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

DOMESTIC.
1Ey HAMILTON.
W. ,pb,;sb the letter q. THIS distinguished man ad
dressed TO Mr. Calhoun through the papers, because
every thing coming trem him has interest, and because
we desire 10 approve ~ the %arnest manner he semi
Inents he expresses on the Sacredhess OF Pieoges o.
nubl;c faith The States pay their debts or stand
disgraced-iusv dsgraced before the world But OF
The rest of General flamitons suggestions about a
national paper currency, whether by BANK or EAche'
ouer we need not say, we hive no favorable opinion
I'VE doub, # General Il. is we'll aware OF the mighty
chance in the public mind on the subject OF our bank
ny hstory-lle has almost been out Of the current OF
our politics for four FIVE ycarshe does not know that
even Mr. Clay, daring he is, IS scarcely bod enough
to peat the old fashioned speeches about "Gen Jack
sons war IN the Bank" There are few who do not
look back at that conflict with feeling of deep graft
tude 10 the then President, for saving the Union from
III, disgrace Of that unparalleled bankruptcy General
H. repeats the Old dcnuncia:'ons, as If they could any
lonper find a response our reason. "Reguate The
Currency again too-and ''a currency of equal value;
and all this, notwithstanding the lessons oi The past
and the fruwn o! the present
Gen. II still speaks men spoke il lS31-s thinks
rcyercnliy of the exploded tapestries OF the cred,
sys,em-s,l! yeirns after the ''aiiq"'d ra$;na in"
tamquc otshuYlster xpanS,oa-siiil believes that the
medicine for b:okea credit IS more pFomses--sti
that all things possible to fnancern1. We need
not say that IN al. these things widely differ from
HIM. We do not believe ,ha; paper money good
thing or desirable We d, not believe that The Fede
raj Government, whose revenues 1t THIS tine tall lar
short of its ordinary expenditure, and winch IS pre-.
vented from meeting the deficit 5y borrowing because
il has no credit neither condition 10 help the
States or TO set up fora great bankera least lis only
qualification Is the entire want OF both capita! and
credt-a qualification more htghy esteemed formerly
than now II true, tha: we sui' rirg from de-
creasng currency-and that the evil 10 great, though
far less y hen applied to this country than those where
the naajorify OF the people uay BE- starred By con
traction oil the currency-the products OF agriculture
diminished by the distress, rather increased
and il is worth remembering, that we Imported bread
when prices were Top oil their great swell, and
the country ''prnsperous. The decrease in the
currency the consequence of an lnoFcnaie expan-
son-if we would have currency that increases only
with cur wants wc must i.,akc Of something more
solid than pupcr Ch@,teS'o" hereary.
fl,ssa ,.e VIZ }s-s Usrq"I
ioNp0N, Sept. 9, 1ci2.
To the Ion John c. Calhoun
Nv dear Sir II; have addressed this letter to
you II IS not alone from the Justification winch find
IN the recolections Of old and che rised friendship,
but from the fact, that desire 10 attract the public at.
tention TO IT'S Object through the rstru:nentav of 4
name far more influential than NY own. BE not sur.
priced II YOU see il FIST in the newspapers | wish
not only Ito think alond, but 10 speak aloud.
NY purpose IN writing 10 You, is to pu: you in pos
session Of knowledge q: the condition Of the Anne
rican credit in Europe with suggestion of the lnds
pensab!e necessity OF dorg something at home 10
meet the truly alarming crisis, winch ihs state OF things
presents.
am far from defending the profuse confidence will,
which European capitalists len, t:"ir money during
period OF SIX wears from 1894 10 30 TO our country
men, even the .ah Of variety Of schemes, exceed
nrly visionary and uusound. They dld this, however
out OIL. the SreSs Of virtue, winch may have beet
pushed 70 the extent of rather am;able Than criminal
weakness, for they generally made these loans al less
rate OF interest than they could be effected II at all al
home, and apparently for objects oi great pubic u,ity
- But the lJans The States stand different loot
iny A. la,x al, Ia he
which they aye invested. They made according Il
YOU. reading and nine of the Constitution, TO sove
rcgns unde. The obligations OF high public iaith many
of them were contracted On terms greatly advantage
Gus under the aurncy of houses of first respec ab
lity whose ,5era;y and confidence knew no bounds
This confidence given to our young country,
because cur resources, ('n 80 degree exaggeraed,)
were considered immense, and because It was thought,
as we are of the Saxon family, we were essentially
debt paving people. Indeed, from an observation
which larger residence for the last i've years III Eu
rope than America, enables me 10 make, is quite
obvious If we had pad the interest on our io'eiga
debt that the r2.c of that interest would have fallen
gradually 10 the level oil that paid by of the old
est and best established States Europe, and that fol
objects OF well founded public utility, and even Of pr
vate enterp5iLs, industry al home might have been
almost indefinitely nvlgorated out of The large surplus
Of this corn,rv You Will saw ana sure that this IA
cy of borrowing has been great curse 10 our own
Thus admit, true 10 certain extent; but 1t war
converted into Il curse by the action of Cur Govern
iudcious regulations aud prudential guards, state O
thinas more prapilions 10 The Geveopement of the
sources of young county Ike ours, borrowing OF Al
old one like this, capital to nvgoraie It's labor,
low rate of interest cannot well be conceived. If ht
profits Of labor transcribed the rate Of int rest, 1t wa
10 create capital al home. From what other sources
have sprung those miracles of enterprze and wealth
that are 10 be found III country IN tie midst OF
population Of eighteen millions, but thus con)ont &c
ton Of our labor the capital Of others. The PIl
grims found 10 Bank Of England planted the rccl
of Plymouth or The Hugucnols of South Carolina, lii,
gems of Sa,narcand on It's thirsty plains
But if you consider this faculty of borrowing abroad
my dear SIR as evil you may certainly console your
self with the conviction that il no longer exists, al
though am equally convinced that you viii regret Tho
cause which has produced this want OF confidence IN
the good faith OF the people of the U. States, and The
consequences which have followed in fixing severe
stigma the character @: oar country.
Ii is absurd for 10 talk America Chat We do not
want the capital Of Europe al the very moment wher
the Government o; ti.c | States has sent an agent
abroad 10 borrow for It's daily bread. We do want then
money, and they want The results OF our labor And
greatly then il is TO be dep.oed that this beneficial in
terchange has been suspended under circumstances
disastrous to both countries.
Let me give you brisi statement oil The presen,
condition of American credit in Europe, and without
presumng 10 suggest remedy, TO enquire of you whe
Their the force of public opinion, Of Congress has not
the constitutional competency 10 Go anythpgO acting
through the Legislatures of the dctauupg States can
not be made sufficiently potent TO convince them OF the
truth and force of the old adage that, after ALL in the
long run, s'honesty is the best policy.
The first branch of my subject can discuss IN a
very few words. AS our old friend Randolph used 10
say. American credit is killed "stoue dead John
Jacob Astor might obtain an uncovered cred't Tor a
reasonable amount (where he was KNOWN and MT.
Bates Of the house of Barngs, by wearing out pair
of shoes in walking fiom the Mansion House TO the
Mnories might sell fifteen hundred pounds worth OF
Massachusetts stock, with large concessions TO The