Litchfield enquirer., 1842-11-10

 row ut per cent what they want, and Eng land and Holland, with the principal of public debt, the payment of which is likely to be contemporaneOus with the discovery of perpetual motion, can borrow just what they want, at and under three per cent. because they pay their interests, aud tax themselves to pay their interests.
 As a Statesman and Patriot, am sure, my dear sir, you will say that this state of things must not be permitted to last. No country can continue in the worst species of insolvency, a bankruptcy in it's repute, without losing that self-respect which is the salient spring of all that gives vigor and re- nown to national character. It may be said that as a nation we are in no degree respon- sible for this decadence in the credit of the states. This may be true to a certain ex- tent. Our national and political aggrega- tion, however, if l may so speak, is made of up of this family of states, and you may depend upon it that other nations and pos terity will hold the Government of the Un-
 ion morally responsible for the character of it's members, although the forms of our fe- deral system may discharge it from legal
 liability for their engagements. Admitting the potency, and the extent of the evil, you will ask what is the remedy !- This, my good sir, is precisely the question I am about to ask you in the form of spe- cific enquiry, whether public opipion thro' 1 the Union, may not receive such an orga- nization by the action of Congress, popular meetings and the press, as to induce the de- fauhing states 10 hold conrentions this srintey, comprehending those who have negotiated foreign loans, who nevertheless have met punctually their dividends, that by united action they may induce the legislatures of the several indebted states to impose, and the people to bear such taxes as shall pro- vide the means of paying the interest, and establishing sinking fund for the gradual extinguishment of the national debt? can not believe that these appeals to state pride, and national honor would be unavailing.- You see that lay out of account the as- sumption of the state debts by the Federal pectation were held out, the defaulting state, would do nothing of themselves, and the exigency has not yet arisen when such an onerous responsibility ought to be assu- med by the National Government, so un- just to those states who are faithfully pay ing their debts, and to others who have been perhaps. far wiser to forbear contracting any, although l can conceive a state of things in which such assumption as a mat ter of finance and national policy might be eminently expedient.
 am gratified to inform you that amidst this convulsion in the credit of several of the states, our own South Carolina "wears her beaver up." She is never in arrear one day, and very often, as at this moment, Gin reference to the loan contracted for her,) has her interest six months in advance in her bankers hands. This is not surprising. You know it has been one of our familiar and household lessons at home to submit cheerfully to the imposition of direct taxes. to support the security and honor of our country, and hence by habit which we derived from the buried "warlike and the wise," who have made us what we are, we pay our state taxes with almost as much alacrity as we give money to our wives and children. If the defaulting states would only practice on this doctrine, the smallest imposition would produce an amount abun- dantly sufficient to resuscitate their credit. Occupying the position you do, sincere ly hope, my dear sir, that your influence throughout the Union will be brought to bear on this great national question. We ly honest, because they are essentially sa. gacious as we'll as, in the main, right prin- cipled, and require merely a proper direc- tion to be given to their exertions to make even an heroic effort to recover and sustain the character of the country.
 But, auxiliary to these efforts, something more remains to be done by yourself. It is to lend vigorously the powers of your own genius, and the impulses of your own patri- otism, in your appropriate sphere, the Se- nate off the United States, to create and esta- blish sound circulating medium through out the Union. controvertible into specie, but in sufficient abundance to elevate the standard of value from the dreadful depres- sion to which it has fallen, and in fact, to be adequate to perform the exchanges of trade ] and value in our country. Whether this be a Bank of the United States or m issue of 1 redeemable currency by the Federal Trea- sury, is not of so much comparative impor- | tance, as that we should have an abundant, uniform circulation from some source or other, which making allowance for the va riations in the balance of trade, shtll be of equal value in New Orleans and Boston.
 This circulation, in the recess of that fl. nancial wisdom which is past finding out, was destroyed by our friend General Jack son, when he slew the Bank of the United States, with the arm of Sampson, and al- most "with the self same weapon, too," when we recollect all the twaddle of the old gentleman on this subject. He. as Burke said, was certainly "consumate architect of Ruin," in his time and tide, and had the happy faculty of impersonating a corporation sin his minds eye," for the purpose of hating it as cordially as he once did you and Mr. Poindexter. When, there- fore. Mr. Riddle entered into a contest with this hero of two years. he forgot the wisdom of the Spanish proverb, That he who sits down to dine with the devil should eat with long spoon." What has been the result of this feast, in broken meat and empty plates you we'll know. It has left our coun-