Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-01-20
From he Banimore A~ms,ieen.
CREDIT OF The GOVERNMENT.

in the House Of Representatives, concern
ing the issue OF Treasury Notes, Mr.. Mar
shall, Of kentucky, inquired ofthe Char.
man of the Committee Of Ways AMI Means
whether he had obtained any information,
apart from any facts contained in the Of.
fetal communications OF the Secretary Of
the Treasury, as TO the power Of the glv-
ernment 10 obtain 10 the domestic market,
the amount needed by the Treasury on
loan.
Mr.. Fillmore s,id in reply, that:
In addition 10 the official statement of
the Secretary, he had been permitted to
see the official correspondence Of that Of
hcer with our commercial cities on that
subject, and he was Of opinion that il went
fully TO sustain the statements made by
the Sec retary to the committee. He had
also taken pains to acquaint himself with
the facts from those who were well ac-
quainted with the state Of the money mar.
ket; and all he had learned CONFIRMED
Tim in the same belief. It was, indeed, a
thing ~undoubted with him that there ex-
lsted no probability, even il there were a
possibility, of Obtaining the money needed
by Government on the loan already au-
thnriZed-no, not even should the time be
extended TO twelve years-without an ap.
plication to European capitalists.
In addition, he begged leave TO say that
a friend and colleague of bis, doubling
that such could be the fact, he had for his
conviction obtained evidence OF ,be nppall-
ing state Of the public credit at the pr, sent
moment. He here sent to the Clerks ia
Bile n letter from Prime, Ward & King,
of New York, addressed TO himself, Gde-
claring j. as their opinion that no amount
could be obtained on the United States
loan, even should the time be extended 10
twelve years, innsmuch as the United
States sir per cent. stock had been offered
in the market at from three 10 fire per cent.
and was rithout buyers. They further
stated that tho Government would have
to allow seven per cent interest, in which
case the sun wanted might be obtained.
They advise tina: bonds be given to run
seven years for four millioas, and tina; for
five millions more Treasury notes be is
sued bearing above seven per cent. since
the notes hearing six per cent. were at
one per cent. discount. The letter closed
with SON very melancholy reflections on
the present state of the Government cred.
it, and gloomy forebodings as TO its future
depression to n still lower point, unless
speedy and eflisit nj measures should be
adopted for its restoration.
Mr.. F. stated, inconclusion, that a sim
liar statement had been made to him from
Boston, by the Hon. Abbot Lawrence,
late a Representative from that State.
A most lamentable state of things truly!
The fact here presented illustrates in a
striking manner one thing at least-end
that is, how effectuaily a government, can
accomplish its object when il undertakes,
by neglect or direct hostility, to PROSTATE
the interests Of a country. Mr.. Marshall,
in a~llusion to the statements made from
the Committee of Ways and Means, drew
a brief contrast in the following words
which will not pass from the public eye
without inducing some reflections
1t was not a great while ago, when
we had a surplus revenue Of thirty. four
millions per mum in the Treasury
when we had the best currency under the
sun (; a currency such as the great Gov
ernments Of Europe never did or could
possess, because none OF them, extending
over the same widespread space, ever
had a central power whose fiscal arm
reached over the whole. Russia, France,
Germany, never had such a glorious six.
and-twenty States, with a Government
whose hand controlled Them all, and
whose heart WINS strorg enough to propel
the vital blood through their remotest ex.
tremi.ies. More than that. This Gov
ernmcn, was the only one, in all the his.
tory OF modern times, which had ever
paid off its national debt. No Govern
ment was on record since the days Of the
Roman Empire which had achieved such
a thing. But the American Government
had paid her's-paid it all to the last dol.
lar, and that in good hard genuine coin !;
ay, and had besides an Instrument by
which il could throw IFS currency to all
ends of the world by the mere scrape of a
pen. And all this after passing through
a war in which all the odds were against
her, with all the untamed energy Of a
young giant. And where was this once
glorious Government Now7 Her credit
in the dns, openly disgraced asking
for twelve millions, and could not get il
VINO DID 1T 7"
The low state Of the national credit is
accompanied by an empty Treasury, and
neither is likely to be improved by the
course pursued in Congress, where, while
much is said, nothing is done. The Ma.
tional lntelligencer of the 18th inst, says
that at this moment the Treasury is short,
by nearly a million Of dollars, ofthe means
of meeting its engagements. Il is a re-
proach TO the nation that such a state Of
things should exist /; it will be more re-
proachlul still if a longer delay is allowed
in providing the means necessary to The
daily expenses Of the Government. The
lntelligencer publishes an extract from a
letter from zone o fthe most eminent bank
ers in the United States to a member OF
Congress, in the following words:
We candldly and emphatically de-
clare that we deeply feel the disgrace OF
the fact being proclaimed in the National
Legislature that the Treasury Of this great
DAnrIn 80 80. aY.. - - - =.