Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-11-03
Rram ne Battlners Ameriean.
AMERICAN CREDIT.

tempt to negotiate loan. may well occa-
sion sstne reflections upon the present
condition Of the Republic.
The failure OF the mission cannot be
ascr,bed to the scarcity of money 10 the
countries where application was made.-
In London there is a uperabundance OF
capital as is shown by the fact that mo.
ney can be- had at three per cent. 1t
cannot be ascribed TO any want Of resouf-
ces to make good the loan on the part Of
the United States. WHAT'S an amour. OF
twelve mill ms IN a country like this--n
country that has paid off me debt Of two
warsthat contains population Of eighteen
millions that possesses a commercial ma
rIne second only to that OF Great Britain
"a country which in active wealth and
productive resources bids fair to be the
first among nations. The city OF Ham.
burg, recently burnt almost entirely 10
the ground, and liable to similar acct.
dent agaln--a single city, without terri
tories-a municipal corporation, unknown
among na,lons--dependent on the fluctu-
atoms Of commerce, md holding It's wealth
by an uncertain tenure and as perisha-
Bile property finds no difficulty in oh.
tanning millions in the money market u
England. Nor can on, failure to nego.
tiate a loan be ascribed to the owness o.
the rate OF interest proffered TO the CAPT
taist. For the rate proposed is double
the rate ut which loans to greater a
mount have been negotiated under III,
very nose Of our agent.
Whence comes this difficulty, then T.
Let republicanism take note of ii. II is no
that the European capitalists are unwilling
10 lend; il is not that our ability to pay is
questioned II is not tina, unfair terms are
proposed. The difficulty lies in the strong
apprehension which foreigners have been
led to entertain tim, self governing PEG
pie, where democracy prevails, we dc
not use the term 10 party slgnlilcation
will not scruple to be dishonest, regard
less Of public honor, duty and faith
These subjects Of monarchical govern
ment are brgIniug 10 think that our self
government IS likely to become no gov
eminent at ail--that our experiment is a.
bout to end IN most dishonorabIe failure
that republicansn after all is hum
bug, and that a strong government is ne
cessary to give force to law and to com.
duty.
II is a Notifying thing that our con-
duct as people should have given pre-
text for such conclusions TO those who are
80 willing TO arrive at them. Ii any man
twenty, nay. ten years ago, had ventured
to predict that the good name Of the Re
public would have thus become a scorn
among the nations--that the credit of the
Government Of the United States would
have sunk SO low, whllo yet there are
men living who witnessed the dawn OF A.
mercan freedom, he would have been
secuted as an enemy to republican insti.
tutlons-as false prophet, or foolish
nlarmls,. It is no doubt gratifying to the
adherenis of privileged orders in the old
world to lock upon our national humllia-
ton. They will point TO us, and say to
the advocates Of human rights amongst
them--f"r liberty has friends in Europe
--"Behold 'he result Of popular Govern
ment as the United States. See, IN pro-
portion ae popular principle prevails,
and as til conservative elements derived
from the British Constitution disappear,
how public virtue is weakened, how igno.
rance takes the helm, and narrow-mlnd-
ed selfshness overrules all dictates OF hon.
or and even OF common honesty" This
they viii say to the champions OF popular
rights in England and France and the
admirers Of tree institutions IN those coun'
tries will begin 10 dislrust their cause !;
they will fenr that il is vain theory
which they have been pursuing; and that
the time has not yet come when the con-
troll of hereditary powers may be safely
shaken of. fit be true that q free peo-
pie are incapable of meeting the sacrif-
ces necessary 10 preserve their own good
faith--ii at the FIRST approach Of adverse
~ they show themselves unable to guide
the ship of state, with all tho advantages,
too, with which they set out, and which
fifty years of experience have since
brought--what inducement is there for
any people of Europe to venture upon the
undertaking of self government
We have heard too much Of late years
concerning the omnpotence of the sover.
eign people. and too little of the duties
pertaining to the exercise Of sovereign
power. There is no authority which man
can exert, whether as a single monarch
or as a sovereign people, that is not sub
ject 10 a higher nuthorty--even the D..
vine authority which ordains the suprema-
cy ofright and of truth in the hearts and
minds of mon. There may be laws and
enactments and DEGREES in prolusion, yet
with no power in any Of them to alter one
jot Of moral obligation, or to give the
sanction Of justice to that which is itself
unjust. These things will be better IN.
derstood at some future time.
SENTENCE OF MONROE EDwsRps.-In
the Court of Oyer and Termlner in The
city of New York, on Monday, Monroe
EduardS WAS hrottpht IN the har IN re