The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-03-15
From The Journal Of Commerce.
OUR DISHONORED COUNTRY.

OUR DlSHONORED COUNTRY .r, a.,
1t has been an exceedingly painful matter to all
high-mnded citizens that the pecuniary promises Of
any of the States Of the Union should fail of being
kept, and especially that this should be so without
that vigorous and manly effort to make payment
which would prove at least the existence of an hon
est disposition. But 1t Is much painful that the
faith OF the nation should be violated ia the same way
and under circumstances betraying at least equal
degree OF disregard for the claims of honesty Ii is
certainly great disgrace and injury to US all, that
here IN the midst Of peace, with ample resources at
the disposition OF Congress, the nation owing only
debt so small that single city might manage it,
integrity and honor should be forfeited and the nation
protested upon few treasury notes! The Bank of
Commerce, the general depository of the Govern
ment here, having advanced as much money the
Directors thought 1t proper to advance in paying the
maturing treasury notes, gave notice, than
month ago, that it should go no farther. The Col
ector then applied to the Bank of America, and that
institution consented to take up the notes which should
fall DUE for few days. until the Treasurer should
have little more time to negotiate. That officer
was In the city on Monday but as it was impossible
for him to show that he would soon have funds with
which to repay advances, the Bank Of Commerce and
Bank OF America very properly declined to go on
paying, and so the nation has failed; its Exchequer
bills go to the notary and protested.
We do not that the Administration could have
prevented this. The necessities of the country
early laid before Congress, and pressed upon its at
ention and it was with very great delay and difficult
ty that the Treasury note bill got through the
two Houses That bill provided that the notes should
be paid out at par The Treasurer was authorized
to sell them for money in the Market and the bill
was powerless for an emergency like the present
the rate of interest fixed being such that the notes
have all along sold in the market at fractional dis
count. Perhaps bundle of them might have been
deposited with some Bank with the understanding
that the Bank would not be called on for thirty or
sixty days. But such arrangements have been COM
planned of when made by the State Administration,
as an evasion of the law. Perhaps the President
ought to have pressed the matter earnestly upon
Congress, and demanded that it should supply the
means for sustaining the nations honor.
There Is too much to think tina: Mr. Clay and
his friends who are the strongest party in Congress,
disposed to have affairs remain in confusion,
and even become worse COMPOUNDED, for two years
more in order that Captain Tyler may be headed off,
and the necessity for National Bank rendered more
conspicuous, for the next Presidential election The
Democrats are generally willing to see confusion, be-
they say the power is in the hands ofthe Wings,
and the disgrace Of the country will be charged upon
them Thus the Sub Treasury party will be more
likely to triumph. The President has but small
party in Congress. II would be for the interest and
honor of party that the interests and honor of the
country should be sustained but they have no power
carry measures. Amid these conflicting party nte-
rests the National Legislature is busying itself with
small talk each party careless of the nations damage,
if ony its selfish ends likely to be ac-
compshed. Such condition of things is not only
The nation is utterly without means for an emergen-
cy. 1t could not fit out fleet or army. The new
Minister, when he arrives will find people utterly
destitute Of immediate For all this there
is remedy but in the primary assemblies of the peo-
pie, or in the more immediate mouth-pece of public
opinion, the press Whoever may be in the Admin
istration, will never agree to see the nation dis
graced and wronged for the sake of dishOnoring
that Administration. 1t seems to that nothing is
more plain than that the people, without reference to
ultimate party distinctions should speak their
demnation of this miserable Congress, in language
which will ensure the action that is necessary to
store far possible the public credit If such
course should be taken, we know of no place where
meetings of the people upon such a subject should
properly commence than in the capi-
tai of the country. t
Since writing the above we have received the
w ashngton papers Of yesterday morning, from which
appears that this subject has been urged upon the at
tention of Congress in Special Message from the
President, accompanied by statement of the cond-
ton of the public finances by the Secretary of the
Treasury