Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-10-18
From The Nonoy article Of The .No York HeraL, Oct.

SdraRndk Lc0f9tdn
From the Noncy 1rele Of he rtc HeraL Oe,. 81
The greatest evil which now hangs over The people of
the T. S., is undoubtedly mercantile dscrrdit, and IL
nancal dshonor The origin of these evils is, undoubt
edly the paper credit system by which States, corpo
ratons and ndvidnas contracted greater debts, than
by any possibility they could pay. The Bankrupt law
came 10 the relief of individuals and released them from
the trap into which they were allured by the tempta
tons OF paper money. The States being sovereign and
indepen dent could have relief but in repudatIon
which has resorted by States, under the ex
cement and tone given 10 popular OPINION by Inc e1ois
to pass the Bankrupt law This has nearly ruined the
American character for honesty, is evident in the
fact tia, the credit of the Federal Government is de-
sroyed abroad. That Government never dlshonored
its liabilities hut foreign capitalists cannot under
stand why, when individuals md communities IRE Sc
paracly dishonest, that they should be collective
w trustworthy. They may be collectively able 10
pay debt, which separately they cannot meet; but IT
the ,oW ~ wanting in one case, 1t may be inferred
in the other. Moreover, the Federal Government has
itself not acted consistently. The revolution OF lo40
was effected partly by charging against the former
Administration, that its expenses had exceeded lis
revenue and yet, tina, Administration, after twelve
years power, left debt Of 600 only. The new
Administration has, in the face OF their avowed Prln-
ciples, increased that debt in eighteen months to SOL,
coo GOO Such movement is NJ" calculated TO restore
confidence Further, with n deficient revenue, they
| passed law giving away part of that revenue, and
diminished the remainder by passing protective la
riff thereby violating the implied pledge contained IN
the Compromise act. The Treasury now is in a de-
plorabe condition, with deficient revenue, with an
existing debt Of S3l 900, without the ability to bo
row dollar, and to carry on the Government
in future, but by borrowing 1t very plain, that with
this accumulation of discredt, the country cannot long
hang together. Its credit must be retrieved and It's
debts paid II is proposed for the Federal Govern
ment to assume the debts Of the States Why the Go.
vernment cannot take care Of its debt, and has
not the ability 10 make that debt any larger
If the Government cannot borrow SO,0O0OOO when
it owes but S3l 100000, how much can i, command
when it assumes the payment OF S200,O0O,COo Tor
which il never got any equivalent What then IS to be
done, The is plain The lnsolvent States owe
debts which they say they cannot pay Very well, now
! much can they pay, Illinois owes, say Sl6O0O,OO0,
hearing an interest of $500 900 per cent. Ii size
cannot pay & per cent, she pay per cent: per
cent. or | per cent, Whatever she can pay, pay at
once show disposition to pay; let The next Legs.
a,ure which in Dec resolve that the debts shall
be paid time other aud let present payment,
! if il is ever small, he made earnest OF good
intention The whole difficulty will then be settled
The damnng of indisposition to pay Will be
removed an credit will be restored in all lis branches
For who that looks the hardy, industrious, and IN
lie gent population of the great West doubt their
ability In pay, in Time This determination 10 pay,
must also be accompanied with firm resolve, no. 10
borrow any more In Illinois, some iGnds-sny 81,
800 0O0 necessary TO finish the Illinois and Alch
gan canal This being for useful purpose, and 20 as
sist in paying the old debt be got. Illinois was one
Of the FIRST States 10 repudiate reformation com
menced there and the whole face of things changed.
We doubt not, bnt, under lis rulers, Illinois will
take some steps Of the kind 1t may be the
readily done, that the people ore relieved from The bur
den of bank paper. The two Banks OF that State had
capital Of S5l23 So, which, in former years, yield
ed their prcprctors in Wall street and else where,
average Of seven cent, making annual tax upon
Illinois of S379,62l paid Cor The privilege Of taking
bank promises instead Of gold for their wheat. This
sum, appropriated to purposes of common honesty,
will pay half the interest on their debt.
A NOBLE Eor.-lt is understood, that General Jack.
son became involved, short time since, in his pecu
mary affairs, by endorsing the paper of others ltap-
pears, from the suhioned extract of Washington let
ter, published in the last number of Hills Patriot, that
Francis p. Blair, Editor of the Globe, On being made
acquainted with the fact, Immediately placed al his dis
posal the Of ten thousand dolims This act under
the circumstances, must have been prompted by the
svmpathies of a noble and generous heart-That We
nerabe who has served his country long and
well-who has bravcd many hardships, and endured
much that service, became troubled and embarrassed
in his old nge when his constitution, broken by age
and lniirmtes could not withstand difficulties, which,
early period OF liie grapp!ed and
with But the goodness of his heart-tle noble
ness of his deeds, had won for him many warm and
enduring friends. The act of Mr.. Blair deserving
of record for it is of those openhearted, noble
deeds that are very rare in the world.
Hartford Times.
From Hl's Paro.J
WAsnlSGToS, Sept. II, IS42.
Among the innumerable instances meet OF ingra-
ttude and heartess pofgacy in political associates
disgust and 10 scken it is refreshing and whoes
to nature occasionally TO hear Of noble action OF
grateful return for kindness rendered And the cir.
cumstance about TO mention stands out boldly
and prominent 10 deter the mind from lis msanthropc
tendencies. Some time since the venerable chieftain
OF the Hermitage became involved in his pecunIary az
fairs by the failure Of friend, whose notes very
considerable amount he had endorsed A part of his
liabilities he able by certain sacrifices to but
the forced payment of mole for 100000, Of which
he accommodation endorser, would absorb all
The earnings of lie honoaby passed in the service