kingdom, exclusive of London, where a large sum is sailing under the American flag, be really what she, the coast of Africa, for the purpose of suppressing the already subscribed-Ireland, and about fifty places seems to be. In the admirable desatch of my noble friend, slave trade. We did not accept the detachment of that in England not yet called upon. dated the 20th December, 1841, he wrote thus-"The naval force as an equivalent for any right which we Mr. Drummond, private secretary to Sir. R. Peel, undersigned apprehends, however, that the right of claimed; yet still we thought that for a great country like was shot in the vicinity of Charing Cross, on the 10th search is not confined to the verification of the nationali the United States to take that step with us on the coast ult. He died in the course of five days afterwards. y of the vessel, but also extends to the object of the voy of Africa, although the power of visitation is limited unage, and the nature of the cargo. The sole purpose of der the treaty in such case, although we claim no right The assassin, Daniel McNaughton, is a native of the British cruisers is to ascertain whether the vessels to visit slavers bona fide American, and the right is to be Scotland. It appears that McNaughton mistook Mr. they meet with are realy American or not. The right assert exercised by vessels of the United States-we thought it, Drummond for Sir R. Peel, whom he intended to ed has, in truth, no resemblance to the right of search, I say, a step in advance towards the ultimate suppression have made his victim. Opinions are various as to either in principle or practice. It is simply a right to sa- of the slave trade to accede to the proposition of the U. his insanity. He had been arraigned for trial, and isfy the party, who has a legitimate interest in knowing States. plead not guilty; but the trial was postponed by con- the truth, that the vessel actually is what her colors anBut io acceding to that we have not abandoned our claims sent of the attorney general. nounce." I am surprised the United States should con in the slightest degree, nor did it ever make any part of In the house of commons, the address in reply to test this, considering the many small states by which our intention, during the controversy, to abandon the the queen was moved by Viscount Courtney, and se-they are surrounded, and how easily their revenue might right to which we lay claim in the despatch I have menbe injured if it could once be established as a principletioned. (Hear, hear, hear.) We have not contented conded by Mr. W. P. S. Mills, Mr. C. Wood follow-that a foreign vessel might become exempt from visita- ourselves, sir, with leaving this fact to become known by ed, and alluded particularly to the American treaty, tion by hoisting any particular flag. (Hear.) and to the question of search, as it is spoken of in With such a principle recognised, neither the revenue the president's annual message. Sir Robert Peel's nor the commerce of the United States could be safe for reply to that part respecting the treaty with the U. an instant. But I know that the United States do liber States, (delivered in the house of commons on the ally exercise the right in the seas adjacent to their own first night of the session, Feb. 2), discloses the coast; I know that if a Mexican vessel were to hoist the sore point of British exception to the president's late British flag under suspicious circumstances, the United message, and the chief cause of their furious exas- ing the fraud; and, knowing this, I am the more sur States would not hesitate to exercise the right of exposperation manifested against it in all their journals. prised at the claim now set up by the president of the Whatever, Sir Robert may say, and however he United States. Therefore, sir, it will be my duty, in the may interpret the treaty, there is but one sentiment face of the public, expressing deep regret that there in this country on the subject, whether he chooses to should appear to be any difference of opinion on this call it visit or search, and that is, that every such act topic, explicitly to declare that we have not waived one done towards an American vessel, is done at the of Aberdeen) in his despatch of December, 1841; and it the principles contended for by my noble friend (the earl peril of the officer and the responsibility of his go- is further my duty to declare that the despatch has revernment. There is no occasion therefore for any mained to the present hour unanswered by the governsuch pretension to assume the importance of being ment of the United States. I know, I think, too well a subject of even discussion, much less of treaty or what is the ability and what the keenness of a secretaconvention between America and Great Britain.ry of state in the United States, to believe that if doc Whenever she shall presume to carry the pretension trines so important as those advanced in the despatch into execution, other than diplomatic arguments will could be questioned, it would have been permitted to remain fourteen months unanswered and unacknowledg bled on the 9th January. The present French minMeeting of the Chambers. The chambers assemtest its validity and settle all cavil. In the house of lords, the address was moved by/ed, had it been thought wise to contest those principies istry formed October 29, 1840, is composed as fol. (Hear hear.)

a declaration in this house; but since the appearance of the president's message, we have taken an opportunity of intimating to the United States the construction we place on the treaty. (Cheers) I trust, sir, that I have said enough to satisfy the house on this point; I trust, also, that although compelled to avow a material diffe rence of opinion between the two governments upon opinion with the respect which I wish to maintain to this particular question, I have stated this difference of wards the high authorities of the United States. (Hear,


(A despatch from the American minister in London Mr. Everett, in reference to the above speech and dated at London, February 3d, was laid before congress on the 23d,]

the American treaty before the house by a specific mo
Lord Palmerston expressed his intention of bringing
tion. The address was unanimously voted, and the com
mittee ordered to report it. Sir Robert Peel brought up
the papers connected with the American treaty, which
were ordered to lie on the table.

lows, viz: Marshal Soult, president of the council and minister of war; M. Guizot, minister of foreign affairs; M. Martin (du Nord) minister of justice and public worship; Admiral Duperre, minister of marine and colonies; Count Duchatel, minister of the interior; M. Cunin Gridaine, minister of commerce and agriculture: M. Teste, minister of public works; M. Villemain (Peer,) minister of public instruction; M. Lacave Laplagne, minister of finance. The preminary draughting of the royal address is said to On the 9th January, the king opened the session of the chambers with the following speech

