The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-03-14
From the Journal Of Commerce.
OUR DlsHONoRED COUNTRY.

1t has been exceedingly painful matter TO all
hgh-minded citizens that the pecunary promises o.
any of the States of the Union should fail OF being
kept, and especially that this should be 80 "i.'ou
that vigorous and manly effort 10 make Paymhe
which would prove at least the existence Q, M ,h
est disposition. But il is much more pa'iu' Ia 49,
ialh oil the nation should be violated ~ Wy - oa,si
aud under circumstances betraying u. ioas' o. -
degree of disregard for the claims o. honesty -
certainly great disgrace and INJURY W 10 az, a.
here in the midst of peace with ample resources ~
the disposition of Congress- the nation owing only
debt 40 small that a single city might manage IT, our
integrity nd honor should be forfeited and the nation
protested upon few treasury notes! The Bank OF
Commerce. the general depository of the Govern
mcnt here, having advanced as much money as the
Directors thought it proper to advance in paying the
maturing treasury notes, gave notice, more than
month ago, that il should go farther. The Col
ecor then applied TO the Bank of America, and that
Institution consented TO take up the notes which should
fall due, for few days. until the Treasurer should
have a little more time to negotiate. That ofhcer
in the city on Monday, but as it was impossible
for him to show that he would soon have funds with
which to repay advances, the Bank of Commerce and
Bank OF America very properly declined to go on
paying, and SO the nation has taed its Exchequer
bills go to the notary and are protested.
We do not that the Administration could have
prevented this. The necessities of the country were
early laid before Congress- and pressed upon its at
tenon, and il was with very great delay and Difficult
~ that the Treasury note bill was got through The
two Houses That bill provided that the notes should
be paid out at par. The Treasurer was authorized
To sell them for money in the market and so the Oil
was powerless for an emergency like the present
the of interest fixed being suth that the notes
have all along sold in the market at fractional dis
count. Perhaps bundle of them might have been
deposited with some Bank with the understanding
that the Bank would not be called for thirty or
sixty days. But such arrangements have been COM
planned Of when made by the State Administration,
as evasion of the law. Perhaps the President
ought to have pressed the matter more earnestly upon
Congress, and demanded that It should supply the
means for sustaining the nations honor.
There too niue reason 10 think tina. Mr. Clay ana
his friends who the strongest party IN Congress,
disposed have our affairs remain in confusion,
and become worse conounded, for two years
more, in order that Captain Tyler may be headed OIL
and The necessity for National Bank rendered more
conspicuous for the next Presidential election. The
Democrats generally willing to see confusion, be-
they say the power is in the hanls ofhe Wings,
and the disgrace OF the country will be charged upon
them. Thus the Sub Treasury party will be more
likely TO triumph. The President has but small
party in Congress, Il would be for the interest and
honor OF that party that the interests and honor Of the
country should be sustained bu! they have no power
TO carry Amid these conflicting party inte-
rests the National Legislature is busying itself with
small talk each party careless of the nations damage,
ifon'y its own selfish ends likely TO be
compllshed. Such condition of things is not only
dsgraceul and demoralzng, but extremely dangerous.
The nation is utterly without means for an emergen-
cy II could not tit out fleet army. The new
Minister, when he arrives, will find people utterly
destitute Of immediate resources. For all this there
is no remedy but in the primary assemblies of the peo
Pile, or in the immediate mouth-plece of public
opinion, the press. Whoever may be in the Admin
israton, we will never agree to the nation dis
grocei and -wronged for the sake of dishonoIng
that Administration 1t seems to that nothing is
more lan than that the people without reference to
ultimate party distinctions, should speak their
dennaon of this miserable Congress, in language
which will ensure the action that is necessary to re-
store, far possible the public credit. Ii such
course should be taken, we know of no place where
meetings of the people upon such subject should
properly commence, than in tho commercial capi-
tai Of the country.
Since writing the above, we have received the
Washington papers Of yesterday morning. from which
it appears that this subject has been urged upon the
teniion of Congress in Special Message from the
President, accompanied by statement of the cond-
lion Of the public finances by the Secretary Of the
Treasury.