The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1843-02-13

the United States six per cent loan, were to oiier
price which would secure interest Of ten per cent
ten pounds of the stock could be sod without f ON
considerations ofpoicy, under the advice of Lord Ash
burton, on his return TO England, tho Earrings should
be induced 10 take the loan
When we contrast this discredt Of our coun-
try, teeming with such gigantic resources, with the
pany credit Of other States that have but little else
but good faith and high taxation to offer, it is mposs
BILE TO refer any other but deep moral dis
trust in us-the ignominous that can beai
people who aspire to be civilized and free or the
truth of this act,I cannot give you beterp than
that whilst no one will look to, and capitalists turn
with aversion from the United States loan, the COM
paratively insignificant town Of lInmburgh, with It's
incubation of 200 900 inhabitants, to enable it to rise
out Of its ashes has borrowed at 2 per cent pre-
ciseIy double tho amount of proposed loan, one
farthing of which the United States Commissioner
will probably not be able to negotiate Denmark and
Belgium neither of which would be breakfast for
the hungry stomach of Brother Jonathan on frosty
morning can borrow at four per cent what they wnu,
and England and Holland with The principal of IL
public debt The payment Of which is likely TO be CO.
temporaneous with the discovery of perpetual motion
can borrow just what they want, nj under three per
cent because they pay their interest, and tax them.
selves to pay their interest.
As statesman and patriot, l am surenly dear sir,
YOU will say this Of things must not be permit
ted to last No country can continue in the worst
species Of insolvency, bankruptcy in its reputewth
losing that self respect which is the salient spring
OF all that gives vgor, and rcnown to national charnc
ter. 1t may be said that natonw we arc IN no de-
gree responsible for this decndence in the credit OF
the States and you may depend upon that other ma
tions and postcrity will ho'd the government Of the
Union morally responsible for the character Of It's
members although The ferns Of our lederativc sys
tenn may discharge it from legal liability for their
engagements
Admitting the potency, and the extent Of the evil,
you will ask what is the remedy? This, my good
cir, is precisely the question abou, TO ask you,
and ask You in The form Of specific inquiry, wheth
er public opinion, through the Union, may not re-
ceive such organization by the action Of Congress,
popular meetings and the press, 10 induce the de-
faulting States to hold conventions this winter,
pretending those who have negotiated foreign loans,
who nevertheless have met puncually their div-
dends, that by united ton they may induce the leg
sl nturcs Of the several indebted States to impose and
the people to bear such taxes shall provide the
Of paying the interest, and establishing sink
ing fund for the gradual extinguismen Of tho princi
pal Of their pab!c debt? cannot believe that these
appeals to State pride, and national honor would be
unavailng. You thot lay out of account the as
sumption Of the State debts the Federal Govern
n1en hacause often fear, if this expectation were
held ont, the deauiting States wond do nothing of
themselves, and the eAg"ncy has not arisen when
such nerous responsibility oughtto be assumed
by the National Government unjust TO those States
who are faithfully paying their debts, and to others
who have perhaps been far wiser to orboar contrac-
ting any, although conceive state Of things in
which such assumption Il measure of finance and
national policy might be eminently cxpedient.
am gratficd to inform You amidst this CONFUSION
in the credit of several Of the States, own South
Carolina swears her beaver up. She isncvcr in ar
day, and very often, at this moment, Gin
reference the loan contracted for herhus her in
terest six months in advance Of her bankers bands
This is not surprising You know it has been of
our familiar ond household lessons at homo to submit
cbcerfuy to the imposition Of direct taxes to support
the security and honor Of our country and hence by
habit which we borrowed from the buried swariike,
and the wise WHO have made us what VIC arc,
pay our State taxes with almost "a much aacrity
as we give money 10 our wives ana C'lluIeh al
tho dcfaulting States would only practice this
doctrine the smallest imposition would produce
amount abundantIy sufficient to resucitate their
credit.
Occupying the position you do, sincerely hope,
my dear sir, that your influence throughout the Union
will be brought to bear this great national question
We all know that counrymen are essentially hon
est, because they essentially sagacous as well as
in the main right principled, and require merely
proper direction be given to their exertons to make
heroic effort TO and sustain the char
acter Of the country.
But, auxiliary to these efforts, something moro re-
mains be done by yourself 1t is to lend vigorous
ly the powers OF your genius, and the impulses
of your own PATRIOTISM your appropriate sphere, the
Senate Of the United States, TO create and establish
sound circulating medium throughout the Union,
convertible into specie, but in sufficient abundance
elevate the standard Of value from the dreadful de-