort of security which in all times past has been esteemed sufficient, and which for the small amount of our proposed indebtedness will unhesitatingly be regarded as amply adequate.  While a pledge of all the revenues amounts to no more than is implied in every instance when the Government contracts a debt, and although it ought in ordinary circumstances to be entirely satisfactory, yet in times like these the capitalist would feel better satisfied with the pledge of a specific fund, ample in magnitude to the payment of his interest and ultimate reimbursement of his principal.  Such is the character of the land fund.  The most vigilant money dealer will readily perceive that not only will his interest be secure on such a pledge, but that a debt of $18,000,000 or $20,000,000 would by the surplus of sales over and above the payment of the interest be extinguished within any reasonable time fixed for its redemption.  To relieve the Treasury from its embarrassments and to aid in meeting its requisitions until time is allowed for any new tariff of duties to become available, it would seem to be necessary to fund a debt approaching to $15,000,000; and in order to place the negotiation of the loan beyond a reasonable doubt I submit to Congress whether the proceeds of the sales of the public lands should not be pledged for the payment of the interest, and the Secretary of the Treasury be authorized out of the surplus of the proceeds of such sales to purchase the stock, when it can be procured on such terms as will render it beneficial in that way, to extinguish the debt and prevent the accumulation of such surplus while its distribution is suspended.

No one can doubt that were the Federal Treasury now as prosperous as it was ten years ago and its fiscal operations conducted by an efficient agency of its own, coextensive with the Union, the embarrassments of the States and corporations in them would produce, even if they continued as they are (were that possible), effects far less disastrous than those now experienced.  It is the disorder here, at the heart and center of the system, that paralyzes and deranges every part of it.  Who does not know the permanent importance,