The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1844-01-03

20 show that il the parties Who nave invested uo,'
funds 10 Pennsylvania bonds had oeeh 80 uisPo'1o,
ibey could have obtained bonds which If sold IN the
market would have given greater rate oil interest,"
tban they would receive upon The like sum no" IN
vested in consols II is manifest Therefore, mai inc
holders Of Peunsylvs bonds are not IN tha' desi
tlte condition which they are represented 70 oe' anu
that much that has been SAID Is sau ~
| for a deliberate purpose of misrepresentation
| Ipresent this view, not by way Of defending renh-
s,lyaoia but that may ask whence comes this NOR"
| bid dislike Of America Whence TINS active, oeiioo-
rate systematic abuse OF American inso'uuo"s
And this brings me TO that part oil inc REVEREND ~
tIeman's letter which, as an indication OF Puoho
opinion in England having direct bearing on mat
tiers that may involve a conflict between Tins country
and the United States deserves the most serious con
sderation. He says;
aTbis new aud vain people can never forgive us
for having preceded them three hundred years III CT
vilizalion They prepared to enter INTO me most
bloody wars with Eng and, not on account oil oregon,
or boundaries or right of search, but because our
clothes and carriages are better made, and because
| Bond street beats Broadway. Wise Webster does
all he can to convince his people that these are mol
lawful causes of warbut walls, and long wars, 'hey
will one day or other produce, and tins 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 Tune
The warke power OF every county depends on their
three per cents IfCesar to re-apPear again up
on earth Welenhall's list would be more important
than his commentaries Rothschld would open aud
shut the temple Of Janus Thomas Barring or Bates
would probably command The tenth legion, and the
solde,s would march TO battle with loud CRIES OF
4" Scrip and Omnium Reduced Consols and Cesar J"
Now, the Americans have cut themselves OIL from all
resources of credit Having been as dishonest as
they can be- they prevented from being as foolish
| as they wish to be. IN the whole habIlable globe
they cannot borrow guinea, and they cannot draw
the sword because they have not the money to buy
it.n
This drclarolio as The opinion of Sydney Suitb,
is unimportaDt; every well informed person knows
that the Government of the United States has paid
OF the debt OF the revolution and OF the last war; That
all their engagements promptly met, that they can
command at home whatsoever sum they want thai
their present debt is merely nominal and your own
correspondent tells them that their obligations bear
prem Jun of ~ per cent. IN New YORK. J. nc an
swer to the rev. gent emans statement that 1t Is not
true But as il by no means follows, tina, therefore
he and Others do believe it, its tendency IL as mis-
chievous if It tue. In Jenuary, 1872, when
the quinluple treaty was under discussion and The
question of peace believed to hang ON j. rd Ashbur-
IONS negotiation at Washington, / was told by a
Partisan banker that his London correspondent had
that day inquired Of him to know whether the Ameri-
can Government could borrow money on the CONT
ncnl ard that his answer had been Not cent, "
He added" tell your Government for me that you
have ne who am at the head of The money pow
er Of Europe, and that say they cannot go TO wal
because they cannot borrow a doliar."
Ii is maniie.i that this idea has been communca-
ted to the gentleman by parties having deeper
stake in the issue than he, and who have used him
The instrument to propagate an opinion, the res
possibility of which they unwilling 'hus openly to
assume.
say this because | cannot believe that the
gentleman would Intentionally contribute TO that
state of things Which his letter is calculated 10 pro
woke.
1t may be true that the governments Of Europe
dot 90 to without having made arrangements with
the wealthy bankers in question hut such is not the
condition of America, AID the letter of the reverend
gentleman will greatly Contribute to defeat the effort,
long and systematically peTse,ered in, to place the
credit, the character and liberties of the American
people under the same mercenary control His decla
ration that we cannot 20 10 war without the consent
OF Baron Rothschd will be published in every vii
lage and read in every hamlet in the United 5 ates,
and renders the establishment of National Bank i'm
possible.
One Of the most important features Of the poll ical
struggle in America has been the attempt of the mo
neyed power through the agency If a National Bank
To control the credit of the Government and lhe cur
rrncy Of the country. Your regulation OF the corn
trade produces periodical expansions and contrac ions
of your currency. An extraordinary demand for bull
lion compels the Bank of England to act upon I he
exchanges as TO coece those who have purchase ed
your ufactures TO remit he preciou metals in pay
lneni. This j. done by enhancing The value of specie,
and depressing. the price OF those articles Of produce
or manufacture which the trade was predcated.-
Upon such occasions the injury falls with the great
est severity upon those who have been the largest
consuI eJs OF your manufactures
A National Bank in the United States necessarily
becomes part OF the same system, and as II is the
weaker part it therefore becomes the point Of explo-
SON. transferring 10 the consequences, whatever
may have derangcd your monetary condition. To
this cause 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 80 10 diminish prices and the profits Of la
Dor and capital, that instead Of consuming your man
ulactures, destined soon TO become your most
active competitors IN other markets unless you
move the restrictions which now prevent your re.
ceiying our agricultural products IN payment.
With Us there has been a violent struggle between
two systems in VIII ch 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 credt-to substitute Trea,ury notes
! for bank paper medium Of exchange and, 80
far from being unable 10 draw the sword for want Of
money TO buy II, we are prepared 10 assert our
rights, aud TO vindicate our honor with greater
Ky than on any former occasion. We have within
ourselves all the elements Of war. We have no oc-
casIon TO 60 elsewhere for men or for money We
have ample resources, and the Government can COM
msDd 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
aggrayate the evil tendency Of the Rev Mr. Smilh',
letter. lie s1ys the Americans care prepared TO en-
ter into the most bloody wars with Eng land not on
account Of Oregon boundaries, or right OF search.
but because your clothes and carriages arc better
! mad, aud because Bond street beats Broadway
Wise Webster does all he can TO convince his people
| that these are not lawful causes of war; but wsrs
and long they will one day or another produce"
&c.
! Now, whence did the reverend writer receive this
idea why does he believe that there will be wars
] and long between England he nit.
States His was a studied effort, written for effect
and every word was duly considered Why did he
introduce the Oregon, the boundary, and right Of
search into his commentary on Pennsylvania dishon
esty' why does he connect these questions with his
declaration that America will have wars and long
,liL Illnlat.l atI. L., l.. IL