Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-08-01
OBSERVATION-DISCLOSURES.

REPUD1ATlON-AGAlA
| The Wings, with Messrs Hodge, Peters and Lock
EFT at their head, growing mighty sensitive wheh
ever reputation 10 mentioned-they mean reputation
| By States For State 10 be unable or unwilling 10
pay its debts is hideous &c, of vllainy d'sgrsce "
10 the American name; and these people cannot hnd
words to express their adherence OF it. But repuGia
ton by the Banks is different thing the refusal Of
a Bank to pay ITS debts is not only exeusab,e, ou'
laudabe, and the Wing press and the wing leaders
justified the Banks in their reputation, sustained them
il as long as They could, and aided them IN post
ponnG payment Of their debts TO distant day as
possible. What was this but reputation OF The mosl
perncIous, the most disgraceful kind: Not only was
it reputation IN tine worst sense OF the word, but
was the sole and whole of reputation on the
part of come of the States Would Mississippi be IN
her present condition, but for the prcigata conduct
OF her Bank managers, prompted and assisted by Mr.
| BIddie? Would Michigan be compelled 10 shut her
doors in the face of her creditors if she had not been
robbed and swndled by certain monied institutions IN
New York; Would nnsylvania, with her immense
untouched resources, have been driven the necess
ty OF putting OH the payment Of the interest on her
loane, had che not relied upon the good faith of the
Banks, that had the custody of her unds' Look
the whole Unlon-cnd whenever you see State una
BILE to meet her engagements, you certain that che
is placed in that predicament in consequence of her
connection with unprncIpled spectators, who con-
,roed the affairs of monIed institutions.
Not only have several of the States been driven to
reputation by the operations of Wing banks but in
about reputation when there was necessity for il
and when it the easiest thing in the world 10
avoid it.
Look at the State of New York for example. Under
the rule of Gov Seward and Wing Legislature, she
had become so much involved in debt and difficulty, by
clumsy and reckless legislation, that her stocks
selling at dsre putabe discount; she could effect no
loans unless al q rulnous premium; The day was up.
preaching when she would be utterly unable to pay the
interest Of her public debt-in a word, insolvency APP
peared to be inevitable. Democratic Legislature was
chosen-a tax law passed, by which funds were
provided for the interest es it became due, the execu
ton of useless and costly public works was stopped,
and rigid system of economy was established in nll
departments OF the Stale Government The conse
ouences were-pnblic credit was revived, necessary
loans procured on reasonable terms, the appre
tension of insolvency wes dlsspated-and no State
creditor had it in his power to say, that his dues were
unpaid Well the election for Governor came on, and
what was the conduct of the Wing party! The very
acts by which the State had been rescued from the
Jaws of insolvency aud reputation, were made matter
Of accusation against the Democrasthe tax Zone mill
in q dollar) which enabled the Treasurer TO meet the
interest the public debt, was denounced as oppres-
sive and grevous and the people were called upon to
frown upon those who had laid such intoerabe bur-
thens upon them. The order 10 stop the work OF wi
denng the Erie Canal ian useless undertaking, invoiv
ing expense of some twelve millions ot dollars was
held up to the Stale, and intended 10 throw
thousands of aburers out OF employment. II cannot
be denied, that sinister impression was made upnn
the popular mind by these artu and perseverng Efforts
of the Whgs-but was transltory-lt lasted only Tor
short season-ihe Democracy stood firm by their de-
termination TO save the public credit. Their triumph
was complete, their majority was the greatest ever
given that State, and they have the satisfaction Of
reeInc The finances OF New York in as hourshng n
condition they could DESIRE in spite otthe bitter and
deadly opposition Of their political opponents. VIII
oar Wing contemporaries have the goodness 10 say,
who were the patrons of Reputation this instance:
no hinp hnn Dsd n
Democratic Legislature had passed Tax Law, 10
meet the interest Of the public debt II was demon
strated, it wac admitted by both parties that, without
such law the Of the State would be dishonored
by her inability to pay the just dues OF her creditors
The Wing members almost unanimously opposed the
passage of this law, end, when the election came on
last Spring, the party IN every county held ~ up
TO public odium as burthensome and intolerable But
the good sense and integrity Of the Old Domnian were
proof against these devices Democracy trIumphed
once more and by its triumph saved that respectable
Commonwealth from the disgrace OF reputation.
We could produce many other examples OF the rex
lessnes. of the Wings, in regard to repudaton Lei
suffice and that shall be taken IRON Massachusetts
During the administration of honest John DAVIS, the
State stocks could not be sold al Go Marcus Morton
was elected Governor with Democratic Legislature
1t was soon announced the fixed policy OF hassa
chusets, that borrowing must cease, and mat having
already over-sepped the bounds Of prudence, II was
necessary for the State Government TO retrace It's steps,
and attend 10 ennaremens already incurred. What IS
the consequence Read the following from the bo'-
ton Post, of July g.
"a sale, by public auction, was made yesterday,
July s. of S38 900 Massachusetts, per cent. scrip, al
two and quarter per cent above par taken in one lot
by the President of Of the ooundes Banks in State
Street"
Marcus Morton has not been in office six months.
and mark the difference between the administration OF
radical, h.rd-money Democrat, and that OF John
DAVIS. The Wing candidate for the Vice Presidency,
patron of the paper system in all It's forms and phases
and violent supporter of Mr. Clays beautiful ProJec'
of National Bank .Nelo Orleans Courier