Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-04-25
LETTER on Mr.. EVERETT.
B,,f,.A Holder. Of Ameriesn NoeL

LETTER on NIX EVERETT.
Bsthsh Hoidsrss Of AHreriosH Stock.
The following j. reply which Mr. Everett made DE-
pution which waited him the 3ls ulumo with the
81 the iodcr- OF American stocks IN this country
The object 81 the memorial fully explained IN last
nufnbs To. reply does credit the head and the heart
81 the Amsnc,n Minister, at the Court OF 81 Jame'; AZ Is
iosty admired hero, end will be still more appreciated by
IA. cOuntrymen. The memorial We ought state. bore
the signatures of 800 holders OF the State Stock OF Amer
ca;-L0ndon Tfraes
"Mr. schoe6cld and Gentlcmen.-In compliance with
the request contained the memorial which have now
presented me- will avail myself OF the first opporiuni-
" Of transmitting the President Of the United States.
To avoid mSeoncePOn II proper that should observe,
that inasmuch the general government Is not party TO
the Of the separate states tire subject OF the
oral does fall directly within the Presidents province
mud that myself acting unoieially in forwarding
him. do H. however with cheoriuness OF respect To
the members of this distinguished deputston. Nor |
los under the influence OF the deepest sympathy with That
numerous class whom you represent, who have suffered
severely, some OF them fear nnousy, from the failure
Temporary uust Of portion OF the American states To
pay the interest of their public debtThese feelings, am
sure. will be shared by the President.
with you in protesting against the doctrine that
state. which has pledged IT. faith and resources can release
itself from the obligation however burensomo m any way
but that OF honorable payment Fatal dclusons, times
o great distress, occasionally the minds OF
Inunc- well individuals but rejoice IN the belief
that the number exceedingly small OF those who have
FORM advanced the idea ct what has been called cpuda
ton. am convinced that those states which unhappiy
have failed make provisions for thc interest due their
bonds have done under the heavy OF adverse cir
cumsancc- aud with the purpose of giving legislative
sanction To doctrine 50 Peneous 50 unworthy and I'M
moral.
he memoriaists pleased give crcdi, for sym
patty with their suffering There Is perhaps no person,
himself directly sufferer, who has had much
Asmysclf feel deeply all the evil eectshC sacrifice not
merely of material prosperity, but what OF infinitely
consequence of public Misunderstanding from this dis
failure The reproach which had brought the
American has been the only circumstance whichhas
prevented residence m the land ct INV fathers from being
of unmnged satisfaction 10 me. You may well
believe therefore, that II any opinion OF have any
influence (as you suppose portion OF country
fnvorbc TO the great end you have IN view. will be
all proper occasions, as II has been most cmphatcay
expressed.
Tho position gontemen of some a least Of the indeht
ed states singular it is dcporable They have
VOWED themselves unadysedy in engagements which
would toe onorous to much larger and richer communities,
and they yet possess under almost hopeless
barussment the undoubied means OF eventual recovery.
will take the OF Illinois instance and what saw of
that state will hold OF Others making allowance for differ
OF local circumstances. The OF Illinois undertook
few years the of ship canal about
100 miles in length to unite the OF lake Michigan
with those of Illinois and recently projected and
commenced the execution OF 1900 miles Of railway. On
these works she has borrowed and expended above 200O
600 OF pounds, the WORKS incomplete and unproductye
The population of the that OF second sized English
county, short OF hall million. II Is what in good times
would be considered emncntly prosperous population
hut am inclined to think that II the English
last year, by the Legislature OF Illinois laid upon that
sates tHn hSi OF the population possessing the sg
greae that proportion OF the taxable properly. would
the period OF general distress fall below the point
y would rise much above that point And yet the undeye
opcd resources OF Illinois almost boundcss The state
larger Than England and Wales. BY the Mississippi tits
connected with the Gulf OF Mexico by Lake Michigan with
the ST. Lawrence and 1t has extensive internal navi
cation by OF several noble rivers The climate OF
the state Is mld contains suppose, large body
land. mot merely cultyabe but highly feruc be
found lying together in the United States abounds in va
kinds OF mineral wealth; is situated about the centre
OF horizontal field of biiumnous coal, which Mr.. Lye
pronounced the other day to be large Great Britain
and inhabited by INDUSTRIOUS frugal intelligent peo
pie most rapidly increasing numbers That such peo
pie will for length Of time submit lie under the
proach and bear the loss incident total prosauon Of
public credit can believe.
81 say gentlemen, the loss well the reproach for
widespread and has been the suffering this
country caused by the default OF OF the states
losses public and private, believe have been grea
ter The States themselves governments, have expo
enccd the cmbarrassments from the sudden
uon OF credit Extending alike which have
and those which have not honourably aud promptly met
their oblgauons); that credit which alone in some in
stances they depended for necessary complete
ana render productive their public works. The general
Government OF the United States, after having paid OFT
public debt than 5000 900 of dollars has found
itSc unable negotiate tritnr loan this great ucra
pos OF the financial world, whose supeEbIndan capiia
but Tor the default of Of States would have
nued u be for those themselves and for individuals
vast gold mine OF unexhausted capacity In addition
these public ombarrassments private fortunes almost without
number have been destroyed the general wreck of which
the failure the States effect OF the pnc
pal elements. doubt If in the history OF the world in
short period, such HIS been made from state
high prosperity of general distress. in the L.
within the last years. And yet gentlemen the eustic
" and power OF recovery the country great beyond
conception Oi those who don know from personal OBJ
scrvaion Even within this disastrous period which have
alluded private commercial debt 10 this country esua
ed al - mons OF pounds sterling, has been paid by the
American merchants with little loss the creditors as
would attend the collection OF equal amount of dOmes
tic debt, in this any other country.
Butt Will not dciain you, gentlemen BY onlarying
these topics. The subject, need tell you j. one on
which, m al respects II proper that should speak with
reserve think shall nave done my duty, if have con-
WINGED you that am keeny sensible of the suerinrs of
your constituents and truly socitous for their occtua re-
lief and that amidst all uncertainties and delay which may
attend the measures requisite for that purpose still feel
confident that the time will when every state in the In
ION will fulfil its engagement.
EDWARD EVERETT.
"i6 Grosvenor.place, March 81"
AMERICAN SrOCKS.-The annexed letter was writ.
ten by direction Of Lord Aberdeen, answer 10 an app.
cation by Of the holders of American Stocks for hs aid
with the American Government in their behalf:
FosEIoN OFFICE, March 6, 1913
6ENTLENFN:-l am directed by the Ear Aberdeen TO
Acknowledge the receipt Of your letter OF the 27h u
ling h ordshps attention, behalf OF yourselves and
oner holders Of American securities the non ulfment
10y several OF the American States Of their engagements with
their public creditors.
avn directed to state to in reply, that the bonds be.
ing bonds OF the separate States and the central gov
eminent that government has no concern with the secur
ties IN question: and no power compel payment OF the
sums required and Rm, therefore, inform you that IL ap
pears TO Lord Aberdeen that good Office which her Ma
Jesy's government might be disposed employ with that
Of the United States your behalf would under these
circumstances be Intellectual.
am, gentlemen, your obedicnt humble servant
H. u. ARLINGTON.