The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-04-22
OFFICIAL.
AMERICAN STATE STOCKS.

the Hon VIM. Leslie Melville the Hon. George |
Frederick Holman William Marshall, Esq, Nj |
r.. b. Is. Williams, Esq, and William hediern' |
Esq, waited, on Friday last, upon His Exceiieney
the Hon. Edward Everett with Memorial, signed
by upwards Of nine hundred holders OF the State
Stock Of America. They were most courteously
received by His Eseelleney, who delivered to them
the following highly gratifying reply
MR ScHoLrIELD AND GENTLEMEN,
In compliance with the request contained in the
Memorial which you have now presented 10 me-
will avail myself Of the first opportunity oil trans
hitting il to the President of the United States 10
avoid misconception, il is proper that should OBJ
serve that ,nasmuch the General Government IS
not party TO the contracts of the separate States,
the subject Of the memorial does not fall Directly
within the Presidents province, aud that am myself
acting unoficially in forwarding 1t TO him. DO II,
however, with cheeriuness, out Of respect to the
members Of this distinguished deputation Nor am
less under the influence Of the deepest sympathy with
that numerous class whom you represent, who have
suffered severely some of them fear runously from
the failure Temporary, trus) of portion of the
American States to pay the interest Of their public
debt. These feelings, am sure, will be shared by
the President.
concur with you fully in protesting against the
doctrine that State, which has pledged its faith and
resources can release itself from the obligation how
ever burdensome, in any way but that OF honorable
payment. Fatal deusons, in times of great distress,
occasi nally come the minds.of communities as
well individuals but rejoice in the belief, that
the number is exceedingly small Of those whe have,
any FORM advanced the idea Of what has been CALI
ed "r,pudiation" am convinced that those States,
which unhappily have failed TO make provision for
the interest due their bonds, have done so under
the heavy pressure of adverse Circumstances, and not
with the purpose Of giving Legislative sanction to a
doctrine so perncious, unworthy, and immoral.
The memoralists pleased to give me credit for
| sympathy with their suferings. There is perhaps,
no person. not himself directly sufferer, who has
had so much reason as myself to feel deeply all the
evil effects-the sacrifice not merely Of material pros.
perity, but what is Of infinitely greater consequence,
of public honor-resutng from this disastrous fai-
lure. The reproach, which it has brought the
American name has been the only circumstance
which has prevented residence in the land OF my
fathers from being source of unmngled satisfaction
to me- You may well believe, therefore, that il any
opinion Of mine can hive any influence Gas you sup
| pose) over any portion OF my countrymen favorable
to the great end you have in view, il will be, on all
| proper occasions, it has been, most emphaticay
| expressed
The position, gentlemen, of some at least Of the
indebted States, is singular as it is deporable.-
They have Involved themselves most nnadvisedly in
| engagements, which would be rous to much lar
! ger and richer munites; and they yet possess,
under an almost hopeless present embarrassment,
| the undoubted means Of eventual recovery. ] will
take The State of Illinois, for instance and what
say of that State will hold Ct others, making allow
| ancc for difference Of local circumstances. The
State Of Illinois undertook, few years since, the
construction of ship canal Of about hundred
miles in 9Th 10 unite the waters Of lake Michigan
with those Of the Illinois river; AMI recently
| nra,.cfaI l. --.~
hundred miles Of railway On these works she ha.
borrowed and expended above two millions of
pounds-the works are incomplete and unproductive
The population of the State is that of second sized
English county, short Of half million. 1t is what
IN good times would be considered an emnently
prosperous popuation but am inclined TO think
that # the English income tax Of last year were by
the Legislature Of Illinois, laid on that Slate, more
than hall The population possessing in the aggregate
that proportion of the ,axab property, would in the
present period Of general distress fall below the
Poirt Of exemption, and that of the other half
small number only would rise much above that point
And yet the undevsloped resources of II inois are
almost boundless. The State is larger than England
and Wales. BY the Mississippi il is connected with
the Gulf of Mexico; by Lake Michigan with the
ST. Lawrence; and IL has a most extensive internal
navigation by means of several noble rivers The
climate of the State is mild il con tans suppose
as large body of land not merely cultiyablc. but
highly fertile, as can be found lying together in the
United States 1t abounds in varions kinds of mine.
raj wealth; il is situated about in the centre of
horizontal field Of biuminous coal y hicb Mr. Iver
pronounced the other day to be as large as Great
Dr. tain and il is inhabited by an Industrious frugal
intelligent people, most rapidly increasing in num-
bers That such people will for any length of
time submit TO lie under the reproacb and bear the
loss incident to total prostraton of public credit.
never believe.
say, gentlemen, the loss as well as the reproaeb
for widespread and as has been the SUFFERING
IN this country eau ed by the default of some of The
States, our own losses, public and private, believe.
to have been greater The States themselves. as
governments, have experienced the greatest embar.
rassments from the sudden destruction Of credit lex
tending alike TO those States which have and those
which have not honoraby, and promptly met their
obliga ons) that credit which alone, in some in
stances they depend for the resources necessary to
complete and render productive their public works.
The General Government Of the United States. af
ter having paid OIL public debt Of more than two
hundred millions Of dollars, has found itself unable
to egotate trhing loan in this great motropoli.
OF The financial world, whose superintendent ca i,a
but for the default Of Of the States would have