the earl of Powis, and seconded by the earl of Eg-
linton. The marquis of Lansdowne followed, and
And, sir, with respect to this right of search, that not
made some exceptions to parts of the speech, and bell gerent but conventional right which is used by one
certain points of ministerial policy. He found fault power for the purposes of humanity, to check the traffic
in slaves. I am bound to say that, even on that point, I
with the American treaty, in regard both to the am surprised at the determination with which the United
boundary, and the question of search. He alluded States refuse that mutual right. (Hear, hear.) I am now
also in terms of censure to the corn laws of the last speaking of that right of search, which, by the treaties
session, and to a passage of the speech relating to with the great powers of Europe, by treaty with France
the affairs of China. The duke of Wellington re- and other states, is mutually conceded by parties desirous
plied, on all the points, both speakers complimenting to prevent effectually the traffic in slaves-a right to
in high terms Lord Ashburton, and the duke express to the treaty, detceted in the act of carrying on this trade, have been entrusted to M. Villemain.
search vessels belonging to cach country which is a party
ing the opinion that the arrangement he had made For, in the year 1824, a convention, I say, was signed in
was "most satisfactory to the country." Lord this country, by Mr. Rush, the minister of the United
Brougham followed, in vindication of the American
treaty, which he considered not only satisfactory but
of great importance to the interests of the country,
and to the interests of mankind at large. He dwelt
also at length on the question of search and on the
affairs of the east. The earl of Auckland, lord
Colchester, lord Ashburton, and several others fol-
lowed in the debate, which was continued until three
o'clock in the morning. The address was agreed to
and ordered to be printed.

Messieurs the peers and deputies:-The affection and sympathy of France have sustained me. With a heart still bleeding but full of confidence in your devotion, in calling on you myself to resume your labors, I am desirous of completing now, that which grief compelled me to leave unfinished at the commencement of your last session.

You have already done much for the safety and the future fortunes of France. I thank you in her name. Whatever may be the troubles of me and mine, we will devote to her service all that God may give us of strength and of life.


I feel confident that our prosperity will continue with out interruption or obstacle. My relations with foreign powers continue pacific and friendly.

The good intelligence between the different powers has confirmed peace in the east, and brought about in Syria the re establishment of a government adapted to their religious faith and their wishes.

States, almost at the instigation of America, which professed the u most desire to put an end to the slave trade. A convention, I say, was signed y Mr. Rush, with Mr. Huskisson, which did mutually concede the right of search; that is to say, which enabled vessels of war, of the United States and Great Britain respectively, to exercise, under certain stipulations that very right of search against which such a clamor is now raised in a neighboring country. (Hear, hear, hear.) That treaty was rejected by the senate of the Uited States, not on the ground of an objection to the right of seach, but because The duke of Wellington gave notice that on the the right of search extended to the coast of America, and Favored by order and by peace, the national prosperi 14th he should submit a motion for the thanks of the the United States objected to the right of search being ty, evinced in the rapid increase of the public revenue, house to the naval and military officers and men en- exercised in the immediate neighborhood of the coast of developes itself beyond our most sanguine hopes. The gaged in the service in China-and on the 16th, a America, alleging that it was not necessary for the sup: certain predominance of law is the surest pledge of the like motion in regard to the officers and troops con- pression of the slave trade. The senate of the United welfare of all, as the power of the state and the convic cerned in the military operations in the East Indias,States omitted the coast of America, and Mr. Canning tion generally felt, that the laws will be strictly execut refused to ratify the treaty in consequence of that onised, render recourse to their severity less frequentiv ne including the governor general. He stated that in sion; but if Mr. Canning had allowed the coast of Ame the meantime the papers relating to the transactions rica to he omitted from the treaty, at this moment a conin those countries would be laid on the table. vention authorising the right of search would have been Extract from sir Robert Peel's speech on the 2d force with respect to the U. States. I rejoice that the hon. gentleman has given me an op- Sir, I hope that those who bave contended with so portunity of making some observations on the late mes- much vehemence in the legislative chamber of France sage of the President of the United States. The sincere against the maintenance of treaties framed in the pure and honest desire I have always entertained for the main-spirit of humanity, and who quote the example of the tenance of a good understanding between this country United States, will refer to that convention, and see that I deplore the troubles which have recently agitated and the United States, and the spirit in which I have ai- the United States themselves were among the first to per- Spain. In my relations with the Spanish monarchy. I ways spoken of America, makes it a doubly painful du-mit that conventional right of search. (Loud cries have only had in view the protection of our legitimate ty to me to have to refer to that message, which, I am sor-"hear.") There must be some great misunderstanding interest, the observance towards the Queer Isabella II. ry to say, does not give a correct account of the negoti- upon this subject; but considering the importance of of a sincere friendship, and to give to the rights of hu ations relative to the right to visit. Perhaps I may do maintaining this right-a right not peculiar to England-manity, that succor and respect which honors the name right to confirm what the honorable gentleman has said, considering that we are contending for a right which is of France. that there is nothing more distinct than the right of visit is the only security against fraud, against the grossest By taking possession of the Marquesas Islands, I from the right of search Search is a belligerent right, abuses by parties interested in this iniquitous traffic, con- have obtained for our navigators in those distant seas, and is not to be exercised in the time of peace except when sidering that we are now the advocates of a principle a support and a refuge of which the necessity has for a it has been conceded by treaty. The right of search ex- necessary for the interests and security of all maritime long time been felt. tends not only to the vessel, but to the cargo also. The nations-it is my duty to state in the face of the house right of visit is quite distinct from this, though the two are of commons, that the claim to that right of visitation conoften confounded. The right of search, with respect to tended for in the despatch of Lord Aberdeen has not been American vessels, we entirely and utterly disclaim; nay relinquished; that on this subject there was made no conmore, if we knew that an American vessel were furnish- cession whatever, and that to the principles laid down in ed with all the materials requisite for the slave trade-it the despatch of Lord Aberdeen we adhere at this mowe knew that the decks were prepared to receive hun- ment. (Cheers from both sides of the house.) dreds of human beings within a space in which lite is With respect to the treaty which we have entered into almost impossible, sull we should be bound to let that with the United States, in signing that treaty we consiAmerican vessel pass on. But the right we claim, is to der that we have abandoned no right of visitation. We The laws on finances and sundry projects of law, inknow whether a vessel pretending to be American, and did not understand from the United States that they en- tended to produce important improvements in our legis hoisting the American flag, be bona fide American.tered into that treaty with any engagement from us to lation and administration, will be immediately presented [Hear, hear.] Abandon the right to visitation, which is not necessarily to you. eonnected with the question of the slave trade. We Gentlemen, the world is at peace France is free, acthought that it was a step in advance when the United tive and happy. I have had and shall have to my last States professed a readiness to detach a naval force to day, the desire to insure these benefits to my country.

