Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1840-09-19

$3.50 @h ~ N"HAN 'NAh
h. uphoiding that character / take for granted your
people viii cheerfully ply the very small tax required
i"r these high puT ,osos. and am quite sure that this
example of Pennsylvania will be OF extensive useful
Dcss.
II is M purpose TO be al home though ms month
nnd the next, rs much a. possible. although l may pos
sibly have occasion 10 60 % New York. and perh1ps
- Philadelphia for a day or two. lryog can persuade
Yourself % exchange your own highly cultivated
gnolni aird gardens. for plain farmers residence,
cooled by the sc1 breezss. 1 shall DC most happy t. see
You ~ M1rshdeld.
You're, very truly, always.
DANIEL WEBSTER
y. Bpolr, EsI, Anl,lusia, Penn.
ANp,LusIA. Penn Aas. =, 1910.
H3G. Dmil Wo6stor. n ,s,oH.
Ny Dear Sri have had the pleasure &c receiving
Your Gyur Of the g instant, and am grlihed that
what I said on the occasion % which you alludc meets
70 ~ appreciation. / was Ia truth a htlc anxious At
ihc tone OF sane politicians "a respect 10 the public
debt. aud therefore. Gr the first time since my retire
meat. Scnsurel % appeal, which ! have never iouul
unsuccessful, 20 the native hpncsty and intelligence of
my countrynsn. Tn,t l did not misunderstood them,
ihc conduct OF Pennsylvania since has abunlandy.
proved. Finding the income from her public works
Ia their unfinished state, inefficient TO pay the intc
rest on the paslic debt, she has Land a tax tor that pur-
pose. Tins Will be paid promptly and chccEtu!ly.
AL The anticipaiiOns Of public odlum aga ust those
who voted Tor Il have been disappointed; and what j.
N-ry remarkable. in the heat OF popular election
wh u each party Is prrnpt 10 turn every circums ance
- the disadvantage Of lis rival. neither party has re.
pro lchai the Other viii laying the tax, the justice and
rrJTrie,y OF thus sustaining the public credit being on
all sides cancelled. But Pennsylvania has done more.
She Ia : agreed, IS ne Ol ihe other Sa 90 have done,
o. mu Se up 10th, 4 reign creditors lhe difference be-
tween specie AMI her domestic currency.
This us you know; is a financial novelty quite un.
knows elsewhere; and rs much an AmericLarsm as
The = sam5lat or the quadrant, though It's originality
runs less risk OF being disputed. from Jhe lille prObI-
hility ofiis adoption abroad. Aud yet, although the
United s aIes form the only nation that ever paid oil
the whole oGiis national debt, and are the first 10 lit
dcmnify the foreign creditor against The depreciation of
The local currency, one might imagine, from the tone
assumed by some Europeans, that America had been
guilty OF some great default towards foreign nations.
themselves the models of fidelity and il Is amusing
10 read the grave hJmiirs preached AT these young
people abInt the proP,iety ~oipaying their debts, b. o.
der nations who have lived Ia the hab tuGl violation
OF all the duties lhcy ~ecummcnd.
ded or bullIed out ii It's self respect. And tho 4
would discourage all national p~rcjudIccs as generally
the result OF passion and ignorance, yet II seems with.
in The limits oCa just self defence respectfully and
kindly 10 warn such assailanis, that these reprOlchcs
arc very apt 10 become reciprocal, thai tie party at
tackled Is very often forced to remember OF his aniasU-
mist that Which he would willingly iOrgci-Ind that ii
we were 70 Judge them by the same harsh law they
apply 10 Us, tho reiort would be equally easy and deer
sivc. TdSc Zoe instance our excellent friends the En-
glIsh, many Of whom are rather prone 10 deliver lee
lures abI ui the inideliiy Of republican Institution
they would be startled perhaps II being told that the
iirst and greatest violation Of faith To public creditors
known IN Modern Europe, was committed by the Gov
eTnmentOG England. But u Is historically aud literal
ly true. The very foundation Of their whole debt Is
nm enormous wrong.
