The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1842-03-19

mily, and if the contrary is sure to be confirmed
and made more reckless in has disregard OF mo-
raj principle Such has been the result in the
specuations 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 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
ruptcy and ruin must be the consequences
Unfortunately, as we think, owing to the super
abundance of circulating medium miscaled mo
ney, and the influx of foreign population, the
purchases thus made turned out for time emil
nendy profitable; but, as might have been anti
cipated, this state of things lasted only tor
brief season. The aspect Of matters was
suddenly changed, owing to causes which 1t is
not necessary here to enumerate, and specn-
lators were caught without the ability to realise
their expected profits, and without means to
meet the engagements into which they had fool
ishly entered. The consequences were inevl-
table, and widespread ruin followed, accompa-
MED by the recklessness to which desperate for
tunes must necessarily give rise. Men began
to lose sight of honor and to recognise the letter
of the law as the only constraining rule OF ac-
ton. Moral obligations were disavowed, and
if legal acquisitions were found announcement,
the next step was to obtain such release as the
law might furnish, totally regardless of the
claims Of honesty. Honor having become an
empty sound, it is here that we must look for
the origin Of this modern doctrine of repudiG-
tion on the part of State sovereignties. Public
and private honesty are essentially one and the
same thing, and we will look in vain for honor
in communities, the members of which have, in
their individual capacity, no moral feeling. Nor
can it be otherwise in the very nature of things.
We will suppose society made up of SNUG
glers for instance. Can it be supposed that
such a community in adopting rules for its go
vernment, would pass law to punish SNUG
gling2 Certainly not. Then how can it be
supposed that States, majority of the citizens
of which are ruined spectators, will submit, in
their corporate capacity, to be bound by their
contracts when the greater portion Of the indi-
viduals who voted for those who make the con-
tracts for those States have already repudi-
ated in their own persons the sanctity OF con
tracts. Even the English Government, with
her vast, and, as many think, irredeemable
national debt, has never yet dreamed Of
cancelling that debt, by a disavowal OF it, and
why because there is no nation on earth where
the claims of individual honesty are more fully
recognised and sedulously fostered. In evil
dence of this, we need only refer to the spirit Of
her laws on bankruptcy, under which honesty of
purpose and fair dealing are the only grounds
for discharge from Indebtedness Such, in
deed, is the length to which this sentiment is en-
tertained, that in the worst failures, provided it
appear that the bankrupt has been reduced to
want by legitimate losses in business, not only
is he released, but portion of his remaining
assets, be they great or small, is reserved for the
use of himself and family, and cannot be touch
ed by his creditors.
In returning to the subject of Reputation we
will only remark that, as it is the most disgrace
full means of cancelling Indebtedness TO which
recourse can be had, so is it the most injurious
to the interests Of the communities that may
have recourse to it, at home and abroad. Who
will trust the citizens of State that in its cor
porate capacity, openly disavows the obligation
of contracts2 or where is the foreign nation
that will attach faith to the securities of coun-
try where the public authorities avail themselves
unblushingly Of the most trivial pretexts, to re-
lease themselves from the burdens incident to
their engagements? None, no not one. And
we would, as Americans, beseech our country
men to put the stamp ofreprobation on course
that must involve US, without distinction, in dis
honor and destroy us as nation in the esteem
of every portion of the civilized world.