We claim the right to know whether a grievous wrong has not been offered to the American flag; to know, for instance, whether a Portuguese or Brazilian schooner,

Thanks to the persevering efforts of our brave army, our dominion in Algeria becomes every where stable and respected. The vigilance and order of the govern ment will complete the work so gloriously prosecuted by our soldiers.

I have recommended negotiations with different states, which will have the effect of giving vigor to our agricul ture, commerce, and industry, and of procuring addition al facilities to our national interests.

It is with your constant an i loyal assistance that I have| He will reside at Detroit, Michigan. He arrived at
thus far succeeded. You will assist me in maintaining, the latter city on the 15th inst. and was received with
in consummating our common work. It will be for all,
every demonstration of respect.
the most desirable recompense and the only consolation,
for which I can henceforward hope.

To colonel Robinson, &c. : [LONDON, October 3, 1842. Dear sir:-It gives us pleasure to address a few Henry Clay returned to New Orleans from his visit lines to you on the subject of our late conversation. FINANCES. In the chamber of deputies on the 12th to Mobile, on the 7th instant, having been entertained We greatly regret that you should return to AmeJan. the minister of finance presented an estimate of the with unbounded hospitality and kindness. rica without accomplishing the object of your misreceipts and expenditures for 1844, (the fiscal year end- NATIONAL PRESIDENTIAL CONVENTION. The anti.sion. It is frustrated by causes over which the caing in 1844, we presume,) the former amounting to 1247 whig members of the legislature of Maryland have pitalists of this country and Europe generally have millions of francs, and the latter to 1281 millions-recommended the first Monday in May, 1844, as the no control. showing an anticipated deficit of about 33 millions. day for the meeting of a national convention for the These for ordinary expenses. The extraordinaries nomination of candidates for the presinency and vice are expected to swell the deficit to about 77 millions. presidency. In making the financial statement, which was of considerable length, the minister adduced arguments to prove that the state of the country was most prosperous, and declared there was every reason to believe that a further progressive improvement in the revenue would take place.

WHIG PRESIDENTIAL CONVENTION. Proceedings of a meeting of the whig members of congress. At a meeting of the whig members of the senate and house of representatives of the United States, held in the senate chamber on Saturday evening, the 18th February SUGAR. The minister of commerce also presented holding a national convention to nominate candidates 1843, for the purpose of considering the propriety of the sugar bill. It enacts that September 4, 1844, the to be supported by the whig party at the next elecmanufacture of home-made sugar of every discription tion of president and vice president of the U. States, shall cease in France, and that a sum of forty millions Bichard H. Bayard, of Delaware, was called to the shall be paid the manufacturers by way of indem-chair, and Alexander H. H. Stuart, of Virginia, and nity, in proportion to the quantities they may have John C. Clark, of New York were appointed secremanufactured during the two last seasons The taries. mode and period of payment are specified in the arti cles. [Galignani.

But we are persuaded you will return with an impression that no feeling prevails but that of the greatest cordiality; and it would give us and others much pleasure, if it were in our power to carry your wishes into effect.

which certain occurrences have given to confidence The obstacle, as you are aware, is in the shake in the securities of America, and feeling a sincere interest in its restoration, we hope we may not be tion and through yourself to the general government, thought presuming in submitting to your considerathat no steps could accomplish this more effectually than the withdrawal of the bonds which have been unhappily repudiated by some of the states, and by assisting others who really need it to meet their just engagements. Mr. Tallmadge, of New York, on behalf of a joint It seems to fall within our province to allude to a der what measure should be adopted, made a report cient amount of three per cent. stock as would sacommittee appointed at a previous meeting to consi-Suggestion which has been elsewhere made, viz:That the federal government should inscribe a suffiwhich having been discussed and amended, was unan- tisfy the interest of the several states in the public imously adopted. The report is in the following lands, distributing to each according to their proporwords, viz: tion, but reserving to itself the option to pay those states which have bonds out in their own bonds, so as to give the holders of such bonds the option of change for their three per cent. stock. And we beg to surrendering them to the federal government in exremark upon it, that we have no doubt it would be ac


In discussing the address to the king on the 31st Jan. upon a division on the Syrian question, the ministry were placed in a critical position by having been defeated by a majority of three votes; and at the latest accounts an amendment offered by M. "Whereas the expediency of holding a national Chastellous Laubat was pending which it was sup- convention for the nomination of candidates for posed would decide their fate. Mr. Guizot declared sident and vice president has been suggested by the emphatically on the next day after his defeat, that he whigs in various parts of the union; and it having would not open any negotiations for the modification been referred by them to the whig members of conof the treaties of 1831 and 1833, until he saw fairgress to designate the time and place of holding said prospects of obtaining that modification from Eng-convention: therefore land by a common accord, and with success.

"Resolved, The the whig members of congress, After alluding to the abandonment by the French concurring in the expediency of the proposed congovernment of the treaty of 1841, he said he thought the execution of the treaties of 1831 and 1833 should be maintained, and that this was a question of good faith. He said that the government would preserve its liberty of action and its responsibility. It would receive with respect the opinion of the chambers and the wishes of the nation. But if we and the national interests demand, all we can do is are asked for more than the dignity of the country to refuse. The debate had not concluded when the last express left Paris.

