Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1843-05-05
AMERICAN STATE STOCKS.

AMERICAN STATE STOCKS.
The London papers of April Sd, publish the fol-
lowing
British holders IF american Stock-The following
| is reply which MIR Everett made to population
which waited on him March 3lst. with the mcmori-
al of the holders of American stocks in England
The memorial bore the signature of 800 holders of
the State stocks of America -
"Mr. Scholeicld and genllemen-ln compliance
with the request contained in the memorial which
you have now presented 10 me, will avail myself
of the first opportunity of transmitting il 10 the
President of the United States To avoid miscon-
ception it is proper that should observe. that in.
asmuch the general government is not a party TO
the contracts of the separate States the subject of
the memorial does not fall directly within the Pres
idents province, and that am myself acting unof-
} fcally in forwarding il to him. | do IT, however
with cheerfuness out Of Prospect 10 the members of
this distinguished deputation. Nor am less under
the influence of the deepest sympathy with that nu-
mcrous class of whom You represent who have suf.
fered severely, some Of them fear ruinously frnm
the failure, Temporarily trusD of portion OF the
American States TO pay the interest o their public
debt. These feelings, am sure, will be shared by
the President.
| concur with you in protesting against the doc
trne that State which pledged its faith and resour
ces release itselfirom the obligation however
burdensome, in any way but that OF honorable pay
ment Fatal delusons, in times Of great distress
occasionally come over the minds of communities
as well as individuals; but rejoice in the belief
that the number is exceedingly small of those who
have, in any form, advanced the idea of what has
been called "repudiaion." | am convinced that
those States, which unhappily have failed TO make
provision for the interest due their bonds, have
done so under the heavy pressure of adverse cir
cumsiances, and not with the purpose of giving
legislative sanction 10 a doctrine perncious, I'M
worthy, and immoral
The memornlis,s are pleased to give me credit
for sympa,hywith their snfferings There is, per-
haps no person, not himself directly a sufferer who
has had so much reason myself to feel deeply all
the evil ehects,-the sacrifice not merely of maiert-
al prosperity, but what is of infinitely greater con.
sequence, of public honor,-resuliing from this dis
astrous failure. The reproach, which il has brought
on the American name, has been the only circum-
stance, which has prevented a residence in the
land OF my fathers from being Of unmin-
ged satisfaction TO me. You may well believe
therefore, that if amy opinion of mine can have an
influence las you suppose) over any portion Of my
countrymen, favorable to the great end Won have
in vew it will be, all proper occasions as il has
been, most emphatically expressed.
The position, gentlemen, OF some at least, Of the
indebted states is singular as il is deplorable -
They have involved themselves most unadvlsedly
IN engagements which would be onerous TO much
larger and richer communities and they possess
under an almost hopeless present embarrassment
the undOubted means of eventual recovery. ! will
take the state of Illinois for instance, and what
say of that state will hold of Others making allow
ance for difference of local circumstance The
state of Illinois undertook few years since the
construction of ship canal of about 100 miles in
length to unite the waters of Lake Michigan with
those OF the Illinois river ; and more recently pro-
jrcted and commenced the execution of 1900 miles
OF railway. On these works she has borrowed and
expended above f2,000,000. The works are incom.
plete and unproductive The population of the
state is that OF second sized English county, short
OF half a million. 1t is what in good times would
be considered an eminently prosperous population
but am inclined TO think that If the English in
come tax OF last year were, by the Legislature of.
Illinois, laid on that state, more than half the popu.
latlon possessing in the aggregate that proportion
OF The taxable property would, in the present peri.
cd OF general distress, fall below the point of ex.
enpton, and that of the other half small number
only would rise much above that point. And vet
the undevelopcd resources Of Illinois are almost
boundless The state is larger than England and
Wales BY the Mississippi il is connected with the
Gulf of Mexico by Lake Michigan with the St
Lawrence and il has most extensive internal
navigation, by means of several noble rivers The
climate of the state is mild it contains, suppose,
as large body of land, not merely cutiyable, but
highly fertile, be found lying together in the
United States il abounds in various kinds of min
eral wealth IT is situated about in the centre of
horizontal field of bitumInous coal, which Mr. I,y-
en- pronounced the other dny TO be large as Great
Britain and II is inhabited by an industrious, fru-
gal, Intelligent people most rapidly increasing in
numbers. That such people will for any length
OF time submit TO be under the reproach and bear
the loss incident TO total prostraon of public cred
II | can never believe.
81 say, gentlemen, the loss as well as the re-
proacl, for widespread and severe as has been the
suffering in this country, caused by the default of
some ct The States, our own losses, public and pr-
vate, believe to have been greater The states
themselves as governments, have experienced the
greatest embarrassments from the sudden destruc.
ton OF credit Extending alike TO those states which
have and those which have not honorably and
promptly met their obgations): that credit on
which alone, IN some instances, they depended for
the resources necessary TO complete and render
productive their public works. The general gov-
eminent of the United States after having paid off
a public debt of more than 0000000O Of dollars 4
mas found Itself unable TO negotiate trifing loan
In this great metropolis of the financial world
whose superintendent capital but for the default of
some OF the states, would have continued TO be for
those states themselves, and for individuals vast
gold mine OF nnexhausted capacity. In addition 10
these public embarrassments, private fortunes al
most 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 II, IN the history OF the world in so short n
period, such transition has been made from a
state OF high prosperity to of general distress
as within the United States within the last six
years. And yet, gentlemen, the elasticity md
power oil recovery IN the country are great beyond
the conception of those who do not know il from
personal observation. Even within this disastrous
period, to which have alluded, a private CONNER
cial debt to this country, estimated at twenty fve
millions of pounds sterling, has been paid by the
American merchants, with little loss to the cred
itor as would attend the collection Of an eounI n
mount OF domestic debts, in this any other coun
try