Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-10-20

un6oubted, whilst sickeuing distrust ha,
fallen upon the latter. Hence il is, thai
whilst The rate of interest has fallen this
day TO two and halt per cen:. in the
London market, II is not probable that il
the Commissioners of the United States
six per cent. loan, were to offer price
which would secure an interest Of ten PEI
cent, ten pounds Of ,be stock could be
sold, without from considerations of poll.
icy, under the advice Of Lord Ashburton,
90 his return 70 Engaud, tie Barings
should be induced to take the loan.
When we contrast tins discfedt Of our
own country, teeming with such gigantic
resources, with the palmy credit Of other
States the. have little else but good faith,
and high taxation 10 offer, il is impossible
TO refer IL to any other cause but deep
moral dlsirust ia us--the most gnomini.
Gus that can fall on people who aspire
to be civilized and free. Or the truth of
this fact, cannot give you better proof
than that whilst no one will look to, and
capitalists turn with aversion from. the
United States loan. the comparatively in
significant town OF Hamburg, with its pop.
ulation Of 900 GEO inhabtanis 20 enable
It to rise out Of It's ashes, has borrowed at
81 per cent. precisely double the amount
OF our proposed loan, one farming Of
which the u. s. Commissioner will proba
bly, not 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 EnglsnJ and Holland,
with the principn! Of public debt, the
payment Of which is likely 10 be contpm.
poraneous with the discovery Of perpetual
motion, cnn borrow just what they want,
at and under 3 per cent, because they
pay their interests, and lax themselves to
pay their interests.
As Statesman and patriot, am sure.
my dear sir, YOU will say tina, this state
OF things must not be permitted to last
No country can continue IN TIE worst
species OF insolvency, a bankruptcy 10 its
repute, without losing that self respect
which is the salient spring of all that gives
visor and renoun 10 national character.
Ii may be said that as nation we are 10
no degree responsible fer this dccadence
in the credit Of the States. Ths may be
true TO a certain extent. Our national
and political aggregation, however, if |
may so speak, IS made up Of this family
OF States, and you may depend upon i;
that other nations and posterty vii hold
The governm Mt OF the Union morally re.
isponS,be iorlhe character Of lis members,
although the forms Of our lederative sys-
TEN may discharge il from legal liability
ior their engagements.
Admitting The potency, and the extent
Of the evil, you vii! ask what IS the rem.
edy This, my good sill, is precisely the
question | am about to ask you, and ask
you IN the form of specific inquiry,
whether public opinion, through the IN
ion, may not receive such an organlZaiion
by the action of Congress, popular meet
lngs and the press, as to induce the de
JGnHing States 10 hold conventions this
center, compreheCdng those who have
negotiated foreign loans, who nevertheless
have met puDctunlIy their dividends, that
by united action they may induce the lie.
gisIalureS oil the several indebted States
10 impose, and the people 10 bear such
taxes as shall provide the means of pay
ing the interest, and establishing sink.
ing fund for the gradual exlngushmsnt
Of the principal OF their public debt? |
cannot believe thq, these appeals TO State
PRIDE, ami National honor would be una
VailIng. You see that lay out oCaccount
the assumption Of the State debts by the
Federal Government, because often fear,
If this expectation were held out, the de-.
lauItng States would do nothing OF them
selves, and the exigency has not yet ari.
sen when such an onerous responsibility
ought 10 be assumed by tho National Co
yetnmeDt SO unjust to those States who
are faithfully paying their debts, and to
others who have perhaps been far wiser
to iorbear contracting any, although can
conceive a state OF things in which such
assumption as measure Of finance and
national policy might be emnenlly expe.
dent.
am gratiicd to inform you amidst this
convulSIun IN the credit OF several Of the
States, our own South Carolina "wears
her beaver up" She is never in arrear
one day, and very often, as at this mo.
ment, Tin reference to the loan contract
ed for her,) has her interest six months in
advance in her bankers hands. This is
not surprising. You know it has been
ono Of our familiar and household lessons
at home to submit cheelfuliy 10 the mpo-
sltlon OF drec. taxes, TO support the secu.
rity and honor of our country, and hence
by habit which we derived from the bu.
ried warlke and the wise" who have
made Us what we ore, we pay our State
taxes with almost as much alucrily as We
give money TO our wives and children.
II the defaulling States would only prac.
,ice on this doctrine, toe smallest imposi.
ton would produce an amount abundantly
sufficient to resuscitate their credit.
Occupying the position you do, | sin.
cerely hope, my dear sir, thai your lnnu-
ence throughout the Union will be brought
10 bear on this great national question:
We all know that our countrymen are
essentially honest, because they are es.
sentlaliy sagacious, as we'll as, 10 the main,
! rfuAt. DrluciDlpd and Toouirn rneralN n