The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1844-01-06
TO THE EDITOR OF THE LONDON
A..


S,x-My third letter to the Times Is now before
the public its purpose Vas to show that Il ~ the mu-
tusl n,eres, Of England and the United States 30 70
mod, their respective TARIFF a. enable you TO ex-
change your msnuf.cturss for our agricultural pro-
ducts How does the Times answer this proposition
They say
| "He thinks We have not been swndied enough,
and coolIy proposes that we should again turn our
pockets inside oul for him Last time u was ~ d.
rec. disbursement tina, we were pondered Now 1t
i. by Ielaxa alton of duties in favor Of American pro-
| Juce - Before you ask us 10 believe
single word you say, before you expect us TO enter
| tain a single Argument yuu use, pay your u'p''.
| Till then you have right 10 place among honest
naiions-you have claim To ordinary credit OF
| common courtesy, Unless you come with your mo
/ ney in hand and pay down upon delivery buy mol al
all barter not at alive need not say borrow not ut
all--and il you must needs be negotiating, hsRoia'e
| with the conycis OF Botany Bay.
Is this the raving Of maniac 2 the Vehemence Of
| sudden passion, words used for effect by an
artul and pracised writer We all know thai abuse
!. not although often used as the sabsii-
tu,e for IT, The Times il an influential journal, and
respectable for the talent that gives il influence The
writer is not mapiac nor u he controlled by passion
He writes for purpose and with motive. II is to
please those who employ and pay him. In every com
munity few, very few men think for the rest
Upon this subject the Times is the organ of few
merchants bankers and stock brokers of London, and
| of the anita American lponopolists.
| I" You have swndled plundeIeJ and deceived u.s.
says the Times, and therefore you have I" no claim
to u place among honest na,ions--no claim to ordi-
nary credit or common courtesy-if you mu nsgo-
tiate negotiate with the. convics Of Botany Bay"
M 1 nj tha chan ts n nd hnnk hers
who respond to such language of whom
growing richer on profits derived fiom the American
trade-lhat they may provoke retalia,ionthat ii is
easy identify them, and to make them responsible
through their correspondents in America. And
warn them that ifthis unjusfabe course of caumni-
Gus vituperation is continued, no American merchant
who makes consignment to, or purchases goods OF,
or draws a bill of exchange on, party thus identified
will be able to sell article OF British chandlse.
This thing has gone far enough, and must cease.
There can be- found men and money enough for the
American trade without them, and tina. trade be
| easily diverted into new channels.
II this does not silence these ISLANDERS, there
other parties who be reached. The tricks of the
Stock Exchange, your daily record of crime dishonor
and dishonesty TO say nothing Of the vices which the
influence of money and station hides from the public
gaze, afford ample materials for ealiation. Think
you that with such provocaton they will not be usedi
We, in America, know that although these ISLANDERS
the work of few interested parties, they have
influence public opinion-that they have created
mass of prejudice greatly to nury-but we
know that there those who are not affected by
them We bide our time-we await the reaction, be-
leving that II is at hand. We desire to cultivate
peace and good will with you not for the purlose Of
plunderng you of your wealth, or cheating you OF
your property, but because il as much for your in
terest as ours And desiring this, and kind words
turn away anger, we would not provoke you by un-
necessary termination But there is point beyond
which orbeaIance ceases to he virtue and tina, time
is now. The language ofthe Times, It's position and
influence renders II proper for show that there
are two sides TO this question-hat should fix the
public eye the facts of the case.
The Bank of England, IN 1885, in few weeks
increased IFS securities more than e. 600 900 sterling
The effect was to stimulate spec uation and greatly
TO increase the prices of American produce and es-
pecisly of cotton Since the Disaster of 1919 there
has been little or no direct communication between
the American merchant and the manufacturer. The
goods are purchased by agents. and paid for by bills
drawn u London house, TO whom American pro-
duce has been RENTED on consignment. Under this
system the American merchants relied upon their
London correspondents for advice = their pur-
chases, as well as to their remtsnces. The effect
of so indstng the currency, and of so stimulating
prices In England, was to initiate the currency and
stimulate prices in America. One if not more of the
London houses thus engaged in the American trade
foeseeing the reaction wrote TO some OF his Amer
ican correspondents warning them of approaching
danger. This came 10 the of the bank, and tie
governor as an crcdibly informed, and believe
demonstrated with him. and urged that he shou'
cease 10 discourage the American merchants from
purchasing your manuiac ures. The reason OF THIS
will presently lie seen in the edec, which II pro-
duccd
The late Bank Of the United States was,as have
elsewhere explained, part of your monetary system
a large part cf the shares were held la England. Ii
was under the management of men who had the con-
hdencc Of, and acted in concert with bankers and
capitalists in London. Failing 10 get a renewal of
ITS charter from the Federal Government 1t was char
tered by the State Of Pennsylv mia the directors
solved 10 sell cut it's branches, and 10 promote this
operation they greatly increased their discounts they
sold Their branches and took payment in local bank
paper which they converted into state bonds and cot
ton Instead Of RENTING these bonds and cotton 10
London correspo dents, Mr.. Bddle had The folly TO
establish commercial house in Liverpool and Ia send
Mr. Jaudon as a special agent TO London. The
agent could not sell the bonds, hut he found no
difficulty in hypo,hecsting them. In the meantime
the crisis anticipated by the intelligent merchant Ia
whom have alluded came; the American merchants
had RENTED cotton and tobacco, purchased at high
prices; they had drawn bills predIcated on sale ia
England al corresponding rates, and had purchased
Bntish manufactures at corresponding prices the
goods had been purchased, and the bills had been
drawn, but the cotton and tobacco were yet unsoid
The money had been borrowed bu, the bonds were
yet in hypolheca,on. Al this crisis the Bank Of Eng
land turned the screw down wen, the price Of COT
ton and tobacco, and rum, universal rum, overwhem
ed every merchant who, tempted by the false ghts
held on, by the Bank Of Engrnd, had, by purchas.
ing your manufactures, placed themselves in the pow
er Of that institution. Who does that the
bank acted on deliberate purpose'
do no, charge that the directors Of the bank frs,
inflated and then contracted the currency, for the
purpose Of producing the cssmities which followed
VIVA, do charge is, that, occupying their position,
they can forcsee coming ciss-that in such case
j, is their policy TO encourage the export Of British
Manufactures because your exports the only
Of forcing back the precious metals 10 London, the
centre Of the commercial world, The bank, by turn
ing the screw, pot the precious metals in motion
in every quarter Of the globe into which your rpor.
greater than your imp us derived ,bcrerop. The
shock falls most heavily upon those who are neares,