Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-10-22

missioner will probably not be able to negotiate.
Denmark and Belgium, neither of which would
be scarcely n breakfast for the hungry stomach Of
Brother Johnatban frosty morning, can b1r-
row at four per cent what they want. and Eng
land and Holland, with tho principal of public
debt, the payment Of which Is likely 10 be coniem-
poraneous with the discovery Of perpetual motion
can borrow jas, what they want, a, and under 3
per cent. because they pay their interests, and
tax themselves TO pay their interests.
As Statesman and Patriot, am sure, my dear
sir, you will say that this state of things must
not be permitted 10 last. NJ country can contin-
in the worst species of insolvency, a bankrupt
cy IN its repu;e, without losing that self-respect
which 10 the salient spring OF all that gives vigor
and renown to national character. II may be
said that as a nation we a re in no degree respon-
slbie for this decadence in the credit of the States
THIS may be true 10 a certain extent. Oar ma
tlona and political aggregation, however, IT may
so speak, I5 made up Of this family of States, and
you may depend upon 1t that other nations and
posierify viii hold tho gov eminent Of the Union
morally responsible tor the character Of its mem
bers, although the forms Of federal system
may discharge 1t from legal liability for their
engagements.
Admitting the potency, and .he extent Of the
evil you will ask what is the remedy? This, my
coed sir, Is precisely the question am about ask
you the form Of q specific inquiry, whe ther pub
lie opinion through the Union may no, receive
such an organization by the action Of Congress,
popular meetings and the press, as TO induce the
defdultng States to hold Conventions this wiater,
comprehending those who have negotiated foreign
loans, who nevertheless have met punctuay their
dividends, that BY united c,ion they NAV induce
the legislatures Of the several indebted States to
impose. and the people TO bear such taxes shall
provide tie means Of paying the interest, and es-
tablishing 81 mixing fund for the gradual extIn-
guishment of tho principal of their public debt?
l cannot believe that these appeals TO State pride,
and National honor would be unavaIling. You
SEQ that lay out of account the assumption OF
the State debts by the Federal Government, be
cause often fear, II this expectation were held
OUT, the defaulting States would do nothing Of
themselves, and the eXigency has not yet arisen
when such an onerous responsibility ought to be
assumed by the National Government, SO uni
to those States who are faithfully paying their
debts, and to others who have perhaps been far
wiser to tDrbear contracting any, although |
conceive state of thing: IN which such assump
ton measure OF hnauce and national policy
might be erninently eXpedIent
am gra,Ified to inform you amidst this con-
vulsion IN The credit Of several Of the States,
own South Carolina, "wcars her beaver up
She IS never in arrear one day, and very often.
as at this moment, I'm reference TO the loap con.
iracted for hor) has her interest six months in adj
vance IN her bankers hands.-This IS not surpri-
sing. You know it has been of our familiar
and househould lessons al home TO submit cheer
fully to the imposition of direct taxes, to support
the security and honor Of country, and hence
by a habi, which derived from the buried s.war-
like and the wise" who have made wha,
are, pay our State taxes with almost much
alacritv AS We give money to our wives and chill /
dren. If the detaulting States would only prac- |
tce on this doctrine, the smallest imposition
would produce amount nbundantly sufficient
to resuscitate their credit.
Occupy ing the position you do, / sincerely /
hope, my dear sir, that your influence throughout
the Union will be brought to bear this great
ma iiona question. We all know that our coun 4
,rymen essentially honest. because they
essentially sngncious well as. IN tho main,
RICH, principle and require merely a proper di- /
rec ton to be given 10 their eXeriIons to make /
even heroic effort TO recover and sustain the /
character of the country.
Bu, auxiliary TO these efforts. something more
remains to be done by yourself. 1t Is to lend
v igorously the powers Of your own genius, and
the impulses of your patriotism. in your
appropriate sphere, the Senate of the u. States, |
to create and establish sound circulating Eed |
nm throughout the Union, convertible into specie
but in sufficient abundance to elevate the stand I
ard of value from the dreadful depression TO which /
it has fallen and in fact, t. be adequate to per
form the exchanges of trade and value in our
country. Whether this be Bank of the United .
States or an issue of redeemable currency by /
the Federal Treasury, is not of so much compar
alive Importance, as that we should have an abun
dant N form circulation from some source 9th
er, which, making allowance fer the variations
in the balance Of trade, shall be of equal value
in New Orleans and Boston.
This circulation, ~ The recess Of that finsn-
cial wisdom which IS past finding out, was de |
stroy ed bv friend General Jackson. when be ,
slew the Bank OF the United States, with the arm
IF Sampson. ant; almost "wilh the self same wea-
bon, too" when recoleci all the twnddle Of
he old gentleman on this subject He, as Burke |
said, certainly .'consummate architect of
Ruin" in his time and tide, aud had the happy
aculty of impersonatng corporation ON his
minds eye," for the purpose OF hating 1t as cor
1Ially as he did you and Mr.. Poinde x,er-
When. therefore, Mr.. Bldde entered into a con-
est with this hero of two wars he forgot The Wis
lom of the words of the Spanish proverb, That
,e who sets down 10 dine with The devil should
at with long SPOON What has been the re-
nit Of his fcast broken nd nla