The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-03-18
REPUTATION.

REPUTATION
Among the many startling doctrines TO which
the late disordered condition Of the monetary
concerns of the country has given rise, there is
perhaps none more revolving TO every well or
dered mind than that of reputation. We say
nothing of the effect of such vile heresies at
houre, but their operation upon the character of
the nation abroad, is such as to bring the blush
Of shame to the cheek Of every honest hearted
American. Notwithstanding the changes that
have taken place in Europe involving the ruin
Of kingdoms and the downfall Of 'dynasties, the
sanctity Of contracts, public as well as private,
has never been assailed even in the widest tones
Of popular frenzy. Revolutions have taken
place, the effect Of which has been not only TO
transfer the control Of governments from one
family 10 another, but to alter the whole charac-
ter of political institutions, and yet the solemn
engagements of the preceding governments
have always been recognized by those which
have succeeded to them. For our own country
has il been reserved, during time Of profound
peace, TO publish TO the world that, on this side
Of the Atlantic, solemn engagements, entered
into with all due tormallty and involving the
vested rights of third parties can be repudiated
and set aside, not only without exciting public
odinm but with the deliberate sanction of the
representatives Of the people. Republication,
as il is termed, has become a common term in
lhe mouths Of persons, In whose minds such an
idea might have been expected to excite no.
thing shor. of feelings Of horror and disgust
To what cause is such state Of things to be
attributed2 Has the moral sense of the coun-
try been destroyed by the operation of free in
sttuions, or has common honesty lost its
worth amid the contending interests, created by
spirit Of speculation. To attach any weigh
to the first of these suggestions would be to RUN
counter to all Of our preconceived notions of the
nature Of self government, and sanction the be-
lief that the tendency of human nature, when
left 10 govern itself Is to reject all moral re-
strant If, indeed, as some of the opponents of
liberal Institutions have ventured to assert, man
IS unfit to govern himself and requires the iron
rod OF superior to keep him in the path of po-
llical as well as moral rectitude, the sooner we
abandon the theories Of our fathers on this sub
ect, the better. Such, however, is not and
cannot be the case Selt-government SO far
from striking at the foundation Of moral obliga-
ton, is the only political condition in which
men can cherish high toned feeling TO the fullest
extent, and therefore, we must look elsewhere
for the origin of this most disgraceful abandon
ment of correct principle. In seeking further
Tor ITS source, may we not find it in the wild
spirit Of speculation which has, within the last
few years, taken possession Of our countrymen ?
So long as business operations were confined
within the bounds pointed out by sober common
sense so long were men contented to abide by
the consequences of their own deliberate acts
No sooner however were specuations carried
beyond the limits above named, than they as
sumed the character of the ioorst kind OF gam
bling and produced the recklessness that un'-
table vice. In the days of our fathers, if man
wished to make purchase The first thing
he did was to ascertain whether he had
at command the means of complying with
his bargain, and if on inquiry, he found
that in the ordinary course Of things, he
ments, except through the intervention OF i
contingencies over which his control was doubtful
he immediately abandoned his projected plans,
although in doing SO, he saw, or thought he saw
the REIMBURSEMENT Of well-founded promises Of
gain. Such was the temper Of our ancestors,
but how widely and deplorably different have
been the rules of action adopted by their sons,
within the last fifteen or twenty years. OF late
the business operations of large portion of our
countrymen have amounted to nothing more or
less than a game Of chance, in which many of
them had nothing to lose, aud might acquire /
great gain One ofthe chief sources of this mis-
chief is to be found in the wicked policy pursued
by ourselves, by offering tempting bats to cupi-
dlty in the sale Of the public domain and in
this way at least have the administrators Of our
public affairs rendered themselves obnoxious TO
the heaviest censure. The man who enters in
10 an engagement, which he is unable TO meet,
mlly, and if the contrary is sure to be confirmed
and made more reckless in his disregard of mo
raj principle. Such has been the result in the
speculations of which we speak. individuals,
without any means except such as might be pro
cured through the indulgence Of friends, have
entered upon operations dependent entirely on
an ad Advantageous resale Of the thing purchased
for the ability Of paying for it, and well aware
that, in the event Of failure to make such a
disposition Of the subject Of the contract, bank