Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1842-12-06

I
The following article from the Philadelphia Dali
" Chronicle bears It's face the impress OF official
origin. It's disclosures only prove what we have
connected to be the Of facts. The publication
of the Hon. VIM. Cost Johnson, with the endorse
ment in Yesterdays National Intelligencer makes
IL clear that the American part of the league labor
ing for the British assumption, stimulated to in
creased activity by the performance of the stipula-
tion of the European parties TO it, in Withholding all
loans to the Government. The article of the Chron-
ice is full Of instruction this subject and should
be read neutrality-suspicious..
"Some misconception in relation to this matter
exists in the public mind, and also in relation TO
| the mission Of a commissioner to Europe. We pro-
pose TO exhibit the matter in what conceive to
| be its true light far our iniormatIon upon
which we place much reliance, viii enable US.
The conduct of European moncyed agents in
this country such As to impress upon the gov
eminent very strongly the belief of combined at
tempt defeat the loan for Interior purposes. The
Government, with very proper sense of It's dgn-
", and what due 10 the national credit deter
mined to possess tse.fof moro accurate Information
in relation TO this supposed combination of Europe
an capitalists and domestic spectators; and Tor
this purpose sent a commissioner 10 Europe, with
incidental power to dispose of the loan, not lower
than par, in case he found the suspicion OF such
combination unfounded. The commissioner. as we
have 70 believe upon the evidence OF letters
from some Of the most eminent bankers Of Europe,
was confirmed in his belief that these suspicious
were well founded, and, consequently in no instance
did he offer the Government loan, and has brought
back no money The main object of his mission.
has. however, been accomplished TO wit: to ascer-
tain whether o. not n combined effort was not max
ing to tarnis the national credit. for the sinister
purpose of enforcing degrading submission. The
evidences were too various and too palpable to adj
NIT Of 4 doubt The miserable prctencc that the
national credit not to be trusted, was contra
!.
sion with such belief Assumption was to be the
plnacea by which al evils were to be cured. The
number and variety Of adv ices and lessons Of WIS
dom which were volunteered TO enlighten the mind
of Our commissioner would, if recorded, exhibit an
amusing specimen of logic, by which all conflicting
varieties ofopniCn terminated in the same result.
"Thc examples OF England issuing her bonds for
the Canada loan was cited as mode By which the
national Government could relieve the States, anu
thus embarrassing itself be better able to pay lis
oan debts than it would if unincumbercd
I'VE were very much struck with one of the ar
gumehts used by an eminent house Cor the purpose
of securing an assumption Of State debts. 1t was
this That national scr p. bearing three per cent
would at all times be acceptable to the hold
! ers than State scrip at fvr six ten per cent
/ Thus at the very moment OF making the loan to
States, assuming that the less assurance of safety
required higher premium OF insurance, calculating
that receipts of interest over three per cent would
occur, 1T would make up any dctinency which a
depreciation OF the loan might occasion. We are
told that they are willing to lend the national gov
eminent at three per cent because they trust
II; but that they charge states five 10 ten per ccnt
interest because they canlot trust them. And
nov, vines the very event has. n very small de-
gree occurred ana r. the ri. Of which they charg
ed three four per cent. Per an..in in in trance
in the shape Of extra interest. they wish the nation
/ al government 10 assume all the loss, for running
the risk of which they paid 80 large portion
''We discuss this matter with -eicrcnce solely t.
+ the National Government. For the propriety and
duty Of States paying their debts there can be nc
more decided advocates than we are. But the Sc
cret az this combination OF European capitalists and
domestic spcculators only leaked ont at the mo-
E. ment, by one more communicative than the rest
And hat, gentle reader, do YOU suppose it was
That they were afraid to trust the national govern
T ment for five millions! No but because the loan
was not a hundred millions. The bait of a five mil
lion SIX Per cent. loan not sufficient, TO induce
them To give up their game Of assumption but q
hundred millions ofsix per cent long loan would be
and the reason Is rs PLAIN as daylight Our three
per cent. national loan being equal to the best Flu
ropean investment, the extra three per cent would
make up all Deficiencies in the defaultng State
loans; aud thus they would actually receive the full
amornt Of bo,h, while they could continue To taunl
us with dctalcatIon after having received, in fact
though not in form, payment of both national and
State debts.
"Thesc, so far our letters land they ire Eng
lIsh letters too, VIII enable us TO Judge, the con
cusions to which our commissioner, and al others
acquainted with the facts. must arrive. That TIL;
combination, powerful 1T is must utterly fail the
actors in ii Will be convinced upon the first appro
pirate occasion upon which the Government vii
alludc TO il. And we have no doubt, 81 far as We
can Judge by niercnceS, that the most ni xhc dc
tcrminatIon exists against the entertainment o
such proposition "a assumption.
''in concluding this article we can only say tina
the national loan has been refused in Europe fo
the very satisfactory reason, that IN neye offer
ed. The right of the commissioner Il dispose OF
at par was predicated upon his asceraning that NJ
such hectorins combination existed as was here
suspected"
There is volume of truth in the following con
clusion of an article on the Tariff, written by Amo
Kendall:
Few of the mechanics ever haze proitcd or eve
can profit, by protective tariff. As to laborers,
is gradually reducing them, in England, to a col;
diton worse than African slavery. And as I
tanners, planters, merchants. professional men, an
our-hs of the rncchancs, it Is an uunIitigateG IA
, upon them. Yet a large portion of these classe
are deludcd by their leaders - raise the shou
of protection, Jro!e ciiou which, being interpret
j cd, means nothing but TAN Us. TAN U.s.!
c Thus Is mankind governed. In despite govern
k mcnts, taxes are laid, and contributions eXactcd
: without disguse-opposItIo being put down al
complaint siienced by the sword. la free ynecrr
ments. their agents are corrupted. CT they then
selves deuded. ~ speci-n- arguments ead q,
tvating watchWo."', INTO t,xtps hemselres-not f;
the Cannon go,i, but to enrich favored few
make the masses dependent on them, and, IN Il