Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1843-02-25
RELIEF OF THE STATES.

The following extract gives the substance OF
w. G. JouNsoN's Frs, Letter on This sub jeci:-
| only propose that the Government shall give
g ideuce of debt in the form of certificates or
bonds which will secure the holder the punctual
payment OF interest, and the final liquidation OF
the principal
The influence Of this measure upon the cur
rencv would be instantaneous and saluiarv, by
restoring confidence. As measure of finance
il is Indispensable for the we'll being and prosper.
lty of tie nation.
The drain Of specie bonds now amounts to a
bou, Sl2 ,OOO, 900 to pay the interest abroad.-
Thus there is perpetual annunf drain OF about
one fifth Of the entire specie OF the nation, And
whe Their it is sent from Mary land. Pennsy lvsna
or Louisiana, the effect is felt IN Maine, Mss0u
ri and Georgia: for il matters not al which eX.
reme or at how many points the vital iidid Is
drawn, every par, Of the body polite becomes IN
an equal degree exhausted. Blu, by transforming
the State debts, which will average e per cent
interest payabe al the Treasury. the bonds
would at once be sent IN this country to be ex-
/ changed on the books Of the national Treasury
for Government, bonds of diminished interest, aud
/ also that tho holders could receive the interest
made PAYABLE at the Treasury. This exchange
/ Of State to per cen, Government bonds would
/ operate saving Of specie To the nation OF 81
OOO, 900. and # , per cent stock could be ex-
changed, it would effect saving of $4,000, 600
to the na,rou. in diminished interest; and even
:
the Government bond holders. would not be sent
abroad in specie funds, Sl2 100000 are or
should be sent now, but would be exchanged Tor
the production Of our own country, and so The en-
tire draia Of - 900 600 Of specie would be arrest
ed BY q single solitary measure OF national poll
CIV. as simple 5 would be efficacious.
Then he W no is in favor of relieving the PEG
pie from direct taxation will supper, the measure
--as Will ne who is for retaining the capital of tn
gold and silver IN tins country instead OF sendiu!
it abroad. for measure less comprehensive. an
enlightened, viii effect these Two great and a
importan: results. And any exFedient short c
IL. will tanialize, without relieving, the dlstresse
. of the people, The evils which now affiIct tn
people, the States and the Nation, will assured
I increase until such policy as propose shall b
, adopted
, The amour, ofinterest thus saved to the alto
would. if set apart sinking fund, very quick
3 " Equidaie the entire capital OF the whole deb
) The pressure upon the banks would cease, an
S all that are solvent, could resume and main al
: specie payments, a system OF boarding specl
would at once cease, and it would again circnla,
freely from hand TO hand Stocks Of all kline
e would arise 10 par. that have intrinsic value
8 The sails Of commerce. which are now iurieo
= our ports. would gain be expanded 10 a hundre
: seas. The mechanic would be enabled 30 IA br
cate for the farmer, and the farmer, relieved fro
the exactions Of the tax gatherer, could once MOI
I purchase necessaries, comforts and iuxurles
!, life: and thus million of springs of indsidu
J. and national prosperity, now almost wholly dris
Of Up. would he opened In constant flow. and Il
er treasury of the nation would again receive
regular and abundant tribute. But more thu
I'D this and all these: the national credit md Il
- pledged honor of the States would be re-esta
I. lished and redeemed. Whilst now, every Am
De rican who has pure sentiment of feeling in
ir nature. must blush at the disgrace which now "a
nishes our heretofore fair fame