New-York daily tribune., 1842-08-05
nepuaIa.i.n-Amerlcanc Credit.

/
as decidedly hostile to Mercantile as TO what he
Sun calls Iaternal Improvement Credit IN Europe
and ferventy hope both end. II we were
to discriminate, we should give 4 most decided
preference TIE latter, because If we run IN debt
Ten or Twenty NJ ons for Canal o: Raliread.
we have value received TO show for II; there Is
the debt on one hand, bat the improvement on
the other, and fair chance that the latter Is
fully equal to the former. But if we run In debt
$4,000, 900 for Foreign Goods this year, and
next wear $4,000, 900, and the next S2O,0OO,o ooo,
and do not construct Internal Improvements TO
correspond, we are just so much poorer than we
! should have been in the absence OF Foreign Credt.
This is h. nelly way of stating the grounds OF our
hostility to Mercantile Credit abroad, but The Sun
will understand them.
We do not desire Fsreign Credit because we held
our Country, with It's fertile SOIL industrious and IN
gcnious people, anequaled facilities of intercemmu-
pication and comparative exemption from pnbhc
burthens, a6undsntly able to pay for all she
should purchase from others. We hold that,
with proper adjustment of our Tariff, so as to
foster into activity AID vgor the Silk Culture, and
to secure the Manufacture on our own soil OF all
those articles which may well Chat Is, with
as little abor) be made here as elsewhere we
should inevitably export annually to the fuii com
mercial value of our Imports, and something
over If we did this, we could not possibly need
| Foreign Credit no matter how many Canals
and Railroads we might construct. For exam
| pie: we desirc to see Five Millions per annum
expended in this State OH Internal improvements
for three wears to come We'll, says an inquirer,
must not the State borrow good part OF the
money! We answer admit il, and still we deny
any necessity of borrowing abroad. The Labor
now unemployed and anxious to be employed, in
our OWE State, would earn the whole sum. Tut
up the Tariff, set the wheels and spindes, mills
and manufactures, under full headway, give our
Farmers good market for their Grain and our
Merchants for their Goods and there would be
money enough to lend within our own State, and
no need Of going to Europe for "a dollar In other
words, the Labor unemployed IN this state
would build d Railroad of two hundred miles every
year, and. if rightly directed add largely to the
comforts Of all classes and the permanent produc-
tive wealth of the Country
The Sun will therefore be good enough to un-
derstand that willie we are in favor Of The Credit
System, rightly constituted and understood, and in
favor also of Public Credit, under proper safe
guards md limitations, we are ayerse 10 Foreign
Credit, whether Public or Mercantile, earnestly
beievir that this Country cannot need it in peace,
and car do much better without it. 1t is mar
veous fact If fact, that our Seventeen Millions
Of active, hardy, industrious People, so few OF
them above the necessity or without the ability to
labor, need 10 be running in debt continually to
the subjects of the WORKOUT monarchies of En-
rope, who are taxed to support immsnsc Standing
Arm;e. and decmated to fill their ranks; who are
saddled with the support of splendid Governments,
prohigate Arstocracies and grinding Church Es-
tablishments. For whatever we must buy of this
impoverished population, we must be able to pay
rs we go.
But we are further averse to Foreign Credit be-
cause melancholy experience has convinced US
that a large portion of our People do not possess
sufficient moral honesty to induce them to make
sacrifices to pay debt due to foreigners when it
seems easy to neglect it. Ever since the issue of
that mostpestiferous and iacobnical document, the
Veto Message of Gen Jackson on the Bank bill OF
1882, it has been rather popular to hate and cheat
those foreig RS who have trusted US. The bare
faced Repu aton of Mississippi and Michigan,
with the close approach to it of Indiana, Illinois,
and we fe,l we must add Pennsy ylyana, is the
natural fruit Of the doctrines there se, forth. The
argur ents advanced in favor of swindilng Foreign
Authors by denying them Copyrigh, are of the sane
| pattern. Now, we do most undoubtingly believe
that those things always cost most which we un-
dertake to get without equivalent, we consider it
no, Only dictate of Morality but of simple Econ
omy, TO oppose all turtle running in debt to For
eigners until our People shall have learned more
vitally that Honesty is the only sound Policy.
MAssAsHusErrs.-Th Official Canvass Of the
votes cast for Member of Congress a. the late
Special Election in the Norfolk District, gives the
following result:
For Ezra Williamson. (Loco) ....-.2, ,494
q Samuel G. Goodrich, (Whig).. . AGO
{. William Jackson, CIV. Abol. y. S36
Scattering As
! No Election, and 30 time hXed tor a new trial.
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| PGNNsYLYASiI-A Stale Committee Of the
friends of Hon. JAMES BUCHANAN as candidate
for next President have issued an animatng Ad
dress and called a State Convention, to assemble
at Harrisburg on the sth day OF January next
The Wings of Dauphin County have nominated
Alexander Ramsey for Congress, Henry Balsbach
and John C.. Harper for Assembly, with "a inll
County ticket.
Judge Geo. W. Barton, President of the Phila-
delphia Court of General Sessions, has resigned,
10 take cfec: J an. lst. He was u smart young
lawyer of Lancaster, until, on Gov. Porter's ac-
| ,l, 4