The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-04-02
From the Neto York Commercial Adrsrtiser
NATIONAL CREDIT.

II is indeed true that I'VE have fallen upon evil
times" Viewing our present depIorable condition 1t
is scarcely possible to realize how great the change
wrought during the last few years Enjoying as we
were in high degree, individual and national pros
perity with credit Vanished and every where re-
speced; with revenue ample for all the ooiinary
purposes OF Government; with currency entitled TO
general confidence and equable in value; and with
population increasing in numbers and in wealth, daily
aiding by their enterprise and Industry to the gene
raj prosperity il seems difficult to conceive by what
chain OF caames prospect apparently so bright has
suddenly become clouded, and how state OF things
such az now exists has come upon us II Is not our
present purpose to inquire into the causes which have
led to such result Ii Is sufficient that these evils
themselves exist that thousands of Individuals once
in prosperous business have been compelled al last to
yield to the storm that the property not only OF the
capitalist but of the widow and orphan has been d.
minished or swep, away by the decline OF securities;
that large portion of the banking institutions IN ex-
stence five years ago have become bankrupt that the
credit of the States at home and abroad is viewed with
SUSPICION and their securities are almost unsaleabe
that large portion OF the country Is without cur
rency possessing more than nominal value, and thai
this moment the prospect for the future IL, II posi-
Bile more gloomy than ever. Such are the facts, but
they are not all
The credit Of the General Government, which has,
during the greater part Of these unfortunate times,
been honorably maintained which has been respece ed
abroad, and has been beyond suspicion at home, Is
now prostrate For the last two or three weeks the
Government has been unable TO make provision for
the paymeat of the Treasury notes which were daily
maturing. and decline In price has been the conse-
quence, which has only been checked by the amount
ordinarily wanted for payments at the custom-house'
And only have the Issues at home been ulscreu-
ed but the drafts of our foreign ministers iron
parts of the world, which have appeared within the
last mouth two, have been Protested not because
min sters had right to draw, but because the Co
vernnent had no means to pay. Our ministers and
country dsgraced in the eyes of foreigners by
such procedure. 1t is bad enough for our Govern
| ment to be indebted to her citizens for any sum
however small which she cannot pay, but to be in
debed to the citizens of another government for the
pay ment Of salary outfit of her ministers, and una
Die TO pay it, this is indeed doubly mortylng and de
grading. As citizens of New York we can look
with some composure at Indiana, Illinois, Mlssls'
sippi or any of the other States which have raj
tered in their obligations The disgrace of that falls
not ulon except as members Of the same coniede-
racy.
But the present case is in which we have 8
deep and vital interest. If the credit oil the Genera
Government is destroyed what capitalist at home OF
abroad will trust our State? If the JOINT bono
cannot procure money, will that Of one OF the parties
But is not only matter OF interest that inns mat
ter should be looked to- the honor OF the country i
deeply concerned in it. II we expect to MAINTAIN
that high stand among the nations OF the earth which
we claim, it is ndispensably necessary that we
pay debts, else the only national elevation whlcf
we could claim would arise from the comparison
with some of the South American republics, and
/ European governments which have not paid prln
cipal or interest for years The apathy existing II
Congress on this subject is most astonishing, an'
can only be accounted for by supposng the maJorit.
in the House determined to hold back all supple
for the very purpose Of preventing the action Of Gov
eminent and forcing the Administration to resign
If this is not faction, what is If the acton o
Congress- or rather their inacon, during nearly lou
months, is not deserving the general indignation Q
the country, it is difficult to say what they could
that would merit the Reproduction of an honest ant
honorable people.