The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-04-02
From the Ne,o York Commercial Advertiser
NATIONAL CREDIT.

1t is indeed true that we have fallen upon evil
times" Viewing our present deplorable condition II
is scarcely possible realize how great the change
| wrought during the last few years. Enjoying as we
were, high degree, individual and national pros
pery, with credit arnished and every where re-
spected; with a revenue ample for all the ordinary
purposes OF Government; with currency entitled to
general confidence, and equable in value; and with a
population increasing in numbers and In wealth, daily
adding by their enterprise and industry, the gene
raj prosperity, it difficult to conceive by what
chain of calamites prospect apparently so bright has
suddenly become clouded, and how a state OF things
such now exists has come upon US. II is not our
present purpose to inquire into the which have
led to such result. 1t is sufficient that these evils
themselves exist that thousands of individuals, once
prosperous business, have been compelled al last 10
yield to the storm; that the property not only OF the
capitalist but of the widow and orphan has been d.
minished or swept away by the decline OF securities;
that large portion Of the banking institutions In ex
isence five years ago have become bankrupt that the
credit of the States at home and abroad viewed with
suspicion and their securities almost unsaleable
that large portion of the country Is without cur
rencv possessing than nominal value, and that
this moment the prospect for the future s If posi-
ble more gloomy than ever Such are the fac's, oul
| they not all
The credit of the General Government, which has,
during the greater part of these unfortunate times,
been honorabiy maintained, whch has been respected
abroad and has been beyond suspicion at home, Is
now PROSTATE. For the last two three weeks the
Government has been unable to make provision tor
the paymeat of the Treasury notes which were daily
maturing and decline in price has been the conse-
| quence which has only been checked by the amount
ordinarily wanted for payments at the custon-house
And only have the issues at home been discredt.
| ed, but the drafts of foreign ministers from a
parts of the world, which have appeared within the
last mouth or two have been protested, not because
mi n sters had no right draw, but because the Go
vernment had no means to pay Our ministers ane
our country dsgraced in the eyes of foreigners by
such procedure. 1t is bad enough for our Govern
ment to be indebted to her citizens for any sum
however small, which she cannot pay, but to be IN
debted to the citizens of another government for tn
payment of salary outfit of her minister's and una
BILE to pay it, this is indeed doubly Notifying and de
grading. As citizens of New York we can look
with some composure at Indiana, Illinois, Missis
sppi or any Of the other States which have fal
tered in their obligations. The disgrace OF that fa
not upon US except as members of the same contede
racy
But the present case is in which we have
deep and vital interest If the credit Of the Genera
Government is destroyed, what capitalist at home
abroad will trust our Slater If the joint bono
cannot procure money will that OF one OF the parties
But it not only matter OF interest that this mat
ter should be looked to the honor OF the country
deeply concerned in it. If we expect to MAINTAIN
that high stand among the nations OF the earth whcl
we now claim it is indispensably necessary that w
pay our debts else the only national elevation which
we could claim would arise from the comparison
with some of the South American republics, ant
European governments which have not paid prin
cipal or interest for years. The apathy existing II
Congress on this subject is most astonishing, ant
can only be accounted for by supposing the majort
in the House determined to hold back all supple
for the very purpose Of preventing the action Of Gov
eminent and forcing the Administration TO resign
If this is not faction, what is If the action o
Congress- rather their inaction during nearly iou
months, is not deserving the general indignation o
the country it is difficult to say what they could
that would merit the Reproduction of an honest AM
honorable people.