The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-02-23

else I'll disgrace myssfby repu iiaon. Steal win, un-
lees you furnish me with the means to save nae from ar
vafion' II Mississippi does not pay her debts the ansr
shall be all her She will suffer the discrsdt and
dishonor If such 1t may be considered in silence she
Will never seek thrust her burdens her sister states
II she has more of that spirit by which raise men
heaven thank God she has of that other spirit by
which she would attempt to drag angels down. The gen
tleman from Marya SAYS that the question is "elie
or hepudiaton" But l say that If you assume the
debts of the State, to the amount Of 5000 0000 600,
men the question will be reputation; And IN aa
in that event ! am for open, immediate and
unqualified reputation OF the whole mass. should
h vast Trojan horse Cost Johnsons pan) with the en-
gnes OF destruction concealed in Its cavity be introduced
into this hall through breach in the Constitution the
solid walls which fortfy our liberty the only remedy is
ny and glorious Union viii be for severed in
twain The people ofhs country will submit that
wse the prudent Tor the imprudsnt North Carolina
will submit to taS to pay for the debt Of Indiana
New Jersey never will pay the debts Of Pennsylvania.
At the same time, sir, no man either in this House
out OF it, feels keenly for the position Of the
indebted States than do no man more willing to
aid them by all Constitutional means; and may my
heart cease to beat before rise in my seat to
rcprosch them in their difficulties The entire
indebtedness Of all the States ctes and the general ge
vernment nearly $3.50 000 most OF which is due
abroad. The annual interest is near Sl6,000,000 The
exports Of domestic produce in ls4l we're $l06 000
The interest to be paid, therefore. is about Ia per cent
which is greater than the profits upon the exports. 1t
amounts IS cents upon every barrel of -four and
upon every bag Of cotton 1t is evident then that the
interest will be much subtraced from the active CIR
cuation of the country. The effort then to meet this
interest will involve the country still DEEPER IN distress
and bankruptcy; and at last fear we Will give up inc
men EARTH except this young giant ever paid
debt of any considerable amount and believe never will
The Bank circulation of England is 1000 000 her an
nual tax the annual interest upon the pub
lie debt is 600 Suppose that interest was to be
paid abroad to France or this country to the LIST Of jan
lS442 would drain England ofevery dollar Of bullion in
the country; and that day her whole paper system
would be involved in hopeless rum The purchase Of
England to its very centre The debt of France
81 100000 OOO and it is well known that her income is in
adequate to meet the demands upon the Treasury The
debt of Austria is O00 Russia $3.50 900 000 Hol
land, $500 0oO Spain has acknowledged debt OF
$4OO OO0 and debt ofnearly 81
100000; and Portugal But these two Last
$3.50 0O0 And we turn to the s. American Repnbhcs
they all suspended with the exception the Brazils
which enjoying all the advantages Of expanded Bank
circulation, which must explode, and leave that
country in irredeemable insolvency Now, then, sup.
pose the debts OF these States should not be paid Shall
desert country band of thieves and robbers
Wlthered be the heart that would conceive such
thought and bste, ed be the tongue that would utter
ly form my country And the language of heart is
May that country be always right " But right or
wrong will always stand by my country In that event
however, what would become of the gentleman from
New York; Would he go to Texas She has twice re-
dudiated To Mexico She is bankrupt, and has at
tempted to repudiate her debts Would he 60 to Eng
land, the arrogant tone of whose citizens he has at
tempted to reflect upon this foor1 to England, the
great highway robber of the world To Eng,
land, where he would find friendly hypocritical
aboonist aggreve and Cypress outraged reland to
England where 20 900 of pretended reemen are labor
ing and tong by day. and ssyering with cold and nun
the country the interest upon her deba debt contract
ed in fraud and perpeuated in the blood of her people,
debt which is grinding the face of the vast millions till
patience to vtue England is the very mother
Of reputation There more stains on her history than
7 harf INF
which she defrauded her public creditors The robbery
the funds in the Exchequer in the Cd Charless reign
The cancellation of at per cent BY s.
per cent the foundation Of her present debt The ap
preparations by the long Parliament OF the Church lands
and the restoration Of those lands they
she forced the Bank TO- suspend then declared
that the deprecated paper of bank was equivalent to
specie Under heavy penalties she forced her creditors
receive that pape- equivalent to specie although
had deprecated TO- 90 80 and as low as Al cent below
par And by this financial operation she saved and the
Sl37 Surely this is not the nation to preach
good faith and puncualiy in payment to other govern
ments Will he go France was here that the de-
preciaed assgnas raised par by guotinng those
who refused to receive them as such In 1897 to carry
forward the campaign against Genoa and italy, was ne
1855 600 600 And raise the money this expsdient las
fallen upon without notice the fundholders excuse
the of the army. Twothirds Of the debt was
struck off, amounting to $644 900, leaving the public
debt S322 100000. Here an acknowledged repu-
dation Of vast amount SPAIN Austria Holland and all the
will thu gentleman CO. unless be to the Ottoman Porter
"a vorcE-"That's hard money country Granger wont
90 thereD 10 true he would there meet with bright
and rosy cheeks in abundance and in the
opinion of my friend from Illinois, the gesemans tastes
quite strongly in that direction as they do in any
other. oas OF laughter; and cry Of "Granger would
look well in the Grand Turks harem"
Mr. THOMPSON here referred to the debt incurred by
JEFFERSON and the failure to provide
for the payment Of large proportion OF that debt ne
also referred to the bills Of credit issued by the several
A. i'll "a and
redeemed and ask ed who in those days had the har
hood either the General Government or par
The gentleman from Massachusetts, has struck
the wrong key in supposng that can be bulied into
the assumption these debts This is not the lesson which
learned from his father Who as patriot taught us
to do duty to country and leave to
take o. themselves His language ours sink or
Judgments and never counsel with our fears And
tain be the Great High Sheriff OF the world and
goes upon the Quxotc expedition oil making nations pay
their debts she will be made willing to write upon
the executions, Satisfied in full" Roars oflaughter)
great party cry in this country ha. been confidence
great catch word in the contests OF s0 and that by
the very party who sustained the banks in their open
reputation OF their debts this led to de-
sruction of all confidence in the banks This was followed
by the failure of individuals to meet their obligations
And they claimed the right the banks to have
their suspensions legalzed. This granted by the
passage Of stop laws and stay laws in the states and in
the shape Of the Bankrupt Law passed here by the
fell party and which enabled individuals to repudiate
their contracts This destroyed all confidence between
individuals The tax payer next grew FESTIVE under his
burthen and he could not how banks and individuals
could be relieved from their debts by legislative inter
ference while che States required tepay the utter
most farthing upon their mprudent de-
lection of the tax payer impaired confidence in State ere
dit To relieve the States this same party then laid unho
y hands upon the land revenue and distributed among
them The effect of this not to restore confidence in
state credit Il disturbed confidence in this government
at home and destroyed il abroad And the last
in this DRAMA the issuing Of $500 900 of the
stock Of the United Statos when we are unable
to command the means to meet our ordinary expendi-
lures tho effect OF this will be to destroy all confidence
in the government ITSELF and fatal stab will be given to
constitutional liberty. The gentleman from Maryla
asks what then shall be done. say, economist your
penses and husband your resources-borrow money
contract debtstake off the prohbitory duties and the
shackles to your TO the States in decided
tone that cannot take debts shoulders and
is vain and than vain to harbor such expecta-
ton Say to them, take your own burdens-meet your