Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-10-20

G> The following. from one Of the elevefsst
capsrs OF the West, Che Cineinnsti Gsx.t,s) Is 90
full Of justness aud good sense, that, though xe
had proposed 10 sreaS upon the matter, VIC are
content for the present, to submit our friend
vsughan's excellent remsrks-in the general tenoor
Of which we perfectly agree--rathtr than our o~n;
AMERICAN CREDIT.
The letter Of Geo. Hamilton, ia another column,
viii repay an attentive perussl. The subject Of
which u treats concerns all Of %, AMI. We presume,
no man, whatever may be his creed or opt ion, can
| eel indifferent to IL IL Is upon American oredi,
| abroad. Nor can separate this from our natons
chSrac,sr-sinee that Is formed. and based, 80 f.r
as the world Is concerned upon honesty OF conduct,
| and general dde,ity TO our engagements.
Just now this character is held at low estimate
| abroad. IL Is fact, indeed, that our Government
cannot, with all its resources, borrow eentirom any
capitalist IN Europe. The smaller cities in that
quarter Of the Globe can do it-any OF the smaller
or larger nations even if heavily indebted, can DO
II, but we. owing nothing comparatively speaking.
can find no banker who will I'D Tor State stock,
or loan the Government q dollar.
And whenee has arisen this loss OF credit and
eharactsrf IL has bsen our boast, even when
pressed With debt, and while yet We were poor,
that no Aag was more respected than no
name more honorcd. Toe fact. indeed, that we
we're able TO borrow any amount we neeSei to
build canals, or railroads, is enough TO establish
this point. IL they stand monuments Of our en- =.
ierprze, they are no less living proofs OF the high
character &c once possessed. Whence the chsnsei
Think rs We please, aud belong TO what party We
may. /. must lie attributed to this one cause.-the
ruthless war made upon the currency OF the eoun'
toy. This is the root OF the evil,-tho source
from whence has sprung our trouble at homc and
our loss of character abroad.
Few Of those who commenced this var, land
none were moro active ADD efficient in II than
General Hsmilton,) dreamed of this result; fewer
III. thRv T.,rass hNv NJ
all. Ii was party move. IL was concoetsd
and carried on for party purposes, until at length
the evil got beyond the reach almos, Of legislative
action. And what lesson ought the expersnce we
now feel to teach thus subject What
warning should il be both to politicians and the poo-
pie, not TO minse W COMMON, every day interests
Interests which, like the currency, affect all cl,ss-
es and every business-vith party politics! eau
conceive no SCENE OF faction, said Canning, in one
of his hoppiest momens-l can conceive no scheme
o, faction more insxcusable or bameable, than that
which would make 4 subject. touching the interests,
and invclving the prosperity, of the whole commu
nifty, ground for excited party feeling, eIasperat
Ing political animositi-s. This was done in the war
made upon the rieney, and the eonseq are,
as We have said, unparalleled distress at home and
a degraded name abroad
But the great point is, how shall we retrevs our
selves from ias difficulty Reputation is no Amcri-
can feeling; forfeited faith caG be consenial TO
no American Safe. How, then, shall We regain
our credit, and pay 10 the las, cent what We owe
TO ioreignersl Two courses are opened; first let
the General Government assume the State debu,
or steond, lie, the State Government liquidaie
Their debts by increased taxation. Whether any
plan can be devised, land OF this we shall speak
asain,) oy which the first plan may bs successfully
carried out, is vesy doubtful jus, now; but the
second, there can be no difficulty; and the rue Of
the indebted States ought have the moral courage
to propose tax, and the people tho patriotism to
pay II, which would, by degrees, lessen their TO
reign debt, and eventually pay it off altogether.
Better part with properly. better part with any
thing, than our good reputation. Give US, we say,
an honest character, at any time, with poverty.
rather than the lar les, wealth, wi disaouored
Manu.