Cheraw gazette and Pee Dee farmer. [volume] (Cheraw S.C.) 1838-1839, 1839-01-02

d,bt-thc hon,cly duty of fpriva,e life was
elevated by its universally into d senti.
men, of national honor, as the Whole coun-
try in mass pressed forward to its perfor-
nance, as 10 some sacred and patriotic
obligation. Whatever could be paid, was
paid instantly and cheerfully ;what 1t was
impossible to pay ut once, was secured
with ample interest for the delay, with an
utter abandonment ofmere sclfshness, and
a disregard of any pecuniary sacrifice ne
ccssary 10 fulfil their engagements: Ac.
cordinsly, the manner in which the United
States have settled their Immense COM
nercal deb. TO Europe is lasting monu-
mcnt of their integrity. No country could
have better performed its duty. Even in
the cslmest moments of prosperity such a
settle men: could scarcely be imagined as
was accomplished amids, the general wreck
AMI confusion of all its great interests with
rhici, HE country was afflicted. The CON-
sequence, is that The general credit Of the
country never stood higher than at this
moment for it has now earned ds,nc-
,inc.ion entirely exclusive and characteristic
that while the Government of the United
States is the only Government on earth
,ha, has ever paid to the last cen, its na-
,ional debt, the People of'he United States
have discharged their private engagements
with an unexampIed fidelity. a civil glory
this, worth thousand victories.
IL the midst Of these ,roubl's the char.
acter of our Institutions was threatened by
a combination Of politicians in PcnnsyI-
vauia, who eadeayored 10 establish, as the
basis Of American legislation, that charte.
or o:h"r engagement made by any State
Leci stature was liable 10 be annuilcd by
any subsequent Legislaure-and still! more
ef1ec ualIy by any political meeting called
a Convcn,ion--whichis only another form
ofextraordiaary legislation and an attempt
was announced TO carr that dogma into
effect al Convention then approaching.
The assertion of such right by the Sale
Governmen, 10 anrul all its engagements
10 foreigners, put forth at moment when
the country was |aboring under temporary
inability 10 pay is debts, was calculated 10
destroy all ccn-lence in the integrity of
our American institutions, and therefore
said to you in my letter." This must not
be, |, mus, be decided whether this Pen
nsy!yania OF ours is a virluous communi.
iy, or mere society Of piund.rs. Nor
will the honor Of the State be ralevet, eli
,her al: home or abroad, from the s:sin
which few small po!itici1ns wish 20 fix
upon her, until tic Convention adops some
solemn declaration that there is no powcr
in this nation capable Of violating the sa.
cred engagements Of the S;a,o authorities.
Tha, SHOULD be done and if any efforts Of
mine may avail. that shall be done. for
the honor of this State, for the character
of her sister States, and for the stability Of
cur popular institutions
Accordingly, when the Convention met,
one Gifts most decided acfs was the follow
ing resolution, passed on the 2lsi Of Nov.
cmber, 1887
Reso'red, Tha' i, is tic sense Of this
Convention, that a cln,rjer only granted un.
Ger an act of Assembly t, bank or Other
private corporation is, when accepted, q
contract WITH the parties 20 whom the grant
is made. And if such charter be unduy
granted or subsequently nisused, it may be
avoided by the Judgment ofa court ollus'ice
in due course of law and rot otherwise, un.
less in pursuance ofa power expressly re-
served in the charter"
The obligation of the State Legislatures
to fulfil oil their engagements made with
foreigners, and the anxiey ofindividuals 10
pay their fo,eisn debts, being thus es'ab.
lshed, the next care was 10 enable both to
comply with their contracts at as little sac.
rifce as possible. It was due TO foreigners
that every deb, should be paid; it was due
TO ourselves to make the most Of our re-.
sources in the settlement. Now these re.
sources consisted mainly in the public Sc
curi,irs, and the s'aple productions OF the
country. The shock of suspension would
of course sink both 10 the lowest point Of
depression, and i, seemed expedient 10 save
them from sacrifice by two measures ap-
picab,e to each.
There can scarcely be any form Of So.
CURLY more safe than tie p2cuniary engage
ments of the States. They have a most
luxuriant soil, vaIulbIe products, infa;'e ma.
,ural advantages, untiring industry IN de-
veloping them. They have every thing
but money and for that they are able TO pay,
and willing 10 pay, much more than the less
productive industry OF Europe can afford
TO pay. Their loans, TOO, instead of beng
wasted in wars or extravaganza, 60 TO the
direc, Improvement ofthe borrow ns States {;
SO tha, there can be no better application Ct
the means OF any European capitalist than !
to double his income by American invest.
ments. Ye, all these require knowledge,
local information. the means Of exciting
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