Date of Lon- Due in Lon-

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Total continuing to pay £27,750.450

1,000,000 1,000,000 6,750,000 5,143,750 600,000 167,000 6,400,000

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Portugal 1823$36




Spain acknowledged

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not acknowledged

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200,000 25,440,000 51,300,000


100 000,000

cepted here as an honorable and welcome settlement. not the federal government issue a three per cent. If such a design was thought too extensive, might stock to the amount required, of the Mississippi, Michigan, Arkansas, Illinois, and Indiana bonds, and any other that require help-taking counter security

from them?

vention, and yielding to the wishes expressed that
they should designate the time and place, do respect-
fully recommend that a whig national convention for
the nomination of candidates for president and vice
president of the United States be held at the city of
The amount required would be small, but it would
Baltimore on Wednesday, the 3d day of May, 1844; accomplish the greatest good to America generally-
and that the said convention be composed of dele-to the states which would thus convert their debt from
of senators and representatives of each state in the the same thing for Canada, by assisting with our
gates from the respective states equal to the number five into three per cents., and to the bond-holders.
One of the last acts of our legislature was to do
congress of the United States.
credit to enable them to reduce their interest from
five to four per cent.

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We subscribe ourselves, with much respect,
Dear sir, your sincere friends,
Nor were they apparently quite satisfied with this
measure of injustice towards our republic. To the
failure of some of the states to meet immediately
their engagements, was added, at least by the public

upon the misfortune as well as in some cases the fol-
lies, of sundry corporations and joint stock associ-
ations, which in the sudden revolution of bringing a
whole country down at once from an inflated paper
currency, to a hard money basis, became inevitable.
Banks had failed,-British capitalists had suffered to
some extent as well as ourselves, by their failure,
"Brother Jonathan's honesty," was broadly impli-
American government accountable for their unfortu-
nate speculations, in our bank stocks, as well as state
stocks. The extent to which this may hereafter be
pressed by them, may possibly depend upon their suc-
cess in the attempt to make it responsible for the
states. They will probably be content to try the latter

20,000,000 In the Register of the 11th, page 370, we introduc-presses of Europe, all the odium that could be thrown 29,000,000 ed some reflections on the subject of "American 50,000,000 credit." A consideration of the same theme has led of course to the topic which at this moment engages £506,843,503 more of public attention in this country than any other, and on which we claim a brief space in this 5,000,000 number. 6,000,000 We maintain that the credit of the general govern8,100,000 ment could not reasonably be, that it in fact was not 5,143,750 and is not, questioned, notwithstanding the recent fai-cated, and something said too about holding the 608,000 lure of its agent in Europe to obtain a single bid 867,000 for a trifling loan. Its resources were well known 16,400,000 to be ample to command the money for any amount 5,000,000 of expenditures which, either in peace or war, it 19,086,122 had thought proper to incur. Those resources had 200 000 been repeatedly tested, and never failed. That they 89,600,000 could now fail, in a time of perfect peace,of abund202,030,000 ance at home, and of open trade with all the world, no man can believe.

£157,996,872 It was the embarassments into which the finances 506.843,503 of some of the states of the union had fallen, that were seized upon and made use of to injnre the credit £664 740,375 of the nation. Europeans pretended that they must [N. Y. Herald. and would identify the state governments with the federal government, and consider the failure of any one of the twenty-six, as implicating American credit, as much as if the general government itself had failed.



The idea that Europeans cannot, as they profess, and will not, as they assert, distinguish between our general and our state governments, is sheer affectation. Republican institutions are not quite so intricate that they cannot be made to comprehend them, however reluctant they are to be schooled. If they revolt at learning of us, they might find something at home parallel in all essential particulars to the case in question. If the Canton of Bern, for instance, were to contract a debt in England, would the capitalists who advanced it, dream of holding the Swiss That there was a combination of the capitalists of diet responsible for the amount? Some of the memEurope disposed, through the means of thus identify-bers of the German confederation owe considerable ing the general with the state governments, to co-debts;-do the folks on 'change talk of making the PRESIDENTIAL. General Cass, has met with dorsement of the debts of the states, hardly admits er home with the analagy; and appeal to more faerce the latter into an assumption or at least an en- whole confederation responsible? Nay, let us go nearvery cordial reception from persons of all political of a doubt. The fact of the failure to obtain a pet-miliar facts. Time was when Scotland and Ireland parties in the west, on his return from his mission in ty loan in any money market in Europe, was strong each of them possessed its own legislative authoriEurope, especially in Cincinnati. The report of his presumptive proof. But letters have recently been ties, qualified to enter into financial engagements for having intended to remove to that city, is untrue.- published, from capitalists, almost avowing the fact. themselves;-and it is at least within the range of

By and with the advice and consent of the senate.
John McElvain, to be marshal of the U. States for
the district of Ohio.


possibilities, if not of probabilities, that one of them may again have. Suppose O'Connell should succeed in carrying his favorite measure for a repeal of the union, and an Irish parliament were again installed. would the London capitalists think of holding the British crown responsible for every pecuniary engagement that parliament might enter into under his influence? Let them answer, and are will then answer for the states of the American union,-aye, every one of them.

