The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-02-22
From The Ncp Orleans Advertiser, Feb. |
THE STATE DEBT QUESTION.

| The Bulletin of yesterday openly breaches the
monstrous doctrine of assumption OF the State Debts
| by the General Government and advocates it with
some warmth.
This is the first distinct movement of the kind that
has been made any where in the Union.
When Mr. Benton, three years ago, introduced
resolutions into the Senate against the assumption OF
the State Debts, being unconstitutional and unjust
we looked upon the affair as political trick, and
did every man in that body, for the resolutions were
passed unanimously, and the debates every one
of them in violent opposition to the principle
1t was made matter of jest against Mr. Benton
that he should wish the Senate to solemnIy declare
negative but that Senator seemed to have been gifted
with wonderful foresight, to- he proclaimed at the
time that the Wing party had in serious contempa-
ton to make a party question of this proposition of
assumption
His prediction has already partially become true, for
we have seen distinguished leader of the Wing
party, Samuel J. Peters, Esq y resident among us,
formally proposing to Henry Clay the assumption of
State Debts measure called for by the exigencies
| of the county. Scarcely is time allowed for that
letter to reach its destination than commercial and
| political paper of long standing and wide circulation.
(the Buetin) comes out boldly in favor Of the mea-
sure, accompanied by the very same specous argu-
ments which blown ky-high in the Senate a
| few years ago
These movements connected with a blinking to-
wards partial assumption, displayed by of the
members of Congress, and one two presses in the
North, indicate that there is deep seated plan on
| ton. The proposed mission of Lord Ashburton
| to this country has to do with the matter
than appears the surface of things, but of this :
another tine.
| The greatest dangers to which the charter of our
Liberties and free institutions have been exposed,
have arisen from the attacks of the money poa0er upon
them. 81 far, they have mraculousy escaped though
| tn, have been terribly shaken.
The efforts of the money power to get possession
of the government of the people, at the extra session,
| bv he establishment Of Of
counts for twenty years. fortunately frustrated
by President Tyler Since that fatal blow to the
hopes of this enemy of popular rights, it has been en-
deavoring to ''pluck the veto" from the Constitution,
but that labor is found to be useless. The next move
to overthrow the Constitution and build upon its ruins
vast temple of money changers and bondmen, is, to
induce Congress to the State Debts and issue
script for Grand Consolidated Stock, bearing low
rate of interest The indebted States, it is believed,
will jump at this bait, and sent up representation to
Congress to carry the measure. The scheme plau-
sble, and it is impossible to tell what may be the eff
feet Of an appeal of this kind to people oppressed
by debt 1t is true, State has refused to pay her
debts and that resolution having been taken easily
it may be, that, reputation will be preferred to
sumption. But enemies as we are to reputation, we
say, let thousand times IN preference to ass,p-
ton 1t will not affect our liberties it will not de-
stroy Constitution. Assumption, the contrary,
is dragon that will devour not only the fair fruits of
the tree of liberty, but uproot the tree itself.
There is, however, anchor to the vessel of the
republic, which no winds displace-and that is,
the Executive Power, emanating directly from the
People. The present honest, upright and able states
man who presides the destines of the nation will
be ready, should Congress be far corrupted to
pass Assumption Bill, to strike it dead with the
doubleedge sword of the Veto, wisely placed in the
hands Of the Peoples President to guard the Consti-
tuition from the encroachments of its enemies.
To the advocates of assumption say then, fumc,
fret and buster away your brief hour Move heaven
and earth to carry your point Carry it. John Tyler
is President Of the United States