The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1843-11-16
FOR THE MADISnNIAN

FOR THE MADIsoNIAN.
Mr.. EDITOR Whilst defending the cause Of m
native laud against the insidIous Misrepresentation
of its institutions and real condition, have acquire
the honorable title of citizen Of your great Republic
Nevertheless, have not taken, and do not wish T.
take any part in your politics as long as shoul,
thlnk II be my duty defend the interests Of m,
native lafd in this newly adopted country. hav,
not, however neglected to observe the movements OF
your political body, and to study lis effects The pc
cuniary endorsements Of some of the States whilst
they possess more than sufficient resources to pay
their debts, have especially attracted my attention.
You will, therefore, permit me to communicate to
you by what means my country recently extricated
itself from similar condition:
In l772, 1888 and 1895, the whole of Poland was
torn into pieces and Incorporated with the Empires
of Russia, Austria and Prussia. In 1907 and 1909,
portion of it Numbering about five millions of in
habitants) lately possessed by Prussia and Austria,
regained independence and formed the Grand Duchy
Of Warsaw.
In 1872 when Napoleon declared war against
Russia, this Grand Duchy gave him an army of 49,
600 men, and supplied, with all sort Of provision his
whole army, (Which numbered more than GOO 900
men, during its march through the Grand Duchy
and other provinces Of ancient Poland. And in 1918
and 1914, the inhabitants Of the said Grand Duchy
had to supply not only the French army retreating
from Moscow, but also all the Russian army march
ing to France. In consequence, when Gin 1879
peace succeeded, the government Of the Kingdom Of
Poland (the Grand Duchy, acquired in 1915, the title
of the Kingdom of Poand) and its land-holders,
found themselves largely indebted, and in a complete
state Of insolvency. The brokers, the merchants the
mechanics and the agrcultursts all were prostrated
and the whole industry Of the country seemed to IA
at an end. The wisdom of our legislature has, how
ever diverted this evil, saved public credit, and gave
a new life to the industry Of the Kingdom.
It was enacted by the ct Of 1919, that each Dis
trict "a District numbers from four to five hundred
thousand uhabitants) should form society Of land
holders called ToioazySoo Kredyteios ZieHlskie un.
der the inspection Of general Society of the land
holders Of the Kingdom. The purpose Of these So
cetes was to ascertain the amount Of public and pri-
vse debts, and to redeem credit, which was made in
the following manner
Tho State, with its real property, and all the in
debied Of real estate became members Of the
society ZACH rear pfoperty-holdof Obtained Regis
try book, which deposited in the public archives Of
the District In these books were enrolled the titles
Of the owners and the real value Of their property
Then the creditors summoned to make and enter
their claims. The contested debts on claims in ac-
ton were not enrolled until the creditors obtained f.
nal judgment in a judiciary court they could, how
ever, enter injuncons to secure satisfaction TO their
claims in action. When the above regulations were
fulfilled, and THIS the public and private debt was
ascertained, the Society issued bank notes. on parch-
ment TO the full amount Of the debt, paid at once
all the creditors Of the State and Of the asso.
ciated members, and became general creditor Of
these last. Hence the State and all private debtors
who entered the society, paid to its treasury per
cent per annum-of which two per cent composed
the sinking fund, and four per cent we're 10 paw in
teres TO original creditors who henoeforth received
il from the treasury Of the society until their notes
arc redeemed. There are three kinds Of these
notes. The privileged debts Of the first class were
to DO paid in the notes which wero to be redeemed in
the course Of the first fourteen years. The second
class were paid in the notes which were to be re-
deemed in the next fourteen years The last class were