The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-02-22
From the Nep Orleans Adrcrtiser, FEB.
THE STATE DEBT QUESTION

c..# lie , "A liz DEB L lUES IlON.t"
The Bulletin Of yesterday openly breaches the
monstrous doctrine of assumption of the State Debts
by the General Government, and advocates it with
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 n political trick, and SO
did every in that body for the resolutions
passed unanimously, and the debates were every one
of them in violent opposition to the principle.
1t was made matter of jest against Mr. Benton
that he should wiz the Senate to soemnly declare
negative, but that Senator seemed have been gifted
with wonderful foresight, for he proclaimed at the
time that the Wing party had it in serious contempla-
ton to make party question of this proposition of
assumption!
His prediction has already partially become true, for
we have seen a distinguished leader of the Wing
party, Samuel J. Peters, Esq ) resident among us,
formally proposing TO Henry Clay the assumption of
State Debts called for by the exigencies
of the county. Scarcely is time allowed tor that
letter to reach its destination, than commercial and
political paper of long standing and wide circulation.
(he Bulletin) comes out boldly in favor Of the mea-
sure, accompanied by the very specious argu-
ments which were blown y-hgh in the Senate a
few years ago
These movements connected with a blinking to-
wards partial assumption, displayed by some of the
members of Congress, and one or two presses in the
q
foot to spring this dangerous question upon the ma
ton. The proposed mission of Lord Ashburton
to this country has more 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 po,oer upon
them. 81 far, they have mlracuously ped though
tn. Y have been terribly shaken.
The efforts of the money power to get possession
of the government of the people, at the extra session,
by the establishment of Bank of issues and dis
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
deavoring to "puck the veto" from the Constitution,
but that labor is found to be useless The next
to overthrow the Constitution and build upon its ruins
vast temple of money changers and bondmen, is, TO
induce Congress to assume the State Debts, and issue
script for Grand Consolidated Stock, bearing a low
rate of interest The indebted States il is believed,
will jump at this bait and sent up representation to
Congress to carry the measure The scheme IS plau-
sble, and 1t is impossible to tell what may be the eff
feet of appeal of this kind to people oppressed
by debt. 1t is true one State has refused to pay her
debts and that resolution having been taken easily,
it may be, that, reputation will be preferred to as
sumption. But enemies as are to reputation, we
say, lei come thousand times IN preference 10 aSstn-
ton. 1t will not affect our liberties, it will moi de-
stroy our Constitution. Assumption, on the contrary,
is dragon that will devour not only the far fruits OF
the tree of liberty, but uproot the tree itself.
There is, however an anchor TO the vessel OF the
republic, which no winds can displace-and that IS,
the Executive Power, emanating directly from the
People. The present honest upright and able states
man who presides the destnes Of the nation will
be ready should Congress be far corrupted as to
pass an Assumption Bill to strike it dead with the
double-edge sword Of the Veto, wisely placed in the
hands OF the Peoples President, to guard the Cons-
tuition from the encroachments Of its enemies.
TO the advocates of assumption we say then fumc,
fret and buster away your brief hour, Move heaven
and earth to carry your point. Garry it. John Tyler
IS President ofhe United States