Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-10-18


we begin 10 be regarded nation OF sharpers and
swndi,rs with nom, il the day OF Judgment should
happen To be on Monday, our pay day VIII not De un
I'll The 1u. sday following lhis Revision OF conn
dence does arise nuc! tr"in dscredIi, winch
attaches t. our resources; in oher words, ability
% nav as our seeming udispositlon 10 pay. Tie for
mer IS stu. considered in many cases, as undoubed
whilst sickcnng dtetFust has iaen upon The latter
uence is chat whilst tie rate oi interest has a!!en
this d.y n two and haf per cent. in the London
,nan; i i no, probable that if the Commissioner OF
thu n $ SIX per centum loan, were 10 offer price
vvhich would secure interest Of ten per cent ten
mounds of the stock could lie sold without from consl
dera.ions of policy, under tie advice OF LORD Ashbur
ton on his return 10 E"giaho' t'e na'l"s' s"ou'u "
induced to take The loan.
tecmino with gigantic resources, with the palmy Gre
In az n,bar Sn;es INA, have little else but good faith
and b;rb t.xalon offer, it is impossible to refer
=, Ia am ohrr cause, hut deep moral distrust IN
,..,Le ,pcs. iuuomirous curse that can tall on
,oa, i'm nenifc 10 be civilized and free OF TIE
ruth Of this fact, cannot give you better proof
Inn, iiat whilst one will look TO, aud capitalists
,n, ,.,b aversion tom, the United States loan, the
comparatively insignificant Town oi namonrG WIN
- ronna,on of 100000 inhabitants, 10 enable i, to
,;se an, ns its ashes has borrowed at three and hall
nor can precisely double the amount OF our proposed
loan. one farthng of which the U. ,. Commissioner
IN ,,o,,l,!v not be able 20 negotiate. Denmark and
paIi,,, mother of which would be scarcely break
fat for ,ha hungry stomach OF Brother Jonathan
frostv morning can borrow al four per cent what they
want ard England and Holland with the principal OF
publ;c debt the payment OF which is likely to be con
temporaueous with the discovery of perpetual motion,
cnn borrow Just what they want, at and under per
cent, because they pay the'f ihleles, anu lux te
selves 10 pay their interest
As statesman and patriot, am sure, my dear
Sir Won will say that this state OF things must not be
oermitted TO last. No country can continue IN the
s,ecies of Insolvency. bankruptcy in its repute
~, eli. hIrh IS 10 T. n
s,rna Of all that gives vigor and renown to national
character II may be SAID that as patton we are IN no
decree responsible for this decadence IN the cecit oil
,jr States This may be true TO certain extent. oar
80 sneak is made up OF TINS family OF States and you
NAV dcpend upon it that other nations and posterity
will hold the Government o: the Union morally re-
soonsbIe for the character OF lis members, although
the forms Of ederative system may discharge 1t
from legal liability for their engagements.
Admitting the potency, anu the extent OF Tie evil,
you viii ask what the remedy: This, my good II, Is
precisely the question am about 10 ask you, and ask
YOU in the form of specific inquiry, whether public OPP.
nou through the Union may not receive such an or
ran zaion by the acton OF Congress, popular meetings
and the press as 10 induce The faattng States to hod
coarentivns Ibis cinfer, comprehendng those who have
NEGOTIATED foreign loans, who nevertheless have met
punctualy their dividends, that by united action they
NAV induce the legislatures of The several indebted
States 10 impose aud the people TO bear such taxes as
shall proYlCe the means oil paying anu
tablishinr sinking fund for the gradual extngulsh
men, of the principal OF their public debt cannot
believe tina, these appeals to State pride, and National
honor would be unavailing You see That lay out oil
account the assumption OF the State debts by the Fede
raj Government because often fear, If this expecta-
lion were held out, the defaung States would do no.
,bnp Of themselves and the exgency has not yet risen
when such onerous responsibility ought 10 be- as
sumed hy the National Government, so unjust TO those
States, who faithfully paying their debts and to
La,,, tn rlpnr Nnn-
tracing any, although can conceive state OF things
N which assumption as measure OF finance and ia
tioaal policy might be emnently expedIent
am grat,tied 10 inform you amidst this ccnvnlsion
IN the credit of several of The States, our own South
Carolina s'wears her beaver up She is never in ar
rears one day and very often, al this moment, On
reference to the loan contracted for he has her m
terest SIX months in advance in her bankers hands
This is moi surprising. You know It has been one OF
our familiar and household lessons at home, TO submit
cheeriuy to the imposition Of direct taxes to support
the security and honor OF cur country and hence by
hab.t which derived from the buried 'warllke and
the WISE who have made US what we are, we pay our
State taxes with almost as much alacsy as we give
money TO our wives and children. IT the deiaulting
States would only practice this doctrine, the smallest
imposition would produce an amount abuncanty sui
iicient 10 resuscitate their credit
Occupying the position you do, sincerely hope, my
dear Sir tina, your influence throughout the Union VIII
be brought, to bear this great national question. We
all know that our counrymcn are essentially honest,
because they essentially sagaclous, well as IN the
main, right princpled aud require merely proper d.
recon to be given TO Their exerons TO make even an
heroic effort to recover and sustain the character of the
country.
But, auxiliary TO these efforts, something more re-
mains 10 be done by Yourself II is TO lend vigorously
the power of your own genius, and the impulses OF
your patriotism, in your appropriate sphere, the
Senate of the L. ) TO create and establish sound CIR
culaiinc medium throughout the Union, convertible
bu, snificpnt abundance elevate the
standard OF value from the dreadful depression 10
which it has fallen and in fact to be adequate to per
form the exchanges Of trade and value IN our country
Whether this be Bank Of the u. s. or an issue OF a
redeemaOle currency by the Federal Treasury, is not
Of SO much comparative importance, as that we should
have an abundant and uniform circulation from some
source other, which, making allowance or the vari.
atoms in the balance of trade shall be OF equal value
in New Orleans and Boston.
This circulation in the recesses of that financial wis
dom which is past finding out, was destroyed by our
friend Gen Jackson when he slew the bank Of the u
s. with the arm of Samson, and almost "with the
self same weapon, too, when we recoilect all the
n adde Of the old gentleman on this SUBJECT ie as
Burke SAID was certainly "consummae architect OF
Ru,n in hrs time and tide, and had the happy faculty
/ of impersonatng corporation "ln his minds eye,
for the purpose Of hating it cordially as he once
did you and Mr.. Pondexter. When, therefore, MIR
Bidd,e entered into contest with this hero Of two
wars, he forgot the wisdom Of the Spanish Proverb,
i'rhat lie who SITS down 10 dine with the Devil should
eat with long spoon. What has been the result OF
this feast in broken meat and empty plates, you well
know. 1t has left country pasieG indeed-hun.
prv IN flesh and poor in spirit. doubt since the crea
lion Of he world whether such example can be
exhibited have presented for the last sixteen
years. of folly and misgovernmcnt. No Southern
planter would permit his plantation for one hour to be
governed with such lack OF all sense and providence
The Cafcs and ioitenots in reference 10 their con.
d,ion, | doubt moi, have been governed with policy
far more vig'lant and enlightened. country Of I'M
rcnse resources, in period of profound peace, on
the verge of bankruptcy Any man who will read
Hurne's Essays on public Credit and on "Monev,
can be at no loss TO trace our present condition to its
true cause. We have been suffering since &c
neral Jackson destroyed the Eank Of the L. States,
with the exception Of a short period Of distempered
initiation, created by his measures,) under stea.
dy diminishing circulation, which the eminent phi
lnsnnhsr 10 whom have referred has decla red TO be