The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1843-05-04


SHE pnEiliaa. genlrnrh. II 81. :,
least ~ lie iidrbisd states i - sin,vl,,
= Il Is depl0fshle. They hare iasel,,s
themselves meet unsdsisedly d sny.r,.
menn which uould be onerous = 40
larger and rirher communities. snd h.
ysl possess. under an almost hopel...
present embarrassment me nndaub,,A
means az eventual recovery. Iwill -
he slate Of Illinois Coz instance. ana -,
IIsay Of ihai stale Win holi ofofhers. MI.
rallowan1cf ordiferrnrerl1oe.Ikirpm.
snnces. The stale Of Illinois unaeno,k
. few years since ths construction of
ship canal of about 100 miles IN lenrsh y
unite The waters Of Lake Michigan win
those az Illinois rirer; and more Eecen,lv
projected and commenced the exec0lien
ofl3O0 miles ofrsilwsy. On these uork,
she has borrowed and expended abOr,
7. 900. 900 Of pounds, The works are IN
complete and reproductive. a'he papul,-
lion Of die state Is that Of second sixed
English county, short ofhalfa million. IA
is what in good times would be considered
IN eminenily prosperous populasioss 81,
am inclined 10 think that IL the English
income tax ofIast year. were by The I.e.
gislainre OF Illinois laid upon thai slate.
more than half Of the population possess.
ling in the aggregate that proportion Of
The taxable property. would. in The pre-.
sent PERIOD OF general distress. fan
low tie point Of exemption, and illal or
the other half small number only would
rise mnrh above that point And yet lhe
undeyeloped resources OF Illinois are al
most boundIrss. The state is larger lhan
England and Wales By the Mississippi
liz j. connected with The Gulf az Mexico,
BY lake Michigan with The 81 Lawrence.
and il has a most extensive internal nayi-
gaiian by means Of several noble rivers.
The climate Of the states is mild; il ron
lains, suppose, as large a body Of land,
not merely cullisable. but highly fertile.
as can be found lying together 10 The
United States; il abounds in various kinds
Of mineral wealth; il is situated about in
The centre Off horizontal field Of biiumi-
nous coal, which Mr.. l.yell pronounced
The other day 10 be As large as Great
Britain; and il il inhabited By an indus.
irious, frugal. intelligent people most "a
pidly increasing in numbers. That such
a people will for any length Of time sub
nit 10 lie under The reproach and bear the
loss incident TO total prostralion OF pub
lie credit ! can never believe.
!" say, gentlemen, The loss as well as
the reproach. for wide spread and severe
as has been the suffering in this country,
caused by The default of some Of the
stats, or own losses, public and private,
believe 10 have been greater, The
States themselves, as governments, have
experienced the greatest embarrassmenis
] from the sudden destruction Of credit lex
tending alike 10 those which have and
those which have not honorably and
promptly met their obligaiions;) thai Gre
dit on which alone, in some instances,
they depended for the resources neces-
sary to complete and render productive
their public works. The general Co
rernment Of The United States. afier
having paid off a public debt Of more
than 200.000,0 900 Of dollars. has found
itself unable 10 negotiate a irifing loan
in this great metropolis Of the financial
world, whose superabundanl capital, but
for the default of some Of The States.
would have continued 10 he for those
States themselves, and for individuals, a
vast gold mine OF unexhsusted capacity.
In addition to these public embarrassmenis
! private fortunes almost without number
have been destroyed in the general wreck
/ of which The failure of the States, as cause
or effect. is one Of the principal elements.
doubt. il, in the history Of the world. III
so short period, such transition has
] been made from state Of high prosperity
tn one Of general distress, as in The United
States within The six years. And YET, gen.
,lemen. the elasticity and power Of reco-
very IN the country are great beyond the
conception Of those who do moi know il
from personal observation. Even within
this disastrous period, TO which have
alluded, private commercial debt 10 this
country. estimated al twenty-five millions
of pounds sterling. has been paid by the
American merchants, with little loss to
the creditors as would attend the collec-
ton of an equal amount Of domestic debt,
IN this or any other country. ..-e- ....
But will not detain you. gentlemen,
by enlarging on these topics. The sub
leci, need not tell you, is one on which,
in all respects. il is proper ,ha, should
speak with reserve think | shall have
done my duty, il / have convinced yoa
that am keenly sensible Of the suffering
OF your constituents, and truly solicitous
for their ciiectual relief; and that amidst
all the uncertainties and delay. which
may attend the measures requisite for
that purpose, still feel confident that the
time will come when every stale in the
Union will fulfil its engagement.