Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1842-10-06

dear sir. You viii say that this state oi thing
must not be permitted 10 last. No conn'r
can continue in the worst species oi ins" :
vency. bankruptcy ~ iis repn'e. wih""
losing that self respect which u the sHlifh'
spring Of all thai gives vigor, nnd renow'
To national character. II may be SAID III"
~ nation We are in no degree Tcsponslbl'
for this decade nee in the credit of 'ln
States. This may bs true to c"nn'n -
tent. Our national and p"l'iIral nggr"gn
Iiion. however. IL ] may so speak. is made ~
of this family Of States, md you may dcpe"
npon IL thai uihsr nations and pos'erI'y wi
hold the government Of The Union moral,
responsible ihr The character of it's Numbers
although the forms of our Ederniive system
may discharge il from legal liability u"
their engagements.
Admitting the potency, and the extent ~
the evil. yon will ask what is the remedy
This. my good sir. is precisely the question
AN about 10 nsk yon, md ] ask you IN IN,
form OF specific inquiry, whether publ"
opinion, through the Union, may not receiv'
snch an organization by the action of Con
gress, popular meetings and the press. ms q"
induce The ds(auiiing States 10 hoid conpenfi0ns
his pinitr, comprehending those who have
negotiated fnrcign loans, who nevertheless
have met punctnaliy their dividends. that b,
unitcc action they may induce the iegisl"
lures Of the several indebted States Ia IN
pose, md the people tn bear such taxes n
shall provide the means Of paying the inter
est, and establishing u sinking fund Tor ih'
prsdua! px,inguishincnt Of The principal o'
their public Gebt? | cannot believe iha'
these appeals to State pride, ond national
honor would he unavalliny. You see iha, !
lay ont of account the assumption oi IN
State debts by The Federal Government, be
cause ! often fear. II this expectation wer
held out. the delnulting States would do moth
ing of themselves, aud the cxigrncv has not
yet arisen when snch an onerous res2onslb'li
~ ought 10 be assumed BY the National Gov.
"rnment, SO unjust 10 those States who mr..
faithfully paying their debts, and TO other
who have perhaps been far wiser To furben'
contracting any, although | can conceive n
state of things IN which such assumption az {"
measure Of finance and national policy might
b. cmincnily expcdient.
] am gratIfied TO inform you amidst this
convulsinn IN the credit Of several Of thu
States. our own South Carolina, "wcars her
beaver up" She is never in arrear one day
and very often. rs Mt this moment. IN rcirr
rnce to the loan ! contracted for her) has her
interest SIX months in advance IN her banker
hands. This is not surprising. You know
il has been one of our familiar and household
lessons at hume To submit chcerfully to ih"
imposition of direct taxes, 10 support the se'
curliy aud honor Of our country, and hence
by n habit which we derived from the buried
"warlikc, and the wise" who have mnde III
what we are, we pny our States taxes with
almost a. much alarriy as we give money t.
our wives and children. If the detnnlIing
States would only practice on this doctrine
the smallest imposition would produce n
amount nbundan,ly sufficient to resusc itai'
their credit.
Occupying the position you do, ] sincerely
hope. nv dear sir. that your influence through
oui the Union will be- brought To bear on ihl'
great national question. We oil know that
our countrymen are essentially honest, b-
cause they are essentially sacncions, ms well
~ in the main right. prlncipled, and rrqnr'
merely proper direction To be given ~ ,hei
cxeriions to make even an heroic effort T.
recover aud sustain the character Of the cOnn
try.
But. auxiliary To these efforts, something
more remains to b, done by YOURSELF II l.
10 lend vigorously the powers ot your ow,
genius and the impulses of yonr own pairi
pI'sm, IN your appropriate sphere, the Scna'
of the u. Satcs, Ia create md establish
sound circulating medium throughout 'lr
Union, convertible into specie, but IN sui
hrirnt abundance Ia elevate the standard Oi
value from the dreadful oppression To whirl
II hns fallen. and IN fact IN be adequate, tn per
form the exchanges of trade md value III ~
country. Whether this be q Bank nf the L
States. or m issue of redcrmable cuir"nc,
by the FEDERAL Treasury. Is not al 50 murl
comparative Importance, NJ that we shnol'
have an abundant and uniform circulation
from some source or other. which, nnkin:
allowance for tho variations in the balance 81
trade. sI,hll be Of equal value in New Orlcan
aud Boston.
This circulation, IN the rccesscs Of that hnan
cial wisdom which is past finding out, was de
stroyed by onr friend General Jackson, whe.
he slew the Bank Of the United States, will
the arm of Samson, and almost "with the sell
same weapon, too" when we rer"llcct all th'
twaddlc of The old gentleman on this subject
lie, ms Burke said, was certainly "c"nsnm.
m'te architect of Ruin, in his time and tide
and had the happy faculty Of impersonaiing
corporation 'in his mind eye for the purpos'
"f hating it rs cordially as he once did you ano
Mr.. Poindcxt-r. When, therefore, Mr.. Bddl'
wars, he forgot the wisdom of the SPanisl
provrrb, "That he who sets down To din,
with the devil should eat with u long spoon.
What has been tho result of this feast, in
broken meat and "mp,, plates you we'll know
" has lcii onr country palscd indeed hungry
IN nesh aud poor IN spirit, doubt, since tl'
creation of ths world, whether such an exam
pie can be exhibited ns we have presented fo,
the last sixteen years of folly and mis-govern
m"nt. No Southern planter would permit hi,
plantation for one hour to be governed with
such lack Of all sense and providence. The
Cairns and Hottentots, IN reference to then
condition, doubt not, have been governed
with policy far nore.vigilant and enlightened
a country ofimmensc resources, in period oi
profound peace, on the verge of bankruptcy :!
Any man who will read ilumc's essays on
"Pubic Credit aud on "Monry," can be at nr
loss to trace our present condition TO lis tru,
cause. w. have been suffering ever sine,
General Jackson destroyed the Bank Of the
Cnlt"d States (wiih the exception Of u short
period Of disirmpcrrd imitation created by hi
own m"asrres) under steadily diminishing
circulation, which the eminent philosopher IT,
whom have referred has declared to- he one
orihc worst calamiiics that can befal n civiIiZ
ed country Tar more disastrous "than the con.
tlnucd blight Of uninv orablc harvrsis aud sen.
sons This result has been first N the con.
slant action of the Federal Government, ~,
their supposed mcditaird action on the Banks
of the States. which cCratrd a uni ycrsal ppuir