The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1844-01-08
THE EDITOR OF THE LONDON

TO THE EDITOR OF THE LONDON
HERALD.-No. V.
SHINY third letter to the Times is now before
the public; It's purpose tc show that ii is the mu
tual interest of England and the United States so to
modify their respective tariffs as 10 enable you to ex
change your manufactures for agricultural pro-
ducts How does the Times answer this proposition?
They say
I" He thinks we have not been swinded enough,
and cooy proposes that should again turn our
pockets inside out for him. Last time it was by d.
rect disbursement that pundered. Now it
is by relaxation of duties in favor of American pro-
duce. Before you ask us to believe
single word you say, before you expect US to enter
tain single argument yen use, pay your debts.-
Till then you have no right to place among honest
naii1ns-you have claim to ordinary credit or
common courtesy. Unless you come with your mo-
ney in hand and pay down upon delivery buy not at
all barter not at alive need not say borrow net al
all-and ifyou must needs be negotiating negotiate
with the conycts of Botany Bay"
Is this the raving of maniac the vehcmence o
sudden passion, words used for effect by al
artful and pIactised writer We all know that abus,
is not argument-although often used as the subsli
tute for IT, The Times is an influential journal ant
respectable for the talent that gives il influence Th
writer is not maniac nor is he controlled by passion
He writes for purpose and with a motive. 1t is Il
please those who employ and pay him. In every com
munity few, very few think for the rest
Upon this subject the Times is the organ of few
merchants BANKERS and stock brokers of London and
Of the anti-American monopolists.
F" You have swindled, plundeied and deceived us "
says the Times and therefore you have no claim
to a place among honest naions-no claim TO ordi-
nary or dit common courtesy-if you mu nego-
tate negotiate with the convicls Of Botany Bay"
Now, would remind the merchants and bankers
who respond TO such language-many of whom are
growing richer on profits derived iIom the American
trade-ihat they may provoke retaliaion-thai it is
easy 20 identify them, and to make them responsible
through their correspondents in America. And |
warn them that if this unustifabe Of caumni-
ous yituperation is continued, no American merchant
who makes consignment TO, or purchases goods Of
or draws bill Of exchange on, party thus identified
will be able TO sell an article OF British merchandise
This thing has gone far enough and must cease
There can be found men and money enough Tor the
American trade without them and tina, trade can be
easily diverted into new channels.
III this does not silence these SANDERS there are
other parties who can be reached The tricks of the
Stock Exchange your daily record of cr ne dshonor
and dishonesty, TO say nothing Of the vices which the
influence Of money and station hides from the public
gaze, afford ample materials for retaliation. Think
you that with such proyocaon they will not be usCdl
We, in America, know that although these ISLANDERS
are the work Of few interested parties they have an
influence public OF inion-that they have created
a mass Of pr,judlce greatly 10 our iniury-but we
know that there are those who are not affected BY
them. We bide our tme-we await the reaction, be-
lievinp that il is at hand. We desire ID cultivate
peace and good will with you, not for The purpose OF
pundering you Of your wealth, or cheating you OF
your property but because is much for your in
ierest as And desiring this and IA kind words
turn away anger, we would not provoke YOU by uu-
necessary recHminatlon But there is point beyond
which fOrbearance ceases TO lie a virtue and that ni
is now The language ofthe Times, its position an,
influence, renders II proper fJr show bat Their,
are TWO sides TO this qucslion-lhat should fix th,
public eye on the facts ofihe case.
The Bank Of England, in 1885, in a few weeks
increased its securities more than $1,000 600 sterling
The effect was TO stimulate speculation and great,
TO increase the prices Of American produce, and es
pecally of cotton Since the disaster of 1919 there
has been little no direct communication between
the American merchant and he manufacturer. Tn,
goods are purchased by agents, and paid for by bl'
drawn a London house, 10 whom American pro.
duce has been RENTED on consignment Under this
-ystem the American merchants relied upon their
London correspondents for advice as 10 their pur-
chases, well asto their remtances. The effect
Of 80 initiating tie currency, and of 81 stimulating
pfices in England, was TO initiate the currency and
stimulate prices in America One if not more Of tn,
London houses thus engaged in the American trade
fofeseeing the reaction wrote TO some Of his Amer
lean correspondents warning them of approaching
danger. This came to the of the bank, and Il {
HONtIhoI5 az dul NitulolI lnlOINfO5 anu bttltNt
demonstrated with him, and urged that he shou
cease to discourage the American merchants from
purchasing your manufac ures. The reason Of thi
will presently be seen in the effect which it pro
duced.
The late Bank Of the United States was as hav
elsewhere explained, part of your monetary sys en-
a large part If the shares we're held in England
under the management of men who had the con
| fidence Of and acted in concert with bankers on
capitalists in London. Failing TO get a renewal q
MS charter from the Federal Government it was char
tered by the State Of Ponnsyv MIA the directors re
solved TO sell out its branches and TO promote thi
operation, they greatly increased their discounts the
sold Their branches and took payment in local ban
paper which they converted into state bonds and col
on. Instead Of RENTING these bonds and cotton
London correspondents, Mr. Bldde had the folly
establish commercial house in Liverpool and to sen
Mr. Jaudon as a special agent to London Tt
agent could not sell the bonds, hut he found n
difficulty IN hypothocating them In the meantiu
the crisis, anticipated by the intelligent merchant
whom have alluded came; the American mercha'
bad RENTED cotton and tobacco, purchased at big
prices; they had drawn bills predcaed on a sale
Englond at corresponding rates, and had purchase