The pilot and transcript. [volume] (Baltimore, Md.) 1840-1841, 1840-12-12
From the Sc. Louis Neto Era.
THE MISSOURI s.GLENTWORT1 pa
PERS,'

! ssG.lIENVAV0RTTE u A,
PERS''
"The Murder is out" We have got the trea
sonable letters. Col BENTON brot them fror
Jefferson his pocket; slipped them into the Ar
gus office on Tuesday, and the same Afternoon
cut and run for Washington-not daring to stor
10 see the explosion of Indignation which was t.
follow their publication the next day! 1t wa,
well for the Col that he stuck in an unusual
number of capitals, so as to indicate the part.
which were deemed Objectionable and excited
50 much OF the bile of HANS SMITH and Speaker
| ChICE; otherwise, we are sure plain, common
| iolks, such as compose the population of Mis-.
souri,, never would have been able to see anv
thing villainous in the letters of the London
bankers. No party movement of modern times
can equal the folly of this petty attempt to dis
| Tort the correspondence of a Banking house in
London INTO conspiracy to bring about the cleo
tion OF Gen. Harrison. Col. Benton and all en-
gagged IN 1t ought to be ashamed of themselves
ne whole matter is supremely ridiculous. and
we 40 not wonder that the better informed men
OF the party here, should express their disannro-
baton OF the course which has been taken abont
this correspondence 1t is not in their nature
10 stand every thing-especially when tbev
know that such follies as these have n1ar-I
them in hopeless minority! F7eo
II IS not yet satisfactorily r...,.1,r
'O''i'D '"'-i way to Jefferson City, and
their contents to the knowledge Of the public
That is, however, an unimportant matter. No
objection could have been made to their publ
cation in the usual way, call from the Leg
islature, and in connection with other portions
of the correspondence. They are published,
however, and it is with the letters that we have
to do.
We venture to say, that case is on record
where so grave charge has been made upon so
slender foundation. What are the facts9 The
State of Missouri, to pay up its stock in the
Bank, the expenses of the Mormon and Usage
Wars, its State House, and other liabilities, was
obliged to resort to the borrowing of money
The Legislature authorized the issue OF State
Bonds. They were sent to the Atlantic cities,
and there hawked about from one Brokers
shop to another, without being touched by any
one, to any extent. Capitalists were afraid of
them. They did not doubt the ability of the
State; but they did question whether her faith
would be kept with them, so long as it was I'M
der the control of Col. Benton, who, they knew,
laughed at the inviolsbility of contracts, had
derided State credit, and advocated every mea-
sure which had tendency to destroy it. Eff
fort after effort was made-apent after agent
was despatched to the East; but no body would
touch our State Bonds. 1t was then determined |
to send an agent to Europe, to see whether
capitalists there were willing to trust to our
good faith. 1t was a six months Job, cost
some eight thousand dollars, and ended in get
ting nothing. The Capitalists in Londoa and |
Paris, as it happened, had their pick of Amer- |
can Stocks, all Of which were much depressed,
and they did not care about dealing in a new
security, the character of which was unknown
to them, and about which, if they did AXE in
quiries, they could have learned nothing very
favorable. MIR. Smith selected the house of f. |
Hunt s Co., as the Agents of the Bank, and left |
the Bonds with them. 1t was hoped, that some
change in the money market OF Europe would |
occur in a few months, and early in the spi ing
of this year sales expected by the Bank |
In the interim, systematic attacks were made
upon the credit of all the States, first by Mr.
Van Buren, in his message, and then by Benton,
Grundy, and the whole tribe of Loco Foco ora
tors and presses.
The knowledge of these extraordinary at
tempts TO disparage State securities, made
part of the creed of Mr.. Van Buren's party,
speedily crossed the water, and, as they were
mainly owned in Europe, excited more in
terest and were better understood there than
at home. They at once saw, that if the States
ofthis Union were to prove faithless in their
contracts, they must lose not only the interest
but principal of the stocks which they held;
and tbs not surprising that they were very chary
about making new engagements, and looked
with much sollcitude TO the course of events
here. InMr. Van Buren's administration, they
had no confidence, for he had already been in
strumental in deterioratiRg the value of the
securities which they owned. They knew
hat fierce struggle was going on between
The Wings and the Van Buren, party They
knew, also, that twas canon of the Whig
party, that the public faith should be preserved
nviolate, both State and National As a mat
er of course, they perceived the advantage
which the defeat of Mr.. Van Buren, would bring
o them; and, as prudent business men every
where would do, they determined to await the t
ssue ofthe election. /
g Their money was their own, and they had f
he right to invest it in American securities, or
lot, as they pleased. This was the general a
ceiling; and Messrs. F. HUH & Co. in answer j
o the pressing solicitations of the Bank for $
money, and wishing, as its agents, to satisfy b
hem of The inability of effecting sales at that .
ime, frankly stated the reasons which control
ed European Capitalists in declining to pur- :
hase State securities. How they will be sur !
rised to learn that their frank, business letters,
AVE been tortured into an attempt to bride the =
emocratic people of Missouri, through their .
emocratsc Bank, to vote for Gen. Harrison as :
and that distinguished Senator has 4
.one off to Washington, full charged with these a
etters, as incontestible proofs of concerted v
esgn, ION the part European Capitalists, to in
erfere in the election, and make General Har v
ison President of the United Statesl How