Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1842-10-28
VOL. IX.-NO. 9.

int while the rate Of interest has fallen this
this day 10 two and half per cent, in the
London market, IT is not probable that if the
Commissioner of tho United States six
per cent loan, were to offer a price which
would secure an interest of ten per cent, ten
pounds of the stock could be sold, without,
from considerations ofpoIicy, under the adj
vice Of Lord Ashburton, on his return to Enc
land, the Earrings should he induced to take
the loan.
When we contrast this discrcdit Of our
own country teemng with such gigantic re-
sources, with the paImy credit Of other
States that have little else but good fai,h and
high taxation TO offer, it is impossible to re-
fer it to any other cause but deep moral
distrust in us--the most ignomirious curse
that can fall on people who aspire TO be
civilized and free OF the truth Of this fact.
cannot give you better proof than that
whilst no one will look to, and capitalists
turn with aversion FROM tie United States
loan, the comparatively insignificant town
OF Hamburg, with its population of 200,-
UUU inhabitants to enable it to rise out of
ITS ashes, has borrowed at 3 - per cent.
precisely double the amount Of our propos-
ed loan, one farthing OF which the United
States Commissioner will probably not be
able to negotiate Denmark and Belrium.
neither of which would make break fast for
the hungry stomach of Brother Jonathan on n
frosty morning, can borrow at four pcr cent.
what they want, and England and Holland
with the principal of public debt, the pay
ment of which is likely to be coGtcmporan-
eons with the discovery of perpetual motion,
can borrow Just what they want, at under 3
per cent because they pay their interest,
and tax themselves to pay their interest.
As statesman and a patriot, | am sure
my dear sir, you will say that this state of
things must not be permitted to last No
country can continue in the worst species
of insolvency, bankruptcy in lis rcpute,
without losing that self respect which is the
salient spring of all that gives vgor, and re-
nown to national character. II may be said
that as nation we are in no degree rcspon-
sible for this decadence in the credit OF the
States. This may be true to certain ex
lent. Our national and political aggregation.
however, If may so speak, is made I'd of
This family of States, and YOU may DEFEND
upon II that other nations aud posteriiy Will
hold the government of the Union morally
-esponsible for the character of It's members.
nav discbarSSe fXXriq6nf G'nGaf nabhty Tor
Admitting the potency, ana n,e oxtcnt Of
The evil, you will ask what is the remedy .
This, my good sir, is precisely the question
am about to ask you, and ask YOU in the
form of specific inquiry, whether public
opinion, through the Union, may not re-
ceive such an organization by the action
of Congress, popular meetings and the press,
as to induce the dJduhing STATS 10 hoW
generations this aointa, comprehending those
who have negotiated foreign loans, who
nevertheless have met punctualy their divi-
dends, that by united action they may in
duce the legislatures Of the several indebted
States to impose, and the people to bear such
taxes as shall provide the means of paving
the interest, and establish a sinking fund
for the gradual extinguishment of the princi-
pal of their public debt cannot believe
that these appeals to State pride, aud national
honor would be unavailng. You see that
lay out of account the assumption of the
State debts by the Federal Government, be-
cause | often fear, if this expectation were
held out, the defaulting States would do
nothing ofthemselves, and the eXigency has
not yet arisen when such an onerous respon-
siblity ought to be assumed by the National
Government, so unjust to those States who
are faithfully paying their debts, and to 9TH
ers who have perhaps been far wiser to for
bear contracting any, although | can con-
ceive a state of things in which such assump-
ton as a measure of finance and national
policy might be eminently expedient.
/ am gratifed to inform you amidst this
CONFUSION in the credit of several of the
States, our own South Carolina, "wears her
beaver up" She is never in arrear one day,
and very often, as at this moment, Gin refer
ence to the loan | contracted for her J has
her interest six months in advance in her
bankers hands. This is not surprising
You know il has been one of our familiar
and household lessons at home to submit
cheeriully to the imposition of direct taxes,
to support the security and honor of our
country, and hence by habit which we de-
rived from the buried 'warikc, aud the wise
who have made us what we are, we pay our
State taxes with almost as much aacrity as
we give money to our wives and children
If the defaultng States would only practice
on this doctrine, the smallest imposition
would produce an amount abundanlly sufli-
cient to resuscitale their credit.
Occupying the position you do, ! sincere
y hope, my dear sir, that your influence
throughout the Union will be brought to bear
on this great national question. We all
know that our countrymen are essentially
sagacious as well as in the main right prin-
cipled, and require merely proper direction
to be given to make even an heroic effort to
recover and sustain the character of the
country.
But, auxiliary to these efforts, something