Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1842-11-03

edto take the loan.
When we contrast this ,liscredit Of our oy
0o""'ry' 'eenihg with such gigantic resource
with the palmy credit of other States tia, iiay
s little elsebut good faith and high taxation :
offer, 1t Is impossible to refer il to any OH,
cause but deep moral disirust or NO ii
most gnominious curse that can fall IN /, noe
pie who aspire To be civilized and free n
the truth of this fact, canno, give Won !, he,
ter proof than tina, whilst no one will Look =,
and capitalists turn will, aversion from III
united States loan, the comparatively ins;ynil;
cant town oi Hamburg, with its population n
SOo,ouo inhabitants To enable il to rise ont q
us ashes, has borrowed at 3 1-2 per cent. prc
ciseiy 0ouOie the amount of our proposed loan
one iar'hng OF which the United States Com
missioner VIII probably not be- able 10 nero
ua'e. Denmark and Belgium, neither OF
which would be scarcely brcakC,s, for IN,
hungry stomach OF Brother Jonathan on 3
frosty morning, can borrow at four nor crnt
what they want, and England aud holland
with principal of the public debt, the paw
mcnt OF which is likely 10 be contemporano-
Gus with the discovery of perpetual motion.
can borrow just what they want. at and unJor
per cent because they pay their interests.
ana tax themselves to pay their interests.
AS Statesman and Patriot, am sure. n,v
Gear SIR, You will say tina, this state of ,binos
must not he permitted To last. No co,,,r,
can continue III the worst species of ;nsoIyo,,
/ cy' bankrupt in its reputc, wi,hou, losino
'nal sei'-re>pect which is The salient spriny IF
aus 'hat gives vigor and renown TO national
character may be said that as a nation we
are III no degree responsible for this decodcnce
III The credit OF the States This NAV be true
3 "A q rs..t,, ~
W ee''aih extent. Our national and poIiti
."' aggregation, however, if may so sneak
% mage up OF Tins family of States, and YOU
hiuy uePenu upon II that other nations and nos
'e'"y VIII hold the government of the Union
morally responsible, for the character ,,r ;,s
members, although the forms Of onr fedor,,;ro
system may discharge it from lcr,l li,Lil;f,,
Tor their engagements
Admitting the potency, and the extent or
me evil, you will ask, what is the remedy,
ms: my good sir, is precisely the question
am about 10 ask you, and ask Won in ,Lo
form Ola specific inquiry, whether public o.
pinion, through the Union, may not receive
such an organization by the action of Con-
g'ess' popular meetings and the press, as 10 in
a"ce ne dcjauHing States to hoH Coaren-
,'o'iS mas 'c"ter, comprehending those who
nave negotiated foreign loans, who nevertbc-
less nave met punctually their dividends, that
ny "hileu action they may induce the leo;sla-
lures oil Tie several indebted States 10 imnoso
ana the people 10 bear such taxes rs shall nrol
'ioe tie means OF paying the interest. and &c
'a9iishing sinking iund for the gradual ov-
debt! cannot bei!eve JDGI THESE aTpcals w
State pride and National honor would be una
vaing. You see that | lay out of account
the assumption of the State debts by the Fed
eral Government, because often fear, if this
oy ho1{ II r-r
would do nothing of themselves and the ex-
gency has not yet arisen when such an oner-
Gus responsibility ought to be assumed by the
National Government, so uni ust 10 those
States who are faithfully paying their debts,
and to others who have perhaps been far wiser
TO forbear contracting any, although can con-
ceive State Of things i'll which such assump-
ton as measure of finance and national poll
cY might be CmiEently expedient
] am grati6ed to inform YOU, amidst this
CONFUSION in the credit ofseveral The States.
our own South Carolina wears her beaver
up She is never i'll arrcar one day, and very
often, as at Tins moment, (in reference to the
loan contracted for herr has her interest six
months in advance in her bankers hands
This Is not surprising. y on know il has been
ono OF our familiar and household lessons at
home TO submit cheeriully to the imposition
oil direct taxes, to support the security and
honor OF our country, and hence by habit
which we derived from the buried swarlike
and the WISE who have made us what we are.
we pay our State taxes with almost as much
alacrty as we give money TO our wives and
children. If the delauliing States would only
practice on this doctrine The smallest imposi-
ton would produce an amount abundantly sur-
/ icient to rcsusci,atc their credit.
Occupying the position you do, / sincerely
! hope, my dearsr, that your influence through
out the Union will be brought TO bear on this
great national question. We all know thai
our countrymen are essentially honest, be.
cause they are essentially spacious, as wei
as, in the main, right-principled, and reql,ir,
, merely proper direction TO be given 10 then
eXertionS to make even an heroic effor, to re
cover and sustain the character of the coun
: try
But auxiliary 10 these efforts, ,somchin!
more remains to he done by yourself Its Il
: lend vigorously the power Of your own genius
= and the impulse of your appropriate sphere
. the Senate of the United States. to create an,
4 establish q circulating medium throughout th
u Union convertible into specie, but i'll sullicien
= abundance 10 elevate the standard of vau
:, from the dreadful depression to which it he
C fallen, and in fact to he adequate to perforr
C the exchange of trade and value in our cour
s try. Whether this be Bank Of the Unite
= States or an issue oC a redeemable currency b
Y the Federal Treasury, is not Of SO much cou
:. paralive importance, as that we should have a
o abundant and uniform. circulation from 'om
lr source or other. which. making allowance iC