Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-11-15

Pamucea-A new rnbiac Deot propose" -
Three Hundred Millions = On 'ne ex'
W. are only in the beginning Of the "credit sys-
49,, The measures Of lavish expense, and keep
:, life. first exhausted the credit Of individuals.
when hey broke, banks were established; and when
hanks suspended, state stocks created to the
extent of goo 100000, in order to preserve the
everlasting credit system. keep up the improve
ments Of the age in ali kinds Of canals rail roads,
&C.
But recent events have demonstrated that this
.ource az raising the wind is exhausted. Accord
iusly. new plan is devised, more splendid and
magnificent than ever A few weeks ago, we stated
that we saw preparations making in several parts Of
the country to bring forward proposition in Con-
gress by which the whole public debts OF the seve
raj states might be assumed by the United States,
and the public domain pledged for the payment Of
the interest, or it's ultimate redemption This plan
is so far matured by tn. leaders Of the wing party
as to be officially promulgated in the Courier and
Enquirer Of yesterday morning The following
extract conveys Peo the skeleton OF the scheme:
Let the government of ths United sateswhca the
reprs both houses Of Congress
create hundred millions of tock bearing an interest OF
four pe cent per and let this be the
states principle Of Mr. Clays Land Bill'hst IS pro
rate according number OF their and
avs in let the proceeds from the sales OF
I've aside and sAcredy pledged sinking fund
for the redemption stock Let the Secretary Of the
or some suitable person be appointed
change OF this stock may be the portion OF
state for OFFS CHI issued and after cert ~
monhspay the balance the respective
states probably the holders of state iecks would
not he willing 10 make such exchanges and So the state
would its entire portion annually
received United States stock aud sales 81 from time
to time their necessities required be IN situation 70 pro-
xrsss with all public werks whether commenced
Only embryo United states stock would then INN edatey
fill The space pied BY about two hsndrea mos
deposited the State Treasures and would Only be offered
public other necessities required,
and which the capitalists Of Europe aud America wou ao
purchase at premium
In illustration Of this great scheme, the Courier
goes lesgh into its popularity economy and means
of escape from direct taxation which the several
states must submit TO, if the present system con.
tinue. With every view taken on these points, we
cordially concur. Ii is the only and efficient system
of relief for the financial troubles Of the age. A
new national bank is frail fair Of the third
tier We have seen the coup de grace given 90 the
rotten fair one in Philadelphia Free banks are
equally worthless and numerous. Safety Fund can
can hardly cover their nakedness There is no
place-ne sche me-nothing short Of a miracle from
can save the great credit system, except il be
the plan now proposed-a creation Of three millions
Of U. S. stock, foundea on the public lands
We were the first to propose the plan, as we were
the first 70 propose General Scotland in fact, the
first to propose every great, wise, and farseeing
public measure. We are glad to see that the
Courier has adopted il at last. II 10 the only
cure for the times-it is the only mode to make
money /" easy" again With U. s. stocks we could
again 60 10 Europe and raise money enough to last
till near the day Of judgment-perhaps not quite
We coud raise the price Of cotton to twenty cents
-four to Sl0 per barrel-buid rail roads, palaces,
and country seats back to the Rocky mountains. -
Our fashionable people could again redeem their
horses carriages, and files Dc jois new in pledge
and pswn For ten years would, in this land Of
liberty. live on the great credit system more than
our stupd ancestors did in fifty We could increase
population amazingly, because every politician
could keep, like Solomon, or Sultan Mahmoud, one
wife and fifty concubines. Every thing would four
an far brief time-but the brefer the sweeter-the
shorter the season, the warmer the summer.
Yet we must not shut our eyes to the finale II
would end precisely AZ the continental issues ala
during the American revolution-or as the issue OF
.ss;sn.ts and mandats did in the Preach revolution
\, Franco. millions on millions Of assignats and
uxrdats were issued the pledge Of the national
.roperty and public domain-not one livre Of which
was ever redeemed by after legislation. The same
NAV be said If continental money A few years ago,
gentleman in Havre paid 10000 francs in assign
ats for a pair OF boots; and we nave hearo OF
~air of breeches costing in this country $500 IN
American continental money. But what Of all that
Those who are the first to get hold Of the United
States scrip, would get rich Prime, Ward Co,
n brokers for its negotiation would clear 900
in the first six months. James Watson Webb, as
advocate, would get $4,000 from some breeches
pocket in week. These are positive, undeniabie
yaIues-far preferable TO Erie Railroad scrip, held
nv IN, former. or Poudrette Company stock, TO say
nothing Of Morus Mslticaulis, held by the latter
we shall have glorious times during the great
credit system. Meantime, every screw must be
twisted TO get Congress to pass the lev. Governor
Seward must 90 FAR hey petty debt Of SAoooooo
in his next message He 10 but small potatoe to be
sure. but IL he to grow, he must try to swal
low As much OF $500, 900 900 As he can. Open your
mouth, Governor, and shut yorr eyes. Thurlow
Weed, attention.
CvsroH HOUSE, SEIzUREs.-Several oil the papers
are raising racket because Mr.. Hoytand Mr. Butler
are beginning number Of suits before the United
State. Court and are there cast. A very senseless
CRY thi,, These gentlemen have one year and six
months only 20 held their present offices. II they
do NO, bring many suits as possible in the shortest
period how could they retire in March, lSa1, with
Sl50, 0o0 each Of the "spoils9" Answer that BOBBY