Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1842-11-04
General Hamihon's LeUer IN the Hon,
John c. calhoun, on The Financial
condition of he u STATES.
LoNDoy. Sept. 9, 1912.
To Me HIM. John &. Calhoun;
Ny DEAR SIR:


Ny DEAR Sir:
IL have addressed
this letter to you, il is not alone from
the Justification which ! find 10 the re
collections Of an old & cherished friend
ship, but from the fact that | desire TO
attract The public attention 70 lis object,
through the fundamentally Of a name
lar more influential than my own. BE
not surprised # you see it first in the
ne Wspapers wish no; only 80 lbink
aloud, but speak aloud.
My purpose in w:Iting 10 you, is TO
put you in possession Of a knowledge OF
the position oil the American credit 10
Europe, win a suggestion OF the iDdis.
pensable necessity Of our dong some
thing al home, to meet the truly alarm
lBg crisis, which this state Of things
presents
| am far from defending the pro'use
confidence, with which Euro2een capi.
tstls's lent their money during a period
Of SIX years from 1884 To 1910. to our
counlrymen, even on the faith ola va.
rIety OF schemes, exceedingly visionary
and unsoUnd. They did thts, however
out OF the excess q a virtue, which may
have been pushed TO The extent ol rath
er an amlanie than criminal weakness,
Tor they generally made these loans al
a less RAE OF interest Than they could
be eF-cted, il al all. al hone. aai apps
re0liy Tor OBJ ca Of great public mildly
Bul the Ioaas Of the Stsles are on a dtf
Ierrnl footing Al least IN reference to
the public sanctions, with when they
are invested. They were m,de 10
your reading and nine, Of the Consritu.
non, to sovrrel-aS under the OBJ cations
OF Il high public faith; many ui them
were contracted on terms grea y sd
v%aniagpous under the agency OF houses
OF the first responsibility, whose lIbera
rty ADD confidence kne " 10 bounds.
THIS confidence was gwen to our
Young Country, because our resources
tUn 40 degree exaggerated were cor.
slderpd immense, and because il wa-
rhoDehI, as we are Of Saxon family, we
were ESSENTIALLY a deb' paying poop e
indeed. from an observation. winch a
logger Fes'1e"ce 'of me .H'' "'e years
IN Europe 'nan W america ena" IS M
\" "''ne' - q""o 'o''"u'' ""' nav
paw me "'FEts' on "o' 'o'''En ue u
NAV '"e '"'e "' ~,"'T'e'' Noo'' "aVy
,a''e" E~'"Iua''' =" '"o '1'r' wa, p',O
Nv N"'"' VI no o''''' ="
=" ''",eI II iLO'"P' " ,,"' y'J'
y, "'' ,"D"''' 'o".''
OF P'""'1 T"''' F''''' WI ,"'''Vt' o.
""'"' "''t", '"'' Nv. ~
y m',a",i''" "'' " '"' 'o'Es ,"'P'"'
C'P''"' u '".1 1'u,'''
L.s rraa, cr,so, 70 orr owot
rae / ,dm,, as ,rua 10 a certain py,eo,
Inn, !, was converted into a curse by the
,c,;on ot our eovercmpo on the currep
20 or,ha T7pir.d States Under ird,cis
,coulslions and prudential guards, +
s,a,a nj ,binps more nrop,llpus ia tbt
doo,looane,t ol,ha ,s,urcssofa ,o,o,
o,rr,,y like mrs h]orrowI,U of an ri,
ooa I;ka this. its ~caoi,sI To invioorat.
i. lohor ,t Inv rate NJ in,e,es, can.
80, NAH bo copca;vad Ir,ha nrof.s a.
I.bor ,,.,scond the rate nj infsros, /;
.a,o.oa,o cori,.l q, bor,s Fan
..h,, o,h., so,,cs had s,ruoc HASA mi
,acIos If eD,a,rr;se and wa.Irh that arr
J., ha (ouod IN our country. in the mids
o,,rl,lior or aioht millions bp, ,be
oon;,in, ac,,o, o( lsbor IN the c~an,taI n
o,hSrs The Piorims Coupd M Rank q
Fo,lo,d o,an,ad nm the rock n pI,m,u,t
-, oD tho Uupuenots Of South Carolina
no cams of S,mafcaCd on its thirsty
aIoip
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F'' Wv" "'' r,'l''
WI liz
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