Holly Springs gazette., 1842-12-23


pubic domain would. without doubt. have
placed at the command of the Government
ample means TO relieve the Treasury from
the temporary ertibarfassments under which
il labored. American credit has suffered a
considerable shock in Europe. from the
large Indebtedness of the States and the tenn
porary inability Of some OF them 10 meet The
interest on their debts The utter and disas
trous prostration Of the United States Bank
of Pennsylvania, had contributed largely TO
increase the sentiment Of dlstrust by reason
of The loss and ruin sustained BY the holders
of lis stock, large portion Of whom were
foreigners and many of whom were alike
ignorant of our political organization, and OF
our actual responsibilities
II was the anxious desire Of the Execu-
tive that in the effort to negotiate the loan a.
broad the American negotiator might be able
TO point the money lender to the fund mort
gagged for the redemption ofthe principal ano
interest Of any loan he might contract, and
thereby vindicate the Government from all
Gus piclon of bad faith or inability to meet its
engagements Congress differed from the
Executive in this view of the subject. 1t be-
came, nevertheless the duty of the Execu-
tive 10 resort TO every expedienl IN It's power
negotiate the authorized loan. After fall
ure TO do so in the American market. clti-
zen Of high character and talent was sent to
Europe with no better success, and thus the
rnortifving spectacle has been presented OF
the inability OF this Government to obtain
a loan so small as not in the whole to amount
to more than one-fourth of its ordinary annu
al income: at time when the Governments
of Europe, although involved in debt, and
with their subjects heavily burthened with
taxation, readily obtain loans of any amount
at a greatly reduced rate OF interest.
1t would be improbable to look further
into this anamalous state of things, but | can
not conclude without adding that, for Gov
ernment which has paid off its debts Of two
wars with the largest maratme power of
Europe. and now owing debt which is al
most neat 10 nothing when compared with
its boundless resources; a Government the
strongest in the world, because emalating
from the popular willard firmly rooted in the
affections ola great and free people. whose
fidelity to its engagements has never been
questioned, for such a Government to have
rendered to the capitalists of other countries
an opportunity for a small investment of its
stock, and vet to have failed implies either
the most unfounded distrust in its good faith,
or purpose, to obtain which, the course pur-
sued is the most fatal which could be adopt
ed 1t has now become obvious TO all men
that the government must look to Its own
means for supplying its wants. and it is con-
soling to know that these means are alto
gether adequate for the oblect-The Ex-
chequer, if adopted, will greatly aid in bring
ing about this result.
Upon what | regard as we'll founded
isuppositon that is bills would be readily
sought for by the public creditors, and that
1.-The issue would in a shor! time reach the
maximum of SIS 100000. 1t is obvious that
! 100000 would thereby be added to the
available means of the Treasury without
cost or charge.
Nor can fail to urge the great and bene-
fetal effects which would be producced in
aid of all the active business of life Its eff
fcts upon the solvent State banks while it
would force into liquid ltion those of an op-
} posite character through its weekly sett e.
ments. would be highly beneficial and with
!; the advantages of currency, the restoration
: of confidence and credit would follow. with
: numerous train of blessings NV con
? victions are most strong that these benefit:
: would flow from the adoption of this meas
ure; but ifthe result should be adverse, ther,
4 is this security in connection with It, that tn,
3 law creating it may be repealed at the pleas
j. ure of the Legislature, without the slight
l. implication of It's good faith
Y | recommend TO Congress to take int,
e consideration the propriety of re-imburslns
l. a fine imposed on General jackson at New
c Orleans at the time of the attack and defenc
lie of that city, and paid by him. Without dc
At signaling any reflection on the judicial tri
at bunal which imposed the fine, the remission
d al this day may be regarded as not unjust o
v inexpedient The voice of the civil author
v ty was heard amidst the glitter of arms an
rs obeyed by those who held the sword. ;her,
,f by giving additional lustre TO a memorabl
a. military achievement.
n If the laws were offended, their majest
v. was fully vindicated; and although the per
i. atty incurred and paid is worthy of little r.
n. gard in pecuniary point of view. it ca
d. hardly be doubted it would be gratifying
of the war-worn veteran now in retirement an
Sc in the winter of his davs, to be relieved fro,
" the circumstances under which that jud,
r. ment placed him. There are cases in whic
40 public functionaries may be called on
n weigh the public interest against their ow
-. rarsor,l bay7ards and II tho civil \. 81,