was really just cause for its sinking to, is beyond We are aware that the panic which both domes question. In fact, the failure of some of the states tic and foreign enemies of American credit and state to meet on the instant the payment of the interest credit have contrived to spread, added to the hostidue upon their bonds, added to the dispute about the lity always evinced by a considerable portion of our Mississippi bonds, constituted the main objection to community against undertaking internal improveAmerican credit as well as to state credit in whate-ments, and the fact of the resort to taxation lately by ver market. the states, all united, availing of the general depres. It is true that some of the states have very im- sion of business, reduction of prices, and withdrawal prudently extended their obligations beyond their of credit, have almost destroyed all confidence in the present means, and involved themselves to an extent productiveness of the public improvements. There So much for the question as between the Europe- that will take time to emancipate them from. are at this time, perhaps, few, who believe they will ans and Americans, on this subject. Let us now That however, is the "head and front of their offend- ever be productive. We are of those few however. view it as a question of our own, in which Europe ing." Honest men, and creditable states have often Some, of course, we know will never be productive; has nothing to say. gone that far, or the world's history tells us false.--but generally they will more than compensate the There seems to have been a strange fatality and The fact is, that an inveterate war against the credit investments made. falling into error at home in relation to the true fea- of the states especially, has been carried on, partly That confidence should be lost in those works. be tures of this question, the effects of which are far more by those who wanted to arrest the progress of state cause they have not been productive, is precipitate serious to us, than any fallacy that foreigners may enterprize and state expenditures,-partly by those folly. The line of trade with which they are intend have imbibed about it. That there is design in spread- who wanted to avail themselves of a deep depression ed ultimately to be connected as a whole, is hardly ing some of these errors, to a given extent, we strong- in the stock market, in order that they might specu- in a single instance as yet completed. Some of the ly suspect. It would be difficult otherwise to ac-late upon the public,-and partly by a thoughtless roads, and some of the canals are partially in operacount for the unremitted efforts of a certain widely body, who, in all communities join in giving any unfor- tion.-hurriedly put in operation, long before they distributed publication, issued from New York, and, tunate and falling interest, a passing kick down the hill. were nearly completed, even to the extent they did we have reason to suppose, solely devoted to foreign All these, we should presume, have had ample operate,-and hence the enormous amount charged influence, as it is conducted entirely by foreigners room to gratify their propensities. State stock has for "repairs," which should in fact have been put who profess no design of becoming citizens,-we say fallen low enough in all conscience. It is time to to the account of "construction." This we know to it would be difficult to account for such a publication's look deliberately at the scene, and enquire, whether be true of the works in our own state, and have no unceasingly discouraging the idea of the states being the depreciation has not been out of all proportion doubt, that it is equally true of similar works else. ever capable of redeeming themselves from their | to the real causes for it?-whether factitious circum- where. It takes years to adjust new constructions debts, if it were not that they wish, by representing stances have not been brought to aid the real occa- of such magnitude, to the old terra firma. repudiation as enevitable, to force the general govern-sions for apprehension,-and whether the imagiWe have just turned to a proof in point on this ment to interfere. nary has not far exceeded any true ground for the subject. panic? The real state of the case ought to be ascer- An official statement of the total revenue and extained and understood by all,-by debtors and credi-penditures, for eleven years, of the several finished tors especially. lines on the Pennsylvania canals and rail-roads, 710 miles in length, costing the state $20,653,791 64, for construction shows, in that period, expenditures Receipts,

As a specimen of the assurance with which the conductors of the publication alluded to attempt to pervert the truth and decieve the American people, one of their late numbers contains a table shewing the indebtedness of sundry of the European powers, and distinguishing how much of each debt is due in London,-(made out in pounds sterling, observe, with which the writer of it is evidently much more familiar than with our dollars,)—and which table, as it may be useful to our readers, we insert under the foreign head in this number of the Register. On introducing it, and it would appear that that is the object for inserting it, it is paraded as proof positive of the writer's assertion, that "No nation has ever yet been able to pay a large debt contracted abroad, and

none ever will be."

In all the public debates lately, the round sum of $200,000,000 is assumed as being about the amount of state indebtedness. This we think considerably above the actual sum.

Expenses exceed receipts by

$6.694,206 80 6,181,624 81

Many details might be adduced to show and prove that this general estimate carries the real amount much beyond the maximum, and far beyond the im. $0.512 591 99 mediately pressing maximum of state debts. This presents a discouraging view of affairs. But We cannot command the time at this moment to why? That a very large portion of the item of “exhunt up, and probably would not be able to find the should have been charged to the amount for conpenditures" was incurred in remedying defects, and data where from to show the amount that falls due struction in this case, we think obvious from the reannually, of the state debts. It would be an exceed-sult of the operations of the year immediately suc ingly useful table, and would undeceive thousands in relation to the actual difficulties they had supposed ceeding the termination of the above period, the the states to be laboring under. The mountain would particulars of which will be found in a preceeding not, to be sure, be reduced to a mole hill, but its as-union," where it is shown that for the last year,— number of the Register, under the "states of the peet would look far less formidable and no longer discouraging as business was in that state particufrightful. ration, yielded $530,452 00 revenue, over the amount larly, the receipts of their public works now in opeof their expenditures. This begins to alter the face of affairs, handsomely.

Let us consider for a few moments, the nature of those state debts,-for in that particular too, there is something worthy of notice.


This assertion is made in the face of the American people, made to the American people, the very people who, since the termination of the late war with Great Britain as the writer and publisher of that article well knew, have themselves paid off the whole of their national debt, most of it contracted abroad, amounting, principal and interest, to two hundred and fifty millions of dollars. The foreigner, who will come here and publish such assertions, in National debts,-synonimous to a certain extent the face of the very people, who, he knows, have ac- with state debts, have usually heen contracted in carOhio, for instance, has constructed public improve complished, easily, the very thing which he denies rying on or averting war, or under some similar cir- ments, which cost in the aggregate, according to a has ever been, or ever can be accomplished, depend cumstances which rendered them irredeemable ex- recent report of their board of public works, $14,upon it, has some other object in view, than the difpenditures,-expenditures without the hope of remu-627,549, the interest of which, at 6 per cent. is $577,fusion of truth, or the welfare of the states and of neration to the people, who are called upon to pay the people that he is laboring to deceive. the debt or provide for the interest thereon.- For this, at the commencement of the next seaWhatever effect such and other similar publica- Such is the debt, probably, of every European pow-son's business, the following works will be finished tions, repeated in thousands of insidious forms, and er at present. Such was our national debt of the re-and navigable, viz:-widely diffused over the country, may have had in volution,-and such was our debt of the war of 1812. Ohio canal and its navigable side cuts, actually deceiving the American people as to their Once expended, the money was gone forever, and Miami canal, capability to discharge the debts they have since the people had to be taxed to pay the whole amount, Extension of Miami canal in part, contracted, as of the states of the union, we will not principal and interest. Warren county canal, undertake to say; however it may have occurred, that a prevalent error of opinion is abroad, very much to the disadvantage of the credit of the states, we think can be demonstrated to the satisfaction of any unprejudiced person that will examine the sub-it profitably invested, in improvements; which, besides Muskingum improvements, ject. conferring incalculable benefits upon the community, We maintain, that the idea is abroad that the states opening facilities for them to markets, enhancing the Making the aggregate length of naviare indebted to a much larger amount than they are value of their products, and consequently of their gation, in fact. By a great many it is supposed that they are possessions, also, by the revenue which they will For the coming year the board estimates the aggre called upon forthwith to pay up the amount that they bring when completed and fairly in operation, will gate receipts for tolls aad water rents at $600,000, do owe,-whereas, the amount that can be demanded pay the principal and interest of all the money that which, after deducting expenses of management, &c. within ten years, is comparatively but a small por- they have cost. will leave a net revenue applicable to interest of tion of the amount due.

