The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1844-01-03

10 show that il the parties who have invested their
funds 10 PeDnsy lvania bonds had been SO disposed,
they could have obtained bonds which, if sold IN the
market would have given greater rate OF interest
than they would receive upon the like sum now in
vested in consos 1t is manifest therefore, that the
holders Of Pennsy lvana bonds not in that desti
tile condition which they represented TO be, and
that much that has been said Is said IN ignorance, or
for deliberate purpose OF misrepresentation
Ipresent this view, not by way Of defending Penn
sylvania, but that may ask whence comes this NOR
bid dislike of America Whence this active, deibe-
rate systematic abuse Of American institutions -
And this brings me to that part OF the reverend gen.
lleman's letter, which, as an indication OF public
opinion in England having direct bearing on mat
tiers that may involve conflict between this country
and the United States deserves the most serious con-
sideration He says
This new and vain people can never forgive US
for having preceded them three hundred years IN CT
viiZaton. They prepared to enter into the most
bloody wars with Eng and not on account OF Oregon,
or boundaries, right Of search, but because our
clothes and carriages better made, and because
Bond street beats Broadway. Wise Webster does
all he can TO convince his people that these are not
lawful causes of warbut wais, and long wars, they
will one day or other produce and this perhaps is
the only advantage Of reputation. The Americans
cannot crafty their avarice and ambition at once
they cannot cheat and conquer at the same time
The warlike power every county depends on their
three per cents II CGsar to re-appear again up
on EARTH Welenhall's list would be more important
than his commentaries; Rothschild would open and
shut the temple Of Janus; Thomas Barring or Bates
would probably command the tenth legion, and the
soldiers would march to battle with loud cries Of
(" Scrip and Omnium Reduced Conso!sand Caesar ~
Now, the Americans have cut themselves off from all
resources of credit. Having been as dishonest as
they be, they prevented from being foolish
as they wish TO be. In the whole habitable globe
i y 0annni hnrroK guinea and they cannot draw
the sword because they have not tnc nIoncy to- buy
it,"
This declaration, The opinion Of Sydney Smith,
is unimportant: every well informed person knows
that the Government of the United States has paid
off the debt Of the revolution and Of the last war, that
all their engagements promptly met that they can
command ut home whatsoever sum they want, that
their present debt is merely nominal and your own
correspondent tells them that their obligations bear
premium OF l15 per cent in New York. The an
swer to the rev. gent statement Isl that it is not
true. But as it by means follows, that therefore
he and others do not believe it, its tendency is as mis-
chicvous if It true. In January, 1912, when
the Quintuple treaty under discussion, and the
question OF peace believed to hang on l. I'd Ashbur-
IONS negotiation at Washington, | was told by a
Partisan banker that his London correspondent had
that day inquired CT him to know whether the Amer
can Government could borrow money the con,-
Dcnt, and that his answer had been Not cent"
He added" tell your Government for me that you
have seen ne, who am at the head of the money pow
or OF EUROPE, ana that say they cannot 80 To wal
because they cannot borrow a dollar"
1t is mantle that this idea has been communica-
ted to the rev gentleman by parties having deeper
stake in the issue than he, and who have used him
as the instrument TO propagate an opinion, The
possibility oil which they unwilling 'hus openly
assume
| say this because | cannot believe that the rev
gentleman would Intentionally contribute to that
state of things which his letter is calculated TO pro-
woke.
1t may betIue that the governments of Europe
dot go to war without having made arrangements with
the wealthy bankers in question nut such is not the
condition of America and the letter Of the reverend
gentleman will greatly contribute to defeat the effort
long and Systematically persevered in, to place the
credit, The character and liberties of the American
people under the same mercenary control. His doca-
ration that we cannot go to without the consen,
of Baron Rothschild will be published in every vii
lage and read in every hamet in the United S ates
and renders the establishment Of National Bank i'm
possible.
One of the most important features of the poll zeal
struggle in America has been the attempt of the mo.
neyed power through the agency of National Bank
to control the credit of the Government and the
rency Of the country. Your regulation Of The corn
trade ProJuces periodical expansions and contrac ions
Of your currency An cxtrn ordinary demand for hui
lion compels he Bank of England to act upon the
exchanges, 10 cOerce those who have purchased
your manufactures remit the preciou metals in pay
meni This i done by enhancing the value of specie
or manufactur which the trade was predcated.-
Upon such occasions the injury falls with the great
est severity upon those who have been the largest
consun els of your manufactures.
A National Bank in the United States necessarily
becomes part of the system, and as it is the
weaker part it therefore becomes thcpont Of expo-
sion, transferring TO us the consequences whatever
may have deranged your monetary condition. To
this chiefly is the late monetary crisis in the
United States attributed the effect Of which has
been TO reduce our currency even below the specie
basis and so 10 diminish prices and the profits Of la
Dor and capital, that instead of consuming YOUR man
u(ac,ures, we destined 10 become your most
active competitors IN other markets unless you re-
move the restrictions which now prevent your re-
ceying our agricultural products in payment
With us there has been violent struggle between
two systems in which the nature Of banking and the
value of bank credit have been fully and ably dis
cussed The result has been TO establish the value
of Government cred ito substitute Urea ury notes
for bank paper as a medium Of exchange and, so
far from being unable 10 draw the sword for want of
money TO buy 1T, we are prepared TO assert our
rights and 10 yndicate honor with greater ener-
Ky than on any former occasion. We have within
ourselves all the elements of war. We have no oc-
casion to 90 elsewhere for men or for money. We
have ample resources, and the Government com
mand them by loan or by taxation.
! now proceed TO show that the existing relations
between England and the United States and the
state Of public opinion in each, such greatly TO
aggrsyaie The evil tendency Of the Rev. Mr. Smiths
letter. Heslys the Americans care prepared to en-
ter into the most bloody with England not on
account Of Oregon boundaries or right of search
but because (your) clothes and carriages better
made and because Bond street beats Broadway
Wise Webster does all he can 10 convince his people
that these are not lawful causes of war, but wars
and long wars, they will day another produce"
sc.
Now. whence did the reverend writer receive this
he he at ,pill he
and long wars between England and the United
States His a studied effort written for effect
and every word was duly considered. Why did he
introduce tho Oregon, the boundary, and right Of
search into his commentary on Pennsy lyania dishon
esy' why docs he connect these questions with his
declaration that America will have wars and long
wars, with England and why does he say that the
only reason why we do not draw the sword Is be-
cause cannot command the means TO purchase il ?
Is there party in England who desires war with