Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1847-07-10


such facts as enforce the above argument, and to
which we subscribe our full assent with this caueGt:
each country must determine for ITSELF what are the
" LEAST POSSIBLE RESTRICTIONS" 10 be placed upon
commercial intercourse, because the conditions OF
the two countries are so very different that what
would or might be the :" least possible" IN England
and advantageous to its people might be the very
opposite in America and rice Uersa. All that Is
wanting. however, and all that Mr.. Macgregor
means we apprehend is, that both countries should
inluse into their commercial policy as much liberal
ity, and embarrass trade and intercourse with as
fer restrictions as upon the most enlightened con-
sideratlon should appear TO be compatible with the
good OF the people of each country respectively.
We must be allowed to extract further the follow
inc brief passage as powerfully descriptive of the
character OF the people OF the United States
The extraordinary power wealth. and prosperity of An
go-Amfrica owing population which has increased in
numbers with unexamped aPidy possessing abundant
poyncn and unrng energy industry, and self reliance,
animated at all times by sleepes commercial and maritime
spirit with extraordinary intelligence to all matters
corning the active affairs Of the world and fearless perse-
verace in search of adventure coupled with the passion for
gain all these maintained by that feeling of independent
action which civil liberty and religious freedom inspire.
Mr.. Macgregors view of the condition and pros
lean continent is very interesting
'sTae condition of Mexico is hopeless. This will appear
Che says fully detailed in the fourth book of the first volume
of this work. Ignorance the bgoy of the priesthood the
teGacy with which the speaking the Spanish language
inherit all the vices and forget of the virtues of their
cestors the retention too generally practice of the
fiscal and commercial regulations of old Spain the absolute
decrease the scarcely percepbe increase of the population
the want OF enterprise the prevalence of Incidence and o
venly agriculture and the absence of commercial habits
far than sufficient to account for the poweress condition
of the Spanish American Republics II is deplorabe fact
that the Spanish Republics in infinitely less prosperous
condition than the savehong colonies of Cuba and Porto
Rico that CONSIDER the peace of Cuba as likely to be
permanent for believe if the slave trade not elfacuay
abolished that Cuba destined share the fate of Hay"
Mr.. Macgregor's observation respecting Cuba is
striking and important one. He is not a man to
make such an assertion upon slight grounds, and
the subject is traught with much interest to your
citizens. =.
Whilst upon the subject of books it may be as
well to mention "INen, Uomen, and Books" by
LEIGH HUNT. This is not a new book, but merely
a reprint, in collected form, of the various essays
and occasional papers communicated by their anna.
bic and veteran author 10 the periodicals of the day.
The book is spoken of as being an exceedingly
pleasant and agreeable one. not of much preence,
but every way worthy the authors reputation and
the readers notice.
Mr.. DOUBLEDAY, the author of a new view of
Population" to which have alluded in for
mer communication, has published A Financial
Monetary, and Statistical History of England"
which is spoken of very well by political economists
of certain class He destroys the value of all
paper currency at blow by stating that money is
only valuable as the material of which it is made is
valuable" If this be correct how vaueless are
our Exchequer bills and your Treasury notes He
asserts, if not in so many words, by the unavoida-
BILE tendency of his arguments, that the national
debt of England is no debt respects any genera,
ton except that which contracts it, "A whole ma
ton" he says, 4" cannot possibly be bound TO bar
gain OF their ancestors He quotes Mr.. Jefferson
IN defence OF this idea, where he Mr.. j. says, We
may consider each generation a distinct nation
with right, by the will of the majority, to bind
Themselves but none to bind the succeeding gene
ration" moredhan the 1" inhabitants of another coun-
try Mr.. Jefferson, however, did not recommend
reputation, for he lays il down as fundamental
rule " that no Government should borrow money
without laying tax, in the instant, for pay
ing the interest annually, and the PRINCIPAL within
given time considering that tax as pledged to the
creditors on the public faith But Mr.. Jefferson
appears 10 have overlooked his own doctrine for
AZ ~ ouN'S'ulIg ny the ACT Oh
the preceding one, what use to the creditor will be
the pledging of tax on the public faith, when the
generation, which has pledged it has passed
away
Sir JAMES GRAHAM is said to have advocated the
use of the "sponge" to ripe the national debt,
and Mr.. DOUBLEDAY remedy is the SUeeping
it away - but it is admitted that either wipng
out" or sweeping away" is impracticable There
is not much room for English journalists to rail at
some of the States in the Union for their having
postponed the payment of the interest upon the
State debts, when British Minister of State has
talked about The sponge" 10 wipe oW, and re-
spectacle English writer on political economy re-
commends the S,ceeping array the debt itself!
These things are not stated here in a recriminang
extenuating view, but with an intention OF show
ing that it is easier to find fault with others than to
avoid initiating them. Lord AsuBURroN has Just
published very valuable pamphlet on . the Fnan-
cial and Commercial Crisis" No one is better
calculated than his lordship, from his age and ex-
percnce, TO be a counsellor on such question,
having Witnessed as he says, so many vsitations
OF commercial and financial Distress" Lord A. is
decidedly OF opinion that the general condition of
commerce is sound and satisfactory" and attributes
the existence OF the present difficulties to the de-
rangement OF our monetary system" and says
that such arrangement has been occasioned mainly
by the operations of the bank under /" the terrors
OF the act sy which it is fettered" The act allud-