Boon's Lick times. [volume] (Fayette, Mo.) 1840-1848, 1841-07-03

the SUBJECT oil an elaborate report, ana eNCltngi
a protracted debate, the inevitable effect OF all
which must have been to create abroad distrust
in the ability and good faith Of the debtor States
Can it be doubted that a serious injury was in
flicted upon them by this unprecedented procee-
ding' Nothing is more delicate than credit or
character. Their credit cannot fail to have SUI.
ered in the only place where capital could be
obtained and where at that very time some Of
the agents Of the States were negotiating with |
foreign bankers. About that period one Of the
Senators OF this body had in person gone abroad
for the purpose Of obtaining advances Of money
on Illinois stock.
The Senator from New York said that the
European capitalists had fixed the value OF the
State bonds Of this country at fifty per cent; and
therefore it was matter of no consequence what
might be said about the credit Of the States here.
But the Senator is mistaken, or have been en-
tirely misiniormed. | understand that some
bankers have limited their advances upon the
amount OF State bonds prior 10 their actual sale,
TO fifty per cent in like manner as commission
merchants will advance on the goods consigned
| to them, prior to their sales. But in such an
operation it is manifestly for the interest of the
States, as we'll as the bankers, that the bonds
command in the market as much as possible
above the fifty per cent; and any proceeding
which mpairs the value OF the bonds must be in.
furious to both. In any event, the loss would
fall upon the States; and that this loss was ag.
gravated by what occurred here, on the resolu-
:, ton to which have referred, no one at all ac.
quainted with the sensitiveness OF credit and OF
capitalists, can hesitate to believe. Ny friends
? and made the most strenuous opposition to the
resolution, but it was all unavailing, and ma
! jority of the Senate adopted the report Of the
committee to which the resolution had been re-
ferred. We urged the mpolcy and injustice Of
the proceedings that no man in his senses would
ever propose the assumption Of the State debts;
that no such proposal had, in fact, been made;
I that the debts of the States were unequal in
amount contracted by States Of unequal popu.
lation, and that some States were not in debt at
all. How then was it possible to think Of
general assumption OF State debts? Who could
f conceive of such proposal? But there is vast
f difference between our paying their debts for
them, and paying our o1Dn debts to them, in con-
formity with the trusts arising out Of the public
domain, which the General Government is bound
10 execute.
Language has been held in this Chamber
which would lead any one who heard it to believe
that some gentlemen would take delight in see.
d. ing States dishonored and unable to pay their
5 bonds. IL Such feeling does really exist,
trust it will find no sympathy with the People OF
: this country, as it can have none in the breast OF
any honest man. When the honorable Senator
from Massachusetts (Mr. WEBsrER) the other
day uttered, in such thrilling language, the sen.
tment that honor and probity bound the States
to the faithful payment Of all their debts, and
that they would do it, felt my bosom swelling
;, with patriotic pride-pride, on account Of the
just and manly sentiment ITSELF and pride, on
. account Of the beautiful and eloquent Language
in which that noble sentiment was clothed.-
l. Dishonor American credit! Dishonor the Amer.
> lean name! Dishonor the whole country! Why,
, sir, what is national character, national credit,
! national honor national glory, but the aggregate
i of the character, the credit the honor, the glory
: Of the parts Of the nation? Can the parts be
2 dshonored, and the whole remain unsullied?
l Or can the whole be blemished, and the parts
J stand pure and unainted? Can younger sister
3. be disgraced without bringing bushes and shame
upon the whole family? Can our young sister
Illinois Il mention her only for illustration, but
with all feelings and sentiments OF lraernal re.
gard,) can she degrade her character as a Stale
without bringing Ieproach and obloquy upon all
> OF usl What has made England-our country's
glorious parent (although she has taught US the
duty Of eternal watchfullness, 10 repel aggres
! sion, and maintain our rights against even herr
u what has made England the wonder of the world!
What has raised her to such prominence in
S wealth, power, empire, and greatness at once
It the awe and the admiration OF nations? In
: doubtedy, among the prominent causes, have
l. been the preservation OF her credit, the manten
C ance OF her honor, and the scrupuous fidelity
: with which she has fulfilled her pecuniary en-
G gagements, foreign as well as domestic. An OPP
Il poste example Of disregard Of national faitl
4 and character presents itself in the pages Of an
y cient history. Every schooI.boy is familiar will
- the phrase 'Punic fath," which at Rome be
g came by-word and a reproach against Carthage
: in consequence of her notorious violations o
u her public engagements The stigma has beef
transmitted down to the present time, and viii
J remain forever unelfaced. Who would not la
l. ment that similar stigma should be affixed L
e any member Of our Conlederacy? If there b
Is any one so thoroughly imbued with party spirit
&c so destitute Of honor and morality, so regardless
Is of Just feelings Of national dignity and character
Al as to desire 10 see any Of the States Of this gle
e rious Union dishonoret, by violating their en-
v gagements TO foreigners, and refusing to pay thei
S, just debts, | repel and repudate him and hi
II sentiments as unworthy OF the American name
70 as sentiments dishonest in themselves and nethe
n entertained nor approved by the people Of tn
:, United States
Il Let US not be misunderstood or our feeling
a. and opinions be perverted. What is it that W
4 ask! That this Government shall assume tn
- debts Of the States? Oh! no, no. The debts O
~ y Pennsylvania, for example? (who is, believe
= the most indebted Of all the States.) No, ne