The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-05-08

A
recolect the effect which the Reputation of some of the
States produced upon credit abroad They refused
to grant us any loans We were abused in the English
prints, and some idle threat thrown out in Para-
about coercng the repudatng States into compi-
with their engagements. The shapest pens were
employed in casting odIum upon our character; and
among them the pungent pen of Sydney Smith.
Many of the British hnanciers unable TO understand
complicated federal form of government and they held
the credit of the United States responsible for the acts of the
repudiatng States Hence the stocks of the United States
were dscredted and loans refused But the
has changed. Some of the repudiatng States have
made great and meritorious exertons TO redeem their
credit and discharge their engagements, They have
increased their taxes for the purpose Of paying up the
interest and securing the principal of their debts No ef-
forts have been spared by the Americans in Europe
plain the theory of institutions 10 show the
bty of public credit and to do justice TO some OF the
States whose had been ungenerously misepre-
sented Among these writers stands IN conspicuous
position Mr. Mann, our late consul to Bremen. who has
rendered such eminent service to the United States in
extending reciprocal commercial treaties with the
States of the Zoll Veren confederacy. There four
States only whose continues to be the object
of animal in the English prints These Mis-
81 sippi Arkansas, Michigan, and Florida few weeks
since article appeared in the London Times compi-
mentary, the whole. TO American credit with the
exception of these four States. We anxious to
clear up these mputaons, and obtained some materials
from the of three of the above States for this pur
pose. But senator from the other State has not yet
furnished with any explanations probably for the
want OF time so we must still postpone the expana
tons which intended to make.
Meantime our public credit is rising abroad There is
no the country TO whom indebted for
this improvement than TO Mr.. Corcoran of the firm
of Corcoran Riggs of this city who having been con-
cerned in taking large portion of the last loan of $l6
900 900, and finding impossible raise the funds in his
own country, determined to throw himself upon the good
sense and the abundant of the English CAPT
alists, and visited England for the purpose of ne
gotaling this important sale of stocks His persever-
ance, sagacity thorough acquaintance with the i'm
mense resources of his country, and his business
habits, succeeded in eecng his object and from that
ment to this, American stocks have obtained that foot
hold abroad which they justly entitled The high
character which country has attained under the vari-
GUS measures of the late adminstratienthe free trade
and the extension of commercial relations which they
have so essentially contributed to esabshhe glory OF
our arms in Mexico,he extension OF empire to the
Pacific, and the apparently nexhaustbe treasures which
we have opened in California. have given spring
credit and it is not easy TO calculate the value to
which our stocks will ascend in the money markets of Eu-
rope What is necessary maintain credit abroad
to let the policy OF the late administration remainto
maintain the arf-to admit the manufactures oil
England and France upon The advantageous which
the free trade system produces-to avoid ampeng with
the solid currency which the independent treasury has
ck aed repudate the paper SYSTEM connected with
the federal fnancesto resist all propositions for
,iona bank, and all expedens for substituting the notes
of the State banks though osensiby issued on the faith
of United States stocks, according to the notable plan OF
Mr.. Commissioner Fillmore-and, moreover, to avoid all
unnecessary appropriations for exavagant systems of in
tenal Improvement, but TO employ the revenue as comes
into the treasury, for the discharge Of the public debt
We make these remarks in consequence of the fol
lowing sensible and seasonable communication which
we find in the last New York Journal OF Commerce We
lay it with much pleasure before readers, remind.
ing them the time of the omnous predictions that
were made by the wing soohsayers during the last admin
strauon about the falling off of the from the tariff
of 1916, well the failure of loans and the de-
probation Of stocks. No administration was ever
fortunate in its affecting the prosperity of
our treasury and of the country None had handed
over to its successor a sounder condition of the public
finances treasury with ampler and in higher
credit, and people prosperous and more blessed,
than the administration of James X. Polk. 1t would be
strange, indeed, if public stocks did not advance in
credit when they founded solid basis, and
such wise system of revenue and Of currency.
| [For the Journal OF Commcrcel
The FINANCIAL CONDITION CouSrRY.-AAERIcAN
lcRKpIT-OUR STATE sKCURIriEs-Although there
app decline all species Of securities the
cession of the present stocks have again
rallied firmly There was, Of course, feeling OF
tainty and Europe about the views and
adopted by Gen. Tayors cabinet but be tese what
they may, credit is firmly established, our ability
and deerm obligations essential TO
national clearly understood that change
national or politics have than
influence GU the quotation of securities.
Some three years ago had scarcely market
in Europe for government and Stale stocks, and yet,
(beioe the last with Mexico) United
States loan of o. which per cent below that Of
49, was selling from ll9 TO 100
Before the unparalleled catastrophe Of repudiaon
depored epented hrougho the length and breadth
of land Pensy SIS quoted liz Indiana
SIS originally 10; Maryland SIS high
as lI6 and Ohio 6s III! What there in the
dton country that does fivorably
with condition then Have increased in national
wealth. territory, and population Have opened new
sources OF power wealth, and commerce Have we not
gained the estimation of the world And have late