The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-07-04

ym deep and er.tsting question Yes, there is such
ieston The scheme OF assuming the debts Of the state
no idle fiction The evidence of reality and that
now in agitation burst from every quarter within anc
ihout these walls this side and the other side OF the
uiantic not indeed direct assumption, for that Toad
100 absurd and harmless because too absurd but in
'rn lar Lore plausible and iangerous-n assumption ~
geo. oy dridng the proceeds 81 The sails Of public iand
srong The States
This prediction has now after lapse of two years be-
history, and the mighty scheme has been brought
onward by desperate partzan in the indicated
ir Calhoun right The term Of assumption is MOI
rsed in the project because the pen of Mr. Jefferson
has damned il with Immortality of iniamy. Let US
look hack at his description of tho former assumption
which is now held M as precedent for robbery =:
This game over (undng the soldiers ceEtifcaes
aud another was on the carpet at the moment ofmy
1va and 10 this was most ignogany and innocently
made TO hold the candle. This fiscal manGuvre is we,
<nownby the name Of the assumption : This mea-
cure produced the most bitter and angry contests ever
Nnown IN Congress before since the union ofe states
The great and trying question, however,
was lost in the House OF Representatives. So high Were
he suds esctedb this subject, that lis rejection bust
ness suspended Congress met and adjourned from
lay to day without doing thing the parties being too
members partic uGrly, who with Smith from South Care
a were the principal gamblers in these scenes threat
ened secession and dissolution. : But
was finally agreed that whatever Importance had been
attached to the rejection of this proposition the reserva
ton of the Unlon and OF concord among the states was
important and that therefore, it wonld be better
that the OF rejection should be rescinded to effect
which,
observed that this pill would be peculiarly bitter to
the Southern States and that some concomtant measure
should be adopted to sweeten little to them There
had before been propositions fix the OF
either at Philadelphia, at Georgetown, the Potomac
and thought that by giving to Philadelphia for
years. and to Georgetown permanently afterwards this
might, anodyne calm in degree the fermcnt
which might be excited by the other alone So
two of the Potomac members white and Lee but White.
with reyuson of stomach almost conyuve, agreed 10
change their votes and Hamilton undertook carry the
other point; and so the assumption passed and TWEEN
n divide thp
aud thrown in as pabulum to the stock obbing herd
SILL the machine was not complete; the effect Of
the undng system and OF the assumption would be tenn
porary would be lost with the loss Of the individual
members whom it had enriched and some engine OF in
huence more permanent must be contrived while these
myrmidons were yet in place to carry through. This
engine was the Bank Of the United States.
From this graphic description Of Mr. Jefferson appears
that the stockholders and their agents ready
then to sacrifice the country and its welfare for gain,
their descendants at this day. The late head Of
Wall street house. who agents for the London stock
jobbers that pressing assumption Of the
most prominent of the stockholders to whom Mr.. Jeer-
refers This the transaction fraught with dis
organization and disgrace although involving but $780,
100000, that held up precedent for making ID SOL
vent States pay the debts Of 10 nsolvent to the
tent of 5000 O0o Mr. Benton the 9th JAM. lsO
marked as follows
Both lands and barely the demands of the
Government at this me what then must be the state of
the revenue in ls4l and 1912 thrown exclusively upon
the customs then undergoing their last reduction and
sunk to ad vaorem duty Of 30 per cent? Doubtless
the revival ola heavy tariff must and this OBJ
vious to every observer that it be assumed be
OF the objects ofdverting the land from Federal
What can be demoralizng, ruinous and
destructive only Federal polite STEM
but to the social and moral ITSELF than to allow the
States to create debts for their purposes and then
club together and throw the payment of these debts
the Federal Government What more fatal than ths2-
The restraint upon creation Of debt is the obligation to
characters
contractor and all the barriers of economy
moderation and safety are broken down. The States are
stimulated into debts which the Union is pay; and the
precedent set must be rapidly followed up by
debts on the part of the stses and new assumptions on
| the part Of the Union.
How truly have these forecasts been dcv cloped The
rapid progression of the plunderng principle here pointed
out is made principally evident in the fact that in August
last, the bill to distribute the public lands passed
the express condition that when it became necessary
raise the duties above 20 per cent it should be in
tive In the short space six months that contingency
occurs and then with reckless and unprncped
ance the condition. instead Of being complied WITH is
Peaed The unyeldng sernness of the President in the
exercise Of the constitutional Veto alone saved the
try from the disgrace Of such legislative want of faith.
eral government has credit in the market OF
what use is it that Congress applies funds to GER
tain purpose by law, if they in the habit oil
supcrsedng the appropriation by another law, soon
after it is madel The last loan authorised be paid
principal and interest out of the receipts of the
The government has two revenues the lands and III,
customs; having appropriated the lser to redeem tn,
debt the next thing done is tacy to abolish the laws
the collection of the customs unless the President will
consent to give away entirely the the lands
Leading members then declare exungly in their places
that there no law for the collection of dollar of reye
nue. and yet they have loan pending negotiation which
depends upon those revenues for its redemption Is
rsatter of surprise under such circumstances that tina
loan cannot be sod that all stocks should fall back upor
| the market under such accumulalng dscredit7