The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-06-22
ACKNOWLEDGEMENTS
STANDING ARMY.

the Administration oppose Bankrupt Law to
relieve honest unfortunate men ~
| We have deferred responding to this inquiry
because we hoped that change might be
wrought IN the hearts of our rulers, and that the
oppressors hand would bear more lightly upon
the shoulders Of the ''broken down child of mis-
fortune ;"-but we have ceased 10 hone These
men have no bowels Of compassion. They rule
TINS once free and happy land with rod of iron
We have looked, but looked in vain, for any
signs OF contrition returning sense of Justice
and we shall, therefore, as briefly as possible,
but as distinctly as the importance Of the subject
| requires, show the intimate connection between
this denial Of relief to honest unfortunate men
and the two overshadowing federal measures,
Sub Treasury, or Presidents Bank Of issues.
and Standing Army of two hundred thousand
| men.
~ IS generally admitted that the constant and
reiterated attacks Of the Federal Loco Focos upon
trade commerce, character, integrity and credit
have brought about general arrangement Of the
exchanges, reduction in the price Of property,
ain inability to meet payments, and general
bankruptcy OF debtors, thus making the honest
poor poorer, and the knavsh rich richer. The
honest, industrious, and confding, have been
overthrown-whlle the dishonest shaver and
Spectator upon the necessities Of his enterprs-
ing neighbors, has become rich.
Thus large number Of talented and virtuous
citizens are thrown upon the world without a
dollar, with load of debt bowling them TO the
earth, and rendering their character for honesty
industry, integrity and capacity, entirely useless
The fact is notorious throughout the country
that these Federal Loco-focos have been en-
deavorng to reduce the value OF property and
labor by destroying credit, and suppressing every
kind of currency but gold and silver.
They have created distrust, rendered character
worthless, and every kind of property unsafe
able. BY this means they have prevented the
debtor from paying his debts, and involved him
in inetrieyable ruin.
The measures by which this great evil was
brought about were the best that could have been
devised, and have been emnently successful
Cotton, -four beef, pork, land, and labor, have
been reduced 10 price so small that debtors are
compelled TO procure four, and, in some cases,
ten times the quantity of these valuables, to
satisfy debt contracted three years since. Ii
is the debtor upon whom the heavy burthen Of
this reduction of price falls with the weight of
an avalanche, frequently burying him beneath
the icy mountain until hope and life are forever
extinct.
Debt increases in the same ratio that property
and labour decreases in value
The poor man who contracted TO pay 800
when labour was worth two dollars per day, finds
himself compelled TO work four times as long
for his rich neghbor when the price Of labor is
reduced 10 fifty cents.
Farms that have been purchased for four
thousand dollars each, one-half paid in cash, and
mortgage given TO the seller for the balance,
are daily selling for one thousand dollars, and
are purchased by the orig inal seller. Many in
dustrious, enterprising men have not only lost
all their property by this process, but have be-
come involved for the remainder without hope
of relief The owners of houses and lots in
cities and villages have shared the same fate,
while the debtor, who is thus robbed under sane
ton of law, by the combined action of the Ad-
mnstration and the money lender, is stigma
tized as a cheat and swindler by those who have
made him beggar and out cast for life
This destruction of character, and reduction
Of currency, have operated with more or less Sc
verify upon all debtors.
The merchant feels it more severely, because
his business requires him to depend upon cha
racter, punctuality and credit.
The attacks upon these auxiliares of trade
have overthrown thousands of worthy men, The
power TO collect debts having ceased with the
disposition to buy, trade fell off rapidly, and as
every merchant is debtor as well as creditor
the sudden cessation of business produced
stagnant weight which crushed the mass OF
merchants to the earth.
This general ruin has been caused by the at.
tempt of this Administration to compel all debt
ors to pay their creditors exclusively in gold and
silver
AS the Federal Loco focos have openly avow-
ed their wish TO destroy credit, and consequently
to ruin debtors-the honest but deluded friends
of this Administration very naturally supposed
that the prayer of the honest unfortunate debtor
would meet with ready and hearty response
They believed, that if he could show his con
duct had been pure and upright, and that his
losses had been produced by no causes over
which he had control, that upon the surrender o.
every dollar, for the benefit of his creditors, he
would be released from his thraldom, and per
mitted to go forth TO the world free to use hi:
talents, character, and credit for the support Of
himself and family.
We know and feel, with all honest men, thai
if this Federal Loco -foco Administration had no