The first item Of It is a certain sum Of G66 1853, Of
8 per cents. You rccolleci the history of this. The
government had borrowed, partly for the use Of the
navy too, q Sum ofGl-J3S $40. at s per cent, on the
security Of certain assignments Of the public revenue.
The payments were stopped. first for a year. and then
indefinitely. The public creditors. many Of whom
were ruined. applied for redress to Parliament, but in
vain. They then went into the courts, and after IL
years, Attained judgment against the Crown. The
Chancellor reversed the decision Of the courts. The
House Of Lords reversed the decision Of the Ch1ncol-
Tor. and the creditors now hoped 10 recover at least
their dues, which amounted, with the accumulation Of
20 years interest To f3I2S ,52G: but az the last mo-
sBeHt they were met by an act of Parliament. deciIr-
ing that they should receive only per cent. on the
principal, aud that even this principal might be redeem.
ed ou the payment Of one half oft Thus was a debt
OF a5put seventeen millions Of dollars, al 3 per cent,
reduced 10 3 millions, AT 5 per cent An Injustice run.
ingn thrO a penOi Of % years, begun by the p~ruhicaCy
oiChahes ~. but c-onsummated by the grave ind re-.
- ccinblo Parliament Of William llI, Well may Hume
sIy Oft, That u was "a forfeiture Of public credit. aud
an open violation ofthc most solemn engagements. both
foHeigB and domestic" Well may Bishop Bumet call
ma dishonorable and ]perfdiDus action;' and well one
OF ths most enlightened 1rcign travellers IN England
declare, such was the disgIcetul beginning q tho pre-.
sent debt Of England" ~ much tor the first loan
Diado to England.
Now as to the last loans, let us compare The conduct
Of America and oi England, with regard to public credr
tore in our own time.
You knew that the whole debt of the United States
moro especially The foreign debt contracted during the
revolutionary war-ihlt incurred during the last war,
and That for Inc purchase Of LpuIsana and Florida
amounting in the whole u about one. hundred aud
eighty four GSD millions Of dollars, were all paid.
principal and interest, 10 he last cent, tho very three
per cents being paid onat par
In fho year 1897 The United Statcs were in the ful
career Of This reimbursement. when th5
Of Great Britan began by 6rbrdding lhe Bank of Eng
land 10 pay specic. aul then borrowed 80 much from
tIe Bank Us 10 cause tho multiplication Of 10 NOTES. and
by degrees n depreciation of Them. ul Iu 1911 they
had reached n discount Of about ten per cosi-luo or .
der 20 sustain them The HOusc OfCUmmops then adopt
81 ono Of the most extraordinary proceedings 90 the
history Of legislstion. 70 passed a RESOLUTION. That he
notes ofhie Bank ofEngiand have been, and are NJ ths
time held in public estimation equivalent Co the legal
coin ofihe value, and generally ucccp Cd ms such u.
at pecuniary transactions 20 which such com j. las.
fully applicable u b. this which TUyke calls NJ
taBsuau's resolution Of unhappy celebrity, auu
which The Ediniufgh Review dou1uuces a. IAN ever
isknorlble resolution, N reaolut on which io0k fr grant
Nj mat q pau Nas equal 90 the whole; and ninety
p,nlds md one hunircd pounds were the same hing
aqd declared u sos passed. "vhou gutneos were uDt
ea8uriv hougid ai o. premium. and hank notes were 8t
an open discouuL ns compared with gold uEd bullion
81 np~atIs 81 ton p~t cent" Having declared, in de-
aimee oftle fact. iiat tie notes were % par. 90 remain
ed 10 force every b0Jy lo take tLcm 40 pas, and f1 pun
ishevery holy who f,,k thcm 90 Jess Than IIr accord
i1giy Parliament enacted
a. Tbat the Hotrs should la alssd tender Or Oh
dsbs
? thor vhosvtf Io.If 5--sse r pg Gf-ry a'T
/ e5ir more r1H lfsIrefI .H'H. wrafIff .#.H IfIfuDu
81 ea'ue SOC Ioo'he- a1as gr u .r.t r,..r asa.ii