The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-10-27


SHOULD be induced to take the loan.
When we contrast this dscredii Of our
own country, teeniing with such glganlic
resources, with the palmy credit Of other
States that have little else but good Faith
and hieh taxation to offer, II is impossible
to refer to uny other cause but deep NOR
al distrust in us--the most lguem'uious
curse that can fall on people who aspire
10 be civilized and free. OF the truth Of
this fact, cannot give YOU a better proof
than that whilst no one will look TO, and
capitalists turn with aversion from, the
United States loan. the comparatively ln-
significant town Of Hamburg, with lis pop
lulation OF 300, 900 inhabitants to enable It
to rise out Of its ashes, has borrowed at %
per cent, precisely double The amount OF
/ The proposed loan, one farihing Of which
the United States Commissioner viii prob
ably no, be able to negotiate. Denmark
and Belgium, neither Of which would be
scarcely a breakfast for the hungry stom.
ach of Brother Jonathan on frosty morn.
ing, can borrow at four per cent. what they
want, and England and Holland, with the
principal Of public debt, the payment OF
which is likely 10 be conlemporaneous with
the discovery of perpetual motion, cal bor-
row jus, what they want, at and under .
per cent, because they pay their ia,eresf,
aud tax themselves to pay their interest.
t. As a statesman and patriot, am sure,
/. my dear sir, you viii say that tins state Of
things must no, be permitted TO last. No
, country can continue in the worst species
of insolvency, bankruptcy in its repute,
without losing tina: self respect which IS
the salient spring Of all that gives vigor,
aud renown to national character. may
, be said that as a nation we are in no de.
I gree responsible, for this decadoESc IN the
credit of the States. This m-y be true TO
a certain extent. Our llaiinD, and pollii-
, cal aggregation, however, lf ! may 50
speak, is made up of this family Of States,
and yol, :sps depend upon Il IhaI other IA
, iions and posierity will bold the govern
ment OF the Union morally responsible tor
a the character OF rs members, although the
E forms Of cur fedcralive system may dis.
\ charge il from legal liability for their
E engagements.
r Admitting the potency, and the extent
A, of the evil, you Will ask shat is the rem.
4 edy This, my good SIR, Is precisely the
i question | am about TO ask YOU, and ask
r YOU in the form OF specific inquiry, wheth.
4 er public opinion, through the Union, may
/ not receive such an organization by tie
: action Of Congress, popular meetings and
/ the press, as 10 induce The detGBftlng States
10 hold conventions this triaier, comprc.
, bending those who have negotiated foreign
loans, who nevertheless have met punetu.
/. ally their dividends, that by united action
they uiay induce the legislatures ofihc soy.
4 eral indebted States to impose, and the
d people to bear such taxes rs shall prosid,
@ the means Of paying the interest, aud es
!. tablishing sinking fund for the gTadua
!. exlinguishmcni Of the principal Of then
!. public debt | cannot believe that ihcss
+ appeals TO State pride and national homo
, would be- Hnasalllng. \ 90 SEQ that | lay
. oui Of account the assumption Of the State
debts by tie Federal Government, becausa
, often fear, il this expectation were helt
ont, the delnuItng States would do nothing
{ Of themselves, and the exigency has Bo
: yet arisen when such an onerous RESPONSE
! bil,ty ought TO be assumed By the Nation
. al Government, 50 unJusi TO those States
F. who arc faithfully paying their debts, ane
TO others who have perhaps been Ear wiser
+. 10 torbear contracting any, although car
. conceive state 81 things in which such
] assumption rs measure Of finance and
, national policy might be eminently expe.
dent.
am gra,ified 70 inform ron amidst tits
/ CONFUSION IN Tie credit Of several Of the
States, our own South-t arolira, wcaFs
, her beaver mp" She IS never N arrcar
ons DAY, and very often, as at this momcn,
"a reference to the loan | contracted fer
her has her interest six months IN al.
vance ii her bankers hands. This II not
/ surprising. You know II has been Que Of
. our familiar and household lessons at home
10 submit cheeflully 10 The imposition Of
, direct taxes, 10 support the security aud
/ honor Of our country, aud hence by hab.
. !, which We derived from the buried
warike, and the wise who have made
Us what We are, We pay our State taxes
. with almost rs much nlacyity as we give
. money 70 our wives aud children. II tie
deiauiilng States would only practice on
this doctrine, tho smallest imposition would
produce an amount abundanily sufficient to
resuseitaie their credit.
Occupying the position you do, sin.
ceFely hope, my dear sir, that your influ.
! ence throughout the Union will be brought
, 10 bear on this great national question: -
) We oil know tina, our countrymcn are cs.
scnllally honest, because they are essenti.
ally sagaclous, as well as, IN the main.
right prineip'ed ard require merely a pro.
per direction 10 be given to their cxcrtious
B to make even an heroic effort TO recover
and sustain the character Of the country.
But auxiliary TO these efforts, something
more remains 10 be done by yourself. IL Is
10 lend vigorously tho nuvprs n ,.,,,- ,..,-.,