Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1842-10-14

to3l 10 ISsW 70 our CounlrVmC0, even on the |
faith ofa variety of schemes, exceedingly Wis
ionary an unsound They did this, however,
out OF virtue, which may have been pushed to |
tho extent Of rather an amiahe than criminal
weakness for they generally made these loans
al essr rate olnterest than they could be Ell
leo ed, il at all at home, aud apparently for OBJ
,ects OF great public utility. But the loans to
,hSStales stand 90 d.iiarenSoo,ng AT least
IN Reference t1the public sanctions with winch
Ikey are irf~esled. They were made according
~ your reading and mine, of the constitution, to
soveregnso under the obligations OF high pub
lie faith many of them were contracted Oh
terms greatly advantageous under the agency
>f houses Of the 6rst responsibility, whose lib
crafty and confidehS, knew no boanas.
This confidence was given too ur young ceun-
TRY, because our resources in no degree exag-
~ ed) we're considered immense, and because
il was Thought, as we are of'the Saxon fam
lily. we were essentially debt paying people
Indeed, from an observation, watch larger
residence for the last five years in Europe than
in America. enables me to make, it is qute OBJ
yous if we had paid the interest on our foreign
debt, that the rate OF that interest would have
fallen gradually to the level of that paid by some
of the Oldest and best established States IN Eu-
rope, and that for objects Of well founded pub
lie utility, aud even OF private enterrrlse, our
industry at home might have been almost indef-
initely invigo.dted out OF the large surplus cap
itel of this country. You will say, ! am sure,
that this facility OF borrowing, has been a great
curse TO our own. This admit is true to a GER
tain extent ; but it was converted into a curse
by the action OF oar government OF the curren-
cv of the United States. Under ludicous rcru-
| lations and prudential guards, state of things
more prcptious TO the development Of the re-
sources of young country like ours, borrowing
OF an old one like this, It's capital to nvgorate
ia labor, al low rate Of interest, cannot we'll be
conceived. Ii the profits of labor transcribed
| The rate of interest, it was to create capital az
hone. From what other source have sprung
! hose miracles of enterprise and wealth, that are
| 20 be found in our country in the mdst OF a
! population OF eighteen millions, but this conjoInt
action Of our labor on the capital of others
The Pilgrims found no bank of England plant
@ Oh the rock OF Plymouth, or the ilnegenos
otSouth Carolina, the gem OF ios marcand on It's
thirty plains.
But ifyou consider this faculty Of borrowing
abroad, my Dear Sir, as an evil, you may GER
tain'y console yourself tn ;he conv let Oh that il
no longer exist. lthough am equally convinced
lhat you will regret the cause winch has pro-
duced this want OF all confidence IN good fatl
Of JAc people of the United States and the con
sequences which have followed in fixing so Sc
we're ''s"'" vi INC Gnu H0'e' VI ou' county
LIS absurd Tor us 10 tax IN America mat We
do not want the capital OF Europe, at the very
moment When tie hsnera! Government OF INC
>'a'es has sent an agent abroad to borrow 10
Ia daily bread We do want Their money anC
they want The results oi oar labor. And great
y then IS Il to he dcp!ored that tins beneficial
interchange has been suspended under circutn
stances 50 disastrous TO both countries.
, Let me now give you bret statement o! th
present condition ri American credit IN Europe
and without presADrE to sn-gf', remedy, +
enquire Of whether HE force OF public oPln
: ion, OF Co"gr has not the constitutional com
! pe.eHcy to do any ihlny) acting through TN
5 ''E.s.a'd.es Oh l"e ne '"i'I"- ''''eS cannot b.
maze stHt'e"'i! p"'NH, 10 convince mem o. u!
rum ana force Oh me Ola aaA-e 'H"' aver a.
II he 'on9 rum ""o"es'y rs lie DeS' P'"'y'
O The first branch OF my subject can discus
in cW words. A. oar Old friend Ranlo'p
used to say, American credit is Killed "s'ou
dead John Jacob As'or might obtain an III
I corercd credit for a reasonable amount (Whcr
=, he was knowu) and Mr., Bates, Of the house
= Barrgs, by wearing out IA r of shoes in walt
= ng from the Mansion House to the Mnorjc
Il might sell fifteen hundred pounds worth