Holly Springs gazette., 1842-11-04


er naAons and posterlty will hold the Gov
ernmdht of the Union morally responsible
| for tns character of It's members, although
the forms Of our Federal system may dis
charge i from legal liability for their en-
gagements.
Admitting the potency and extent Of the
levil. you will ask what Is the remedy ?
This my good sir. is precisely the question
lam about to ask you IN the form specific
inquiry. whether public opinion throughout
the Union, may not receive such an organi-
zatioa by the action of Congress, popular
meetings and the press. as 10 induce The de-
fanlting States to hold concenfaons fhis acin-
Ter. comprehending those who had negotia-
ted foreign loans, who nevertheless have met
punctually their dividends. that by united
action they may induce the legislatures of
the several indebted States to impose. and the
people to bear, such taxes as shall provide
the means of paying the interest and estab-
fishing sinking fund for the gradual ex:in-
guishment of the principal of their public
debt2 l cannot believe that these appeals
to State pride, and National honor, would
be unavailing. You see that l lay out of
account the assumption of the State debts by
the Federal Government, because [ often
fear, If this expectation were held out, the
defaulting States would do nothing of them
selves, and the exigency has moi yet arisen
when such an onerous responsibility ought
to be assumed by the National Government,
so unjust to 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 ofthings
4.
nance and National policy might be eminent
ly expedient.
am gratifed to inform you amidst this
convulion in the credit of several OF the
States, our own South Carolina, "wears her
beaver ur" She is never in arrears one
day. and very often. as at this moment (in
reference TO the loan contracted for her)has
her interest six months in advance in her
bankers hands. This is not surprising.
You know it has been one of our familiar
and household lessons at home 10 submit
cheerfully to the imposition of direct taxes,
to support the security and honor Of our
and hence by habi. which we de-
rived from the buried "warlike and WISE
who have made US what we are. we pay our
State taxes with almost as much alacrity as
We give money to our wives and children.
If the defaultng States would only practice
On this doctrine, the smallest imposition
would produce an amount abundantly suffi-
cient to resusctate their credit.
Occupying the position you do. | sincere
" hope,s my dear sir, that your influence
throughout the Union will be brought to
bear on this great National question. We
hsaest because ney aie essentially sa
gacious as well as, in the main, rig ht prin-
:ipled, and require merely proper direc-
ion to be given to their exertions to make G.
yen heroic effort to recover and sustain the /
character the country.
But, auxiliary to these efforts, something
more remains to be done by yourself II is
o lend vigorously the powers of your own
genius, and the impulses Of your own patri
,lism, in your appropriate sphere. the Sen
tie of the United States to create and estab-
ish sound circulating medium throughout
he Union, convertible into specie. but in
ufficient abundance to eleYete the standard
f value from the dreadful depression 10
which it has fallen, and, in fact; to be ade-
uate to perform the exchanges OF trade and
alue in our country Whether this be
ank of the United States, or an issue of
currency by the Federal Treas
Y, is not of so much comparative impor-
lnce, as that we should haye an abundant
inform circulation from some source or
ther, which making allowance for the va
iations IN the balance of trade, shall be of
quail value in New Orleans and Boston.
This circulation, in the recess OF that f.
ancial wisdom which is past finding out,
sas destroyed by our friend General jack
on, when he slew the Bank of the United
tates, with the arm of Samson, and almost
With the self same weapon, too when we
ccollect all the twaddle of the old gentle
ian on this subject. He, as Burk said, was
crtainly "consummate architect of ruin,n
q his time and tide. and had the happy fac
lty of impersonating corporation s'in his
1ind's eye" for the purpose of hating il as
ordially as he once did you and Mr. Poin-
exter. When. therefore. Mr. Biddle en-
cred into contest with this hero of two
vars, he forget the wisdom Of the Spanish
roverb: "T1e who sits down 10 dine with
he Devil should eat with long spoon ~
What has been the result ofthis feast, Ira bro
zen meat and empty plates yon well know.
/ has left our country palsied indoed--hun-
Try in flesh. and poor in spirit. l doubt T
ince the creation ofthe world, whether such /
n example can be exhibited as we have pre-
~ r.