Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-02-18
ASSUMPTION OF STATE DEBTS.

However unsuccessful Mr. William Cost Johnson
ma be in enlisng the people of the u s. in favor of the
Assumption project he will at least be sustained by the
holders Of State bonds in foreign countries Colonel
Robinson, who went TO Europe some time since for
the purpose of dsposng of the remaining portion OF
the United States Sl2OO0,000 loan, which has since
been taken by our capitalists, partly, we I'M
derstand on foreign ccount,-pubshes statement
in the Pilsburg papers, OF which the following IL an
extract:
"Tbe annexed letter from one of The most influential
and distinguished houses in London, aver, embraces
the identical sentiments of all with whom had inter
course und have the most substantial reasons for be-
wing that it not written without the consultation
with the leading operators 10 American Securities, and
is the only communication made TO the President on
the subject. How far the course adopted by the capt.
alists OF Europe may have been the result of actual
combination, pretend TO say, and 1T has not
been alleged in my official statement TO the Secreta
ry of the Treasury but that the sentiments and
the same views of the duty and policy Of the Federal
Government to prouide for the fallen and repudiaca
securities of the States held out to me throughout
the moneyed circles Of London, do most soemny as
sert and appeal the letter Of Overend Quincy d Co.
proof positive of their anxiety TO prevail on the &c
neral Government to interpose in their favor.
alt is by no means surprising, that the eminent bank
ers who have disposed Of American securities, now
almost worthless should look to the vast resources OF
the Federal Government means of restoring to a
sound and heahul condition the credit of the embar
rssed States. Nor is il al all surprising that until
something is done to effect that object they should be
unwilling TO make loan TO the General Government,
composed as IL Isl in part, of the very States implicated
in the embarrassments The letter, however. will
speak for itself w. ROBINSON, JR."
To Col. ROBINSON:
Dear Sir-It gives pleasure to address few lines
TO you on the subject Of our late conversation.
We greatly regret that you should return TO America
without accomplishing the object of your mission 1t
is frustrated by which the capitalists of this
country and Europe generally have control.
But we persuaded you will return with an i'm.
preston, that feeling prevails but that of the great
est cordially; and it would give and others much
pleasure, if it in power TO carry your wishes
into effect.
The obstacle, as you are aware, is in the shake
which recent occurrences have given TO confidence in
the securities OF America, and feeling sincere interest
It's restoration, hope may not be thought pre-
sumi3g, in submitting to your consideration, aud,
through YOURSELF to the Federal Government, that
steps could accomplish this eectually, than the
withdrawal of the bonds, which have unhapplly, been
repudIaed by some of the States, and, by assisting
Others who really need it, TO meet their just engage
menis.
1t seems to fall within our province, to aude to
suggestion which has been elsewhere made, vz:-That
the Federal Government should subscribe sufficient
amount of three per cent stock, would satisfy the
interest of the several States in the public lands, dstr,
butng to each according TO their proportion, but re-
serving TO itself The option 10 pay those States when
have bonds out, in their own bonds, TO give the
holders of such bonds the option of surrenderng them
TO the Federal Government 10 exchange, for their three
per cent. stock. And we beg to remark upon 1t, that
we have no doubt IT would be accepted here
honorable settlement.
If such design we're thought too extensive, nigh,
not the Federal Government issue three per cent
stock TO the amount required for the extinction of tie
Mississippi, Michigan, Arkansas, Illinois and Indiana
bonds, and any other that require heP-aking counter
security for hem'
The amount required would be small, but it wotad
accomplish the greatest good 10 America generaly-to
the States which would thus convert their debt from
five into three per cents, md 10 the hondhoders.
One Of The last acts of our Legislature was TO do the
thing for Canada, by assisting with our credit TO
enable them reduce their interest from five 10 four
per cent
We shall hail with great pleasure any movements
that may be made by America to restore her to the high
position she has enjoyed for many years IN the conf
dence of the world; and subscribe ourselves with
much respect, dear sir, your sincere friends,
OYEREND, GURNEY * CO.