New-York daily tribune., 1842-11-12

IN its repute, without losing uiai .eh'i -
is The salient spring OF all that gives Sisof anu ie
nown to national character. IL MAJ NC .Ii. 80.
| as nation VIC are in no degree Responsible ioF
thi. decadenco in the credit OF the States
This he true TO a certain extent. Our national
and ,ol;ticaI aggregation, however, If | may so
e,eat il made up OF this family Of States. and
ynu NAV depend upon it tha, other nations and
pos,erity will hold the government oi the Union
morally responsible for the character OF It's mem
bers, although the forms of our federative system
NAV discharge it from legal liability for their en-
gagements.
| Admitting the potency. and the extent Of the
evil, you will ask what is the remedy This my
good sir, is precisely the question am about to
ask you, and ask you in the form of specific IN
quiry, whether public opinion, through the Union,
| may not receive such organization By the ac-
tion OF Congress. popular meetings and the press,
rs TO induce The detaulting States TO hold con-
| uenttons this wanter, comprehendiDg those who
| have negotiated foreign loans, who nevertheless
have met punctuay their dividends, that by united
action they may induce the legislatures Of the sew
eral indebted STATES TO impose and the people to
bear uch taxes as shall provide the means of pay
ing tie interest and establishing sinking fpHd
for tie gradual ex,nguishment of the principal Of
their public debt cannot believe that these aP
reals TO State pride, and National honor would be
unavailiDg. You see that lay out of account the
assumption of the State debts by the Federal Gov
ernment because | often fear If this expectation
we're held out, the defeulung States would do
thing Of themselves, and the exigency has not yet
srisen when such an oncIous responsibility ought
. be assumed by the National Government, so un-
ust those States who are faithfully paying their
debts, and TO others who have perhaps been far
wiser TO forbear contracting any, although can
conceive state of things in which such assumP-
| ION measure OF finance and national policy
night be eminenty expedienl.
am gratified to inform you amidst this ccnvul-
son in the credit Of several Of the States own
South Carolina, 4" wears her beaver up. She is
| sever in day, and very often, at this
moment, Tin reference the loan contracted for
her) has her interest six months in advance in her
bankers hands. This is not surprising. You
snow it has been of our familiar and household
| e.sons at home submit cheerfully TO the impo.
,ition of drect taxes to support the security and
Ionor of our country, and hence by habit which
We derived from the buried warlike and the wise
vho have made us what we are, we pay our State
txes with almost much alacrty give
money to our wives and children. If the default
ng States wsuld only practice on this doctrine, the
,malest imposition would produce an amount
abundantly sufficient to reSuscitate their credit
Occupying the position you do, sincerely hope
ay dear Sir, that your influence throughout the
Union will be brought to bear on this greet
tonal question. We all know that our country
are essentially honest, because they es-
entially sagacious as we'll as in the main, right
prncip!ed, and require merely proper direction
10 be given to their exerions to make u
ieroic effort TO recover and sustain the character
the country.
But, auxiliary to these efforts, something more
remains 10 be done by yourself. 1t is TO lend
sigorously the powers Of your own genius, and the
IMPULSES of your own patriotism, in your aPpro-
'tiate sphere, the Senate of the United States To
reate and establish sound circulating medium
throughout the Union, convertible into specie, but
sufficient abundance to elevate the standard OF
4lue from the dreadful depression to which it has
,lIen, and, in fact, to be adequate to perform the
xchanges Of trade and value i'll country.
Whether this be Bank of the United States or
n issue of a rcdeemablc currency by the Federal
Treasury, i, not OF so much comparative impor
lnce, as that we should have an abundant and
Uniform circulation from some other,
which, making allowance for tho variations in the
'aance of trade, shall be of equal value in New
York and Boston.
This circulation in the recesses of that financial
wisdom which is past finding out, destroyed |
IL
Bank of the United States, with the arm of Sam
on. and almost {" with the sefsame weapon
90, when we r-colect all the twadde of the old |
entleman on this subject. He, as Burke said |
ras certainly consummate architect Of Ruin, |
~ his time and tide, and had the happy faculty of
mpersonatins corporation g i'll his mind seye |
or the purpose of hating it cordially he once
lid you and Mr. Poindexter. When, therefore, |
ylr. Biddle entered into contest with this Hero
ftwo Wars, he forgot the wisdom of the Spanish
'roverb g That he who sat to dine with the Devil |
Mould eat with long spoon" What has been
the result Of this feast, in broken meat and empty
,'lates, you well know. 1t has left our country
!'alsied indeed-hupgry in flesh and poor in spirit.
doubt, since the creation of the werd whether |
,ach an example can be exhibited we have pre- |
ented for the last sixteen years of folly and mis-
government. No Southern planter would permit |
MS plantation for one hour to be governed with
such lack of all sense and providence. The |
Caffres and Hottenots, in reference to their con.
iition, | doubt not, have been governed with |
policy far more vigilant and enlightened.
A country of immense resources, in period of
profound peace, on the verge OF Bankruptcy! ANY
nan who will read Hume's essays on Public
credit and on Money can be at no loss to trace
our present condition to It's true cause. We have
'een suffering ever since Gen. jackson DESTROYED |
ne Bank of the United States with the exception
OF short period of distempered initiation created
oy his own measures) under steadily diminishing
rculation,whcb the eminent philosophers TO whom.
have referred has declared ts be one of the worst
calamities that can befall civilized country--far
more disastrous than the continued blight of I'M
avorable harvests and seasons. This result has
eeen toundedrst,in the constant action of the tede
al Government or their supposed meditated action
on The Banks Of the States which created uni. |
versal panic, that has compelled the Banks to
withdraw their circulation and next, the General