The Democratic Whig. [volume] (Columbus, Miss.) 1842-1843, 1843-01-26
(From the London. spectafor.l 3.
AMERICAN STATE STOCKS

United States is unaccompanied b.
anything to warrant a belief in any i'm
propement 10 their financial condition
Every account seems to indicate tina
Misrepresentation of redit is more gener
al at the present moment than at an,
preceding time, and that the reaction
so eagerly foretold during each month
OF the past three years has yet to be
commenced. Discredit has extended
from individuals to corporations, to state
Governments, until all confidence be.
tween man and man appears to have
been entirely destroyed. Not only
have nine out often Of the banks. and
other establishments with which the
country was cverrun during the period
OF inflamation, ''burst up" in utter in
solvency, but each catastrophe has usu-
ally been attended with revelations oil
long continued fraud upon the part OF
presidents, cashires, or secretaries. To
add 10 the evil of the times, every new
law that is passed by the various State
Legislatures appears to have lis origin
IN the desire to protect improvident,
not TO say fraudulent debtors, and even
the ordinary transactions OF the police
and criminal courts daily deno.e the
existence of something like popular
sympathy for rogues.-
In looking upon these results, we
complacently trace the operation Of the
law by which suffering follows as the
consequence of wrongful course.
The American character is universally
denounced. and the people whom a
short time back it would have been
"preposterous'' to distrust, are now
without even the shadow Of credit in
any European city.
Six years ago in our eager pursuit of
gain, unlimited credits were not only
offered but pressed upon American
merchants, and loans to any amount
could at once be negotiated ON behalf
of her rising States. All this went on
without any inquiry on our part other
than that which was involved in the
Lombard street method of estimating
the resources" ofthe borrowing party.
Your man of business. is not prone to
indulge in metaphysical subtlelies. He
divides mankind into two classes-the
poor and the rich. the safe sand the
unsafe it is not very easy to teach him
that better mode Of classification
might be adopted. Experience of
the American character was not wan
ting. A people among whom it had
become necessary TO stimulate public
men Of both parties by the axiom "to
the victors belong the spoils," and
whose watchword among the nations
had long been recognized inthe phrase
tour country, right or wrong" were
not likely 10 exhibit any great amsunt
of self denial in those times of fnan-
cisl difficulty to which every country
must be occasionally liable. If those
who pressed forward to offer loans,
dazzled especially by the productive
capabilities of the States in the far
West, had paused to inquire 10 what
extent these Governments, called in
to life from the outpourings of Europe
and the Atlantic cities, might fairly
have been expected to develope that
nice sense of morality, or even that
true PERCEPTION of their own perman-
ent interests, which could alone render
them worthy of condolences it is GER
tain that the securities" with which
we have since been flooded would
never have attained very high appre-
citation.
The great error of our capitalists,
then, appears to have been, that they
estimated only the physical condition
and prospects Of the country, over
looking entirely all considerations re-
garding the influences daily operating
upon its habitants. AS regards State
stocks, it may be affirmed that the val
ne of them is intrinsically greater at
the present than at any previous tiaie.
The internal resources Of the country
are undiminished mo convulslon has
occurred to destroy the mines OF Penn
sylvania or the prairies of Illinois !;
the value of this wealth has been IN.
creased by rapid extension Of popu-
la1ion and, above all, the people
have undergone the salutary discipline
of five years Of suffering, and are now
sadder. wiser, and consequently more
honest, than before. If under this
aspect of things the bonds of some o.
ibe States are regarded as worth on
~ 16 per cent. of the amount lor
which they were originally issued
.nLot q satire .I~ss IL present .'F'~- So
N wnas { cpreedulity Of our lamentlng caPF
Il may be urged that i is unfair e
charge the people of the United States
LeoIIectiyely with a want Of integrity
when, although aslarge portion Of tn
States have become defaultefs. TIRES
e tIlsm only can be accused ofan az
ssmpt of dishonofable Reputation
il 49, g A .w1,.v.eaa <HIffsf1l ian