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of any material amount, but which, instead of being Walkolding canal,
an utter expenditure, is actually invested, and most of Hocking canal,

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This brings us to a consideration of the resour$400,000. The deficiency of $477,000, to be suppliA still more numerous class have formed the ces which the states have, wherewith to pay what ed from other sources, the board say will be dimin opinion that the states have not,-and the class is they owe. The capacities of the states to meet their ishing from year to year, "and the time is not far disnot small even that believe that they never will have, own obligations, have not been duly weighed and tant, as the board verily believe, when the revenne the means to pay off what they owe; whereas, there placed as they should be, to the credit of the states. from these works will be fully equal to, and even is not one of the states but which has inherent re- In fact, so inveterate a war has been waged at home exceed the interest on the cost." sources competent to meet every existing obligation, against the credit of the states, that we should cease So also with respect to the Maryland improve-and it only requires judicious and energetic efforts to wonder at the doubts of foreigners. It would real-ments. Two-thirds of the actual amount of her to bring those resources into effectual operation. ly seem to be a question with many, whether the debt has been incurred in constructing the ChessSome slight shadowings forth of the expense to states have inherently, any resources of their own, peake and Ohio canal,-which is in a manner use the American people, of the sudden transition from or credit of their own, that may be relied upon. If less, until it shall be completed to the coal and iron an inflated paper currency, to an actual hard money the true character of our republican system is for-region. Then, or so soon after as its markets are currency, was attempted in a late number of the Re-gotten by our own citizens, Europeans have some ex fairly found, it will pay as well as any extensive gister. That in this process, such of the states of cuse for pretending that they cannot understand, and public work in this country, and remunerate the state the union as had incurred considerable debts, would will not learn the refined distinction between our for all her investments therein. severely feel the collapse, was a matter of course.state and national governments. But that the credit of the states have sunk, and for And first of the legitimate resources to be derived the same causes which were assigned for American from the public improvements in constructing which, credit having sunk, far below the point that there the debts have, in large proportion, been incurred.

The investments which she has made in her principal rail-roads, the Baltimore and Ohio, and the Baltimore and Washington, have cost the state, fact, nothing; for those companies have regularly

met the payment of the interest thereun as it feil dne, i ces were al resorted to.—an income tax, for in-
and there is now no doubt of their continue to do
The Washington line is a handsome source of


revenue to the state.

The chain of internal improvements might be pursued through most of the states that have become much indebted, and with results slightly differing from those already noticed.

Some of the states, as Louisiana, Alabama, and Mississippi, instead of carrying on extensive internal works, incurred their debts for the purpose of furnishing the banks of their states with capital to loan to their landholders, and took mortgages upon their lands for the ultimate repayment of the money. As we said before, it is probable that these lands will produce the largest part of the money due, upon what is not otherwise discharged, so that the loss of the state will not be very great.

stance, which also, as a new measure here, was diffi-
cult to be carried into operation, and new enactments
were found necessary to the object. They will, no
doubt, be also supplied.

The wheat or flour aised in the state, beyond what is required for consumption in the state, and is therefore exported, would of itself, in a few years pay off the whole of the state debt.

The corn raised in the state beyond what is requirSo far as we have returns, the assessable property ed for consumption in the state, and is therefore exin the state may be computed at 200 000,000 doi- ported, sells annually for a sum sufficient to pay the lars. What is the rate of taxation that would annual interest accruing upon the debt of the state. produce from this amount, an ample supply of These are but three of the many items which are revenue? The present tax imposed, was intend- sent to market from the state of Maryland. The ed to yield $600,000. It will fall something short theme examined in this aspect, furnishes conclusive of that, when the expenses of collection are deduct-proof that Maryland can pay her state debt. If each ed, but the other expedients resorted to, when of the other indebted states were examined by the brought into operation, will more than supply the same rule, every one of them, it is likely, would be deficiency. Meantime she has a sinking fund in as able to pay their own as Maryland is to pay hers. operation, already amounting to nearly one million There is one other consideration in the topic.and a quarter, that is constructed so as to meet the Who ought to pay the state debts? payment of the principal of the debt by the time it becomes due.

To establish that the states can pay their own But, suppose the worst that can well happen,-debts, would seem to be a sufficient reply to this ensuppose that the states derive nothing whatever Can there be any doubt as to the capability of the quiry. If they can, they ought to pay their own from their investments,-that they have to rely sole-state to meet her obligations if she please to exert debts. ly upon taxes and such resources as states must rethose capabilities? Yet there are many of our own people who insist sort to in cases of difficulty; suppose they had each A mere statement of these 'ways and means,' would that the general government should aid them to do of them incurred their debts in self-defence, and ex-seem to be conclusive as to the capability of the peo-so. That there is a combination amongst foreign pected no returns in form of revenue from them and ple of Maryland, to meet their liabilities. Their dis- capitalists to force the government to assume the had no ultimate securities to recur to,-nothing but position,-whether they are or will be willing to sub-debts of the states, we have no doubt,-not a writthe current resources of the people; could they not pay their debts, even in that case? Yes they could, and what is more, they would too; notwithstanding the hesitation which we are obliged to notice, expressed in various directions. The American people, notwithstanding they have some amongst them that would be glad to get rid of their responsibilities on any terms, are in the main, quite as honest as any other people, and if they can pay, they will pay what they owe.

