The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1841-12-23
From the National htelligeacer.


STATE CREDIT-THE PUBLIC FAITH. F,
The dishonest design shamelessly avow.
ed by certain class of politicians to repu
date debts contracted by particular States
which il is found difficult to pay, and the
effect of this ayowed design on the credit
of the State generally, and even of the Gen /
eral Government, occupy The attention of
all observing and thinking persons at the
present moment. The result OF the Missls.
sipPl election, turning upon that point,
alarms, rs we have before remarked, e
ven those who have been among the loud.
est asser,ors Of the right Of any State Leg
islaIure to annul contracts entered into BY
preceding Legislature. Much more does
II shock those whose moral sense has al
ways revol,ed at and steadily resisted q
doctrine SO delestabe Ia the money az
ticle Of the Baltimore Patrio, prepared by
MIR. B. |. Cohen) We find the following apt
illusions to this subject:
"Ths great fall IN the price of State Sc.
curliies all ever the country has produced
alarm and uneasIness IN the public mind
but we bold that facts do not warrant eth.
er. The doctrine of Reputation, held IN
Mississippi, cannot be maintained. The
Legislature of that State will not in prac
tce, whatever may be the impression Of
individual members, entail such disgrace
on It's own fame, or that of The American
People. What if Pennsylvania, Maryland,
Indiana, or Illinois, having pressed their
systems Of internal improvement toe eSteB.
sively, being embarrassed, shall fail to pay
the regular interest on their public debt,
does it follow that the energies of our hap
Ply country are not equal TO a recovery
from such prostitution Reflection viii
show how causeless is tbs panic. The
time IS not distant when capitalists will
look back TO the present, and wonder that
such tone should prevail, or, prevailing,
that advantage was not taken 10 invest eve,
ry available means in the credits Of the SOW
erelga States of the Union. We mistake
much our national character, if, in the ap
preaching season OF Legislation, such ener
get,c means are not put forth as will ensure
10 after times, whatever the difficulties o.!
the moment, full and perfec; lufillnea. Of
every State obligation. Let States and Cor.
PorGhoas, hotcerer, pause IN their erpeadl
tares, suspend all schemes of Improvement
until rec5gery IS had from cur em5ar.
rassments, lessen the amount OF debt BY a
rigid system Of economy. 10 such deter.
ninalion will We have guaranty of return
10 our former prosperous condition"
What legislation the writer refers to,
as likely 10 ensure so desirable an end as be
proposes, se do not know, and should ap
prehend that in this respect bis anticipa-
lion are over sangulne. But We do most
heartily acquesce in the recommendation
of suspension Of all expenditures, BY the
States, Which require any increase oil their
present liabilities, except Of course such as
are necessary TO prevent augmented loss u
particular cases-sueh, for example, as The
Chesapeake and OHIO Canal, to which the
Stale OF Maryland herself looks for ihe
means Of paying her debt.
We find ca the same subject, 10 late
number Of the Aelc FORK Express, (wbose
principal editor was IN this cIty when he
wrote, and enjoyed probably the access 10
The best sources of information The iollo1
ing obserga lions, 10 Letter from Wash
ingtou under the date Of tue 25th instant,
which We recommend to the SERIOUS consId
Grafton Of al cur readers 10 all parts OF the
coaotry:
The President Of the United States,
and other Official characters, are frequently
rsceiving letters from the other SIDE of the
Atlantic, complaining to The authorities Of
our Federal Government Of the nonpaymen,
Of interest, particularly 10 the case OF the
bonds Of tie State of Mississippi. Ii is a
hard case, they justly think, that they do
not receive dividends on those bonds, and
they are bot liitla prepared 10 learn that
the question Of rspudiaiing the debt alto.
gethsr has bean subm tied to popular vote.
The impression Of the best educated class.
es IL England yet seems to be, that the
Federal Goyerataeri has some power over
the States TO make them pay the interest on
their bonds. They complain to the FEEDER.
al Government as i tha, Government was
10 the omission Of duty; and when, as s
no doubt the fact, the Federal authorities
answer kindly, but truly, tia, they ear 90
nothing, that the debts Of the States are
none Of theirs, for which they are RESPONSE.
bic. the answer sounds harsh and wrong,
10 foreign ears, provoking wrath and re.
elimination.
IF now TO national causes Of complaint,
national grievances, so believed to be, ma
tlonal wrongs, aud national pride, be added
personal suffering, aud sense Of personal
wrong, who can calculate the effect upon
the British popular mind7 Ito the clam
ors Of the Brush press be added private
cries Of robbery perpetgated by and under
the sanction Of States, Who can set bounds
to indignation thus eukindIod, or foresee IFS
resaits! have no doubt, therefore, tha.
the course OF Mississippi, aud the doctrines
Of repeal and reputation that are
sfpat, will add rev fuel 10 the Game al
ready enaIndled against US; and have no
doubt, too, that for this very cause The Brit.
ish Radicals, to enbfoil US more with their