The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1842-10-13

y ais1elii. Mhieh nInchcs . or rsspsE'
Ieefs o.. a ether wonls. or 1bilily % PrY,
- enf sssmiaf indispnsiiion 70 pay. IL
lormer 10 sGill conssdered u most eas~s =
undoubled, whilst sifkrning disiuss has
fallen upon he lztieL Hence 4 y, thai
whist Tie rate Of interest has fallen this
day 70 two and half Per cent. in ihe
London market. Il Is not probzble that i
he Commissioner OF the Uniied States
SIX per cent. loan. were % olIeF price
which would secure al interest Of Ten per
cent Ten pounds Of the stock could be
sold. without. from considerations Of po-
Icy, under he advice 81 Lord Ashburton.
on his return 10 England. die Earrings
should be induced 10 take the loan.
When we contrast this .iscredit Of our
own country, teeming VIII. such gigan.
tic resources, with The pslmy credit Of
other States that have little else bot good
faith and high taxation 10 offer, il Is inn
possible 10 refer il 10 any olher cause but
deep moral dislrust in us-the mostig.
nolninious curse that can fsll on peo.
pie who aspire 10 be civilized and free.
or The truth Of this fact. | cannot give
YOU better proof than that. whilst no
one viii look 20, and capitalists turn with
aversion. from the United Snles loan
The comparatively Insignificant town Of
Hamburg, with lis population of2O0. 900
inhabitants, 70 enable il TO rise out Of
lis ashes. has borrowed Al 81 per cent
precisely double the amount Of our pro
posed loan, one farthing Of which The
United States Commissioners will pro
baby not be able 10 negotiate. Denmark
and Belgium. neither or which would be
scarcely breakfast for the hungry sto
mach Of Brother Jonathan on frosty
morning. can borrow At four per cent
what they want, and England and Hol.
land, with he principal ef public debt,
the payment Of which 10 likely 10 be con.
temporaneous with the discovery Of per.
pe,ual motion, can borrow just what they
want. at and under Q per cent, because
they pay their interest, and tax them
selves 10 pay their interest,
As statesman and patriot, am sure.
my dear sir, you will say that this Stale
Of things must moi be permitted to last.
No country can continue in The worst
species Of insolvency, . bankruptcy in
is repuie, without losing that selfrespsci
which is the salient spring Of all that
gives yigor and renovn to national cha.
racler. Ii may be said that as nation
we are in no degree responsible for this
decadenee in the credit Of the States.
This may be true 10 q certain extent.
Oar national and political aggregation,
however, IL ! may 60 speak. IS made up
Of this family Of States. and you may de
pend upon il, that other nations and pos
leri,y will hold he government Of the
Union morally responsible Tor the cha
rscter Of its members, although The forms
OF our lederaiiye system may discharged il
from . legal liability for their engage
mems.
Admitting the potency, and the extent
|of The evil, you will ask what is the rene
Idys This, my good sir. is precisely the
question am abou. 10 ask you, and |
ask you in the form Of specific inquiry,
whether public opinion throughout The
Union may not receive such an organiza-
lion by the action Of Congress, popular
meetings and the press. as 10 induce The
defauLiing States 10 held Conventions
this toisisr, comprehending those who
have negotiated foreign loans, who never
theless have met punclually their diyi-
dends, tha, by united action they may
induce the legislatures Of the several in.
deb,ed States 10 impose. and the people
to bear such taxes as shall provide the
means Of paying the interest, and es,ab-
lish sinking fund for the gradual extin-
guishment Of the principal Of their pub
lie debit Icannoi believe that these APP
pesls TO State pride and national honor
would be nnavailing. You see tha, lay
out Of account the assumption Of the
State debts Of the Federal Government,
because | often fear, if this expectation
were held out, the defaul,ing States would
do nothing Of themselves. and the exigen.
cy has not yet arisen when such an one
rous responsibility ought TO be assumed
by the National Government. so unjust
10 those States who are faithfully paying
their debts, and to others who have per.
haps been far wiser 10 forbear contracting
any, although l can conceive a state of
things in which such assumption as a
measure Of finance and national policy
might be eminently expcdient
an grsnfied to inform you am id.t Ibis
eoEvslsIon in ihn credit Of several OF The
Safes, our own South Carolina, .. wears
her beaver up" She 10 neser in srsar
one day, and very often. as al This mo-
msn,, lin seference to the loan Icantrscl
ed fr her has Der interest six NOR tbs in
advance ~ her bankers hands. This 10
No, surprising. You knos il has been
one OF our familiar and household lessons
At home to subrni, cllesrfully 10 The impo-
siiinu Of dteci taxes. 10 support ihs .ecu
tity and hopor Of our country. and hence
by habi. which we derived from the
hurled rllka and The wiss" On ha h.,e