Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-11-18

o;ven Attha. Time according 10 the mafhetra e, 'he
securities in the hands Of II cnr FACTORS were
worth 81 100000, about a'o o1o' suiuc,eh. -
III. whole lou o. and the interest upon II. but 'hc ga
Of Pennsylvania having snce "Iepudiased, OF, ia'"c'
% .lared her inability pay, iichi gan being bankrupt
aud Il bcn. uncertain wIie her the Mississippi bonus
80 deogs,,ed stand within III: range oil uoV' ~ No'
u,.,d,c; the value Of The whole deposit has oecoht
yery uncertain, thong u, may be safely auiImeo 'ha
I,s v,rv short of The sum borrowed. So lar IRON Tie
deha,,uf.s be- ~ paid oil IN p last, when al maui
ruv CORE spondrnt states tina, on applying LOT ns
half wears dividend which was t3O, he received oh
Ga III. sd which lie was told was tie Proouct "
lhe inieres, upon the Pennsylvania stock only Inc
ns,I,n - Of course 10 wha, quarter the holders OF
IN, deb.nes are 10 ouk in future for the payment o'
the in.yres, and Of the principal suggestion IS aue
That A,r.,rs benson X Co should sell or dViat, 1t
the value Of the day, according TO the amount i'
the d.brnuse was granted, proportion OF each s.ocS
which ,bcy hold as security among The holders oil .e
d.ten,arcs and further give 10 them certificate ths'
they would their hest exerons to recov" the oeh
cheney IN value from the parties by whom Inc s=cofles
were deposited sale 0! these stocks 10 any extern
i now on; of tie question: and the prospect very
doubtful one of recovering any assets from the wreck
of The IT, S Bank so that n division of the securities
AMONG the holders Of the dehentures seems 10 be the
only course open for and that 10 De taken
as a final winding up of the affair
The Paris papers have reached US. The letter oil
Iord Aberdeen TO the Lords Of the Admiralty on the
r,aht of search, prac,lsed by our cruisers on the
coast Of Africa, is, however. the principal matter 'e
freed to b. them. The National regards 1t as "a
oicce Of hypocrisy, thrown out for the purpose oI
vbeeal;nr llc French Government into acqu'escence
in The toht OF search" The Courier Francois says,
that on Lord Aberdeens own showing Great Britain is
hound by every law, human aud Divine, TO make res,
tuition TO all who had by the exercise OF that right SUI
iered IN their property. Commerce says, that when
asked IN concur in the renewal of the treaty which
gave 10 Enc that right, NJ. de ST Aua,re may now
boldly pr himself 10 Lord Aberdeen, and with his
Lo-dships letter in his hand demand the abrogaon OF
the treaties of 1881 and 1888
MR.. wEBsTEE's SPEECH ASD LETTER TO THE
BARINGs.
(From tie London Times, Oct 49,
The portion of Mr. Webste.s speech at Boston, re-
latinc 10 the fashionable doctrine OF "repudIaon IS oil
great interest, is The complete echo OF the sent
often expressed in this county, and so oi'eh
blamed as too violent. The London capitalists have ire
auently desired that some great public demonstration
should be made in America the antpathy OF the whole
the dishonesty Of few Saies; tor, at present
while s'repudiaon assumes bold aspect on the one
sde and there is counter manifestation on the olher,
IT IS not be wondered at that IN spite OF The dlsnc
lion between the individual States and the Federal
Government, Europeans should lie disposed to look
upon American credit as generally unsound MI wen
ser feels the necessity of some national movement TO
clear away this stain, and very justly desires hat all
tie people OF the country should address themselves
obety and sincerely the work of eradicai'ng the
wound The absence OF oil distinction between the
States and the Government among the European
capitalists aculel touched on by Mr. Webster whose
remark is to the EFFECT that this Is not mere error
"The same people, says Mr. Webster, " constitutes
the States individually and the United States, anu
although the person, citizen OF his own State,
and u citizen of the Federal Government, appears IN
distinct characters, legally speaking, yet as he Is
really the person, the question As to his moral
disposition becomes an important one and The capitalists
who observe large portion of the Unon totally regard
e,F, ,l,cn a. In a
ani1nus may sooner later be displayed throughout
the entire Union.
Mr. Webster is the more bound 10 take up the cause
of the creditors Of the American States, the letter
which he addressed 10 Messs. Barring the 18th OF
October 1852 induced many persons 10 become holders
Of State securities who would otherwise have avoided
them sedulously Tins letter forms the most remarka
bic act done by Mr. Webster during his stay in England,
and being memorable for lis consequences 10 many IN.
fortunate holders OF American State stocks, may be
permitted TO refer 10 IL more in detail, and 10 what was
SAID in this journal on that occasion.
lie begins by asserting that the Legislature OF a
State has constitutional power TO contract Loans al
home and abroad This answer to a question
considered the time Of the highest Importance which
was The subject OF Messrs Barings letter TO Nh Web
ster and which, indeed, is constantly making IFS ap'
pea.ance even at present. The Constitution PROM
biting the States from issuing "bis OF credit, the
discussion has always been whether State bonds come
within that denomination or nnt and hf Webster
-Haytng thus disposed of the theory of the CASE he
expressed himself in the most sanguine terms as to
the prospects OF those who conided in the integrity
Of the States. He pointed out how the loans had
been appropriated to works of internal Improvement,
some OF them pledged for the redemption of the
debt; and he added, that it could not be doubted
that the general result of these works would be to
hance the wealth and ability of the States Any
failure On the part Of State, he sad to fulfil its
dertakngs would be followed by penalty Of dshonor,
(which State the American Union would be likely
10 incur Al these predictions have turned out most
unfortunately Over haste in carrying on the works OF
Internal Improvement, far from having "enhanced the
wealth OF tho States, has made several of them bank
rupt and for the penalty of dishonor, many Of them
have incurred it, and Of them, (Mississipp, has
been found loudly 10 glory IN it.
Far more true have proved the predictions on the
subject, which appeared in the money article of The
Times, Of November 81, 1893 The very same paper
that contained Mr. Websters letter 1t is consequently,
with qualification, that We quote these pred'c-
tons, the present occasion.