That they could pay.-any,-that the most severely indebted of the states, can themselves, pay off their debt in time, and whatever may by some be apprehended of repudiation, that they will pay, we have full faith, even it their improvements were to turn out utterly unproductive.

The effort would be severe, for any thing that Americans have been heretofore accustomed to, we admit. But they are capable of exertion when it becomes necessary to their character.

The people of these United States are little accustomed to taxation, in the style in which it is imposed by most other governments. For instance, the people of Great Britain and France, we observe by returns furnished by the last arrival, have had to pay to their governments, in taxes in one form or other, each of them, for the last year alone, far more than the total amount of all debts of all the states of our union, with debt of the federal government added thereto. Great Britain has half as many more inhabitants, and France twice the number of inhabitants that the United States have. The people of neither of them are better able to pay taxes than are the people of the United States, yet in a single year, they have each of them had to pay more than the whole of our debts,-state and national. If they are capable of enduring such an exaction, could not the people of our states endure all that would be required to relieve themsevles of the debts they owe, in the process of a number of years?

We will take our own state as an example, to show that she could, and we verily believe she would, even if her works were never to pay her one cent, meet the payment of her obligations in good faith, notwithstanding.


ten association, not a formal legal conspiracy, but a tacit understanding, introduced upon exchange, and from thence transferred into all the monied circles of Europe, not to purchase American securities of any kind, nor to loan to either governments or states, until the federal government shall assume responsibility for the existing debts of the states. They cannot, for the lives of them, understand the distinction between our general government and our state governments.

Whether Europeans choose to understand our republican institutions or not, we are not disposed to allow them to cajole us out of those republican institutions. Whether they like them or not, be it known to them, one and all, that we like them, and they may lump them if they choose; that's all. They are our institutions, and we choose to adhere to them.

ject themselves to exactions to that amount, may be
disputed, and by some, disbelieved,-but no one with
a full view of the subject can dispute, but what they
could pay if they would.
It is true, that two or three of the counties of the
state have neglected to progress with the assessment
of property, or the collection of the state tax, and it
is true too, to a certain exent, that some of those
counties could hardly have paid the taxes if they had
obtained collectors to attempt the collection. This
state of affairs, however, arose from peculiarly un-
fortunate circumstances, such as occasionally visit
communities and deprive them of their usual capa-
cities. For three successive years, a section of coun-
try, including the counties alluded to, have been
visited with such unpropitious seasons for their crops,
that they have been exceedingly distressed by the
extent of the failure, and the last season, which to
all the rest of the United States was so abundant, According to our system, then, the states of this
the failure there was so entire, that it has been as-union are, to a certain extent, and that a pretty wide
serted by most respectable men from there, that the extent too, sovereign and independent states;-sover-
whole surplus crop, which could be spared for mar-eign in all those powers which they have not parted
ket, would not sell for enough to pay the taxes,with, in order to constitute a federal government.-
and a large proportion of the farmers would have to The latter government is constituted of powers
go elsewhere for corn (which is their usual staple) granted. The state governments have all the inhe-
to subsist upon. That people suffering under such rent powers essential to sovereignty, except what
visitation, should be enabled to meet new and heavy they have divested themselves of for purposes of the
exactions in addition to what they had been accus-union.
tomed to, is no proof that these same people cannot Amongst the portions of sovereignty, or state
or will not cheerfully contribute their proportion to rights, reserved, reserved because not expressly part-
the public treasury, under other and more favorable ed with, was the right to enter into obligations of al-
circumstances,-or seasons. A dearth, a famine. a most any financial character. These obligations,
fire, or other misfortunes, may fall upon particular when entered into, are their obligations, and not the
localities, but it would be unfair to make up a gene-obligations of the federal government, which can in
ral account of capabilities from what can only be no greater degree be made accountable for any such
obtained of such spots. The other parts of the state obligations made by a state, than it can for an obli-
have paid as promptly as taxes are usually paid,—and gation made by an individual citizen.
they will continue to do so, and our word for it, the This logic may be altogether unintelligible upon
delinquent sections will soon march into rank with the royal exchange, it may all be republican gibber-
the foremost of those that have paid. They are as ish at the rialto,-but the Americans think they un-
true Marylanders, as any that tread her soil, and de- derstand it; it is sufficient that they choose to ad-
serve in their misfortunes, forbearance and encour- here to it; at least so far as foreigners are concerned.
agement, rather than reproach, for not having per-
That an adherence to this principle in our system,
formed as much as others, when their condition duly is essential to its duration, can hardly be questioned.
is considered; and yet, strange as the fact may ap- Our adherence to it has been severely tested, and
pear, it is nevertheless a fac, that public opinion in we have passed through an extreme ordeal in sus-
relation to the capability and disposition of Mary-taining it.
land to pay her debt, has been formed entirely from The framers of the federal constitution when they
the failure of the three counties, so situated, and assembled to construct that instrument, had just ex-
regardless of the actual performance of the seven-perienced all the evils flowing from a resort to credit
teen other counties and the cities that have promptly beyond capacity. It was at the moment when a
met the exigencies.
thousand dollars of continental money would not buy

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Maryland found herself involved in a debt, according to the manner in which it is estimated, of over fifteen millions, but in fact, of some ten millions of dollars. This furnishes a fair criterion, for if she is to derive no revenue from her public works,-(we are now arguing under that supposition,)-if she is to derive nothing from her public works, her debt to her, is as heavy as the debt of any other state in the We are admonished by the length to which these a man a meal's victuals, or tape enough for his wife's union, if compared with the resources of any other remarks have extended, that the example of this sin- apron strings. A prohibition, to obviate such a state state that owes a debt. If Maryland could pay her gle state must suffice as proof upon the point in ques-of things from recurring, was deemed indispensable debt in such a case, so could every other state pay tion, that is, that the states can pay if they willto render the new government popular. The states We doubt if there is one state in the union, their ac- were accordingly prohibited from issuing bills of Maryland, we have little doubt, will soon demon- tual resources fairly estimated, and their public im- credit." That the prohibition was not extended to strate that she can and will pay her debt. After ful-provements out of the question, that is less able ul- the federal government also, is explained by the fact, ly ascertaining that taxes, which she wished if pos-timately to discharge their existing obligations, than that the latter was to have no powers but what were sible to avoid, were inevitable, her statesmen set se- the state of Maryland. expressly granted;-the power to issue bills of credit riously to work, and though it takes some time to get One other glance at capabilities If it be true that not being expressed, was presumed to be withheld of laws of that kind into operation, sufficient has been the amount of property subject to taxation in a state, course. done to establish beyond doubt that she is in earnest furnishes a less certain criterion for judging of the This prohibition to the states, was one of the very in providing ways and means to meet the exigency. ability of the people thereof to pay, than a state- few unwise provisions contained in the federal conAs there had been no state tax levied since the last ment showing the amount of surplus commodities stitution; unwise, because totally incompatable with war, it was necessary to have a general assessment of which they can send to market,-a measurement of the operations of the systems of government that all the property in the state, in order to fix a tax there. their means by that rule, will be quite as conclu- were adopted. on. This was of course a work of time, and diffi-sive. Take a single article; and that not selected as culties occurred, which have prevented it from being the first staple of the state; but because we happen fully carried into operation; but the failures are ex- to have the data of that item at hand;-the tobacco ceptions which the present session of the legislature alone, raised in Maryland and exported, as a surplus will take care to provide ways and means to obviate. commodity, would in five years pay off the whole of They are now occupied in so doing. Other resour-the debts of the state.

That any constitutional prohibition can be framed by the sagacity of man, sufficient to prevent the exercise, either by the states, so long as they retain the shadow of independent sovereignty, or by the general government, so long as it depends upon constituent powers for existence, of the use of their own

credit for the furtherance of their own legitimate | spur of local and sectional interests in outdoing her mittee appointed on this matter. He objected to the objects of government, or the preservation of their neighbor in the race for "improvements" of which printing of any extra number of these reports from own existence, is utterly out of the question, and she is to enjoy all the benefits, and others are to the committee of ways and means in relation to a inconsistent with the nature of things. pay twenty-five twenty-sixths of the expenses? project which (or something like it) gentlemen on The conclusion must be too obvious to require fur- both sides, whatever they might say or do, might dether comment. pend upon it must, sooner or later, engage their most serious consideration. "To this complexion it must come at last."

This was broad and comprehensive. According to universal acceptation, as well as according to common sense, any regular evidence of debt, accompanied with a promise to pay, is essentially a "bill of credit."

A proof of the above position may be found in the case alluded to. The framers of the federal constitution intended to limit the use of state credit, and But, say the advocates of some means of "relief" they employed as comprehensive terms, as plain and from the general government to the indebted states, positive language, as could be found in the English "it is not intended,-we admit it would not do as a vocabulary. The states of the Union were express-general system, at all; it is only for relief from the ly prohibited from issuing "bills of credit." present exigency, and never to be repeated." Fallacious idea! Set a precedent of the kind today; to-morrow it will be pleaded as a pretext which no ingenuity can get rid of, and all your preventive precaution would be deservedly laughed at. Actions are always more expressive than language can be made. It would be a precedent, and whatever words might be used to call it otherwise, would be essentially false. The language would be hereafter "Inasmuch as you have done it in this case, you have no right to refuse like relief, when we present you a case of equal embarrassment, and (if the case shall require, it may easily be made), of even much stronger claims, upon your sympathies."

What was it? It was, in substance, a proposition that the general government of this country should come to the aid of the states of this union, which, for the most part, for useful and laudable purposes, had involved themselves in debt to such an extent that they could not be relieved by the taxation of their own citizens; and they now called upon this union to assist them in the discharge of these duties of morali ty which belonged to nations as well as individuals-to pay their debts.

The constitution was no sooner adopted, and the machinery of the confederated republic of independent states put into actual operation, than this proMr. A. disclaimed any imputation of an improper vision was found to be entirely incompatible with motive to any inember of the committee of ways the whole apparatus. Neither the parts, nor the and means or of the house. But he must say that, whole, could be kept in motion under its authority. so far as he had seen these reports, the subject had The utmost ingenuity, not to say sophism of the not been considered by any means to the extent judges of the supreme court was severely taxed to which the importance of the proposition of the genconstrue the restriction. They were bound to con- Is the hope entertained that legislative folly will tleman from Maryland demanded. He (Mr. A.) did strue it however, and accordingly they did construe cease with the present generation? If the responsi- not mean to be understood by this (although the it, as meaning as near just nothing at all, as any thing bility of having to comply with their own obliga-speaker had placed him on the select committee) as could well be imagined. They very rightly and ve- tions, was insufficient to deter the states from run- pledging himself to support the proposition as it ry wisely decided, that the fundamental laws could ning into imprudent speculations, will they be re-might be reported by the gentleman from Maryland. not have intended to deprive the governments of a strained when they know that if they hereafter ad- He (Mr. A.) did not hold himself responsible for that prerogative so indispensable to existence as the ex-venture and fail, that the general government is proposition. But he did claim, in behalf of the honor ercise of a right to enter into obligatory contracts, bound, or if not bound, that they will nevertheless of this nation, as well as in behalf of the memorialists or to prohibit the using in some way or other, their come to their relief and exonerate them from diffi- who demanded this sort of thing of the representacredit as a government's "bills of credit." Therefore, culties? He has formed a false estimate of man, tives of this union, that the subject should be fully, according to what their definitions may be, we really who predicates either upon his prudence or his ho- fairly, and impartially considered, and that it should know not what in legal parlance would be a "bill of nesty, under such circumstances. The utmost re-not in this way be set aside by a side blow from the credit" in this country. We only know, that that pro-sponsibility, responsibility in time and for eternity, committee of ways and means. hibition notwithstanding,-the United States govern- is necessary, in order to keep individual man in the However lightly the members of this house, whigs ment, or any one of the state governments, may go path of prudence and duty. In his political capacior loco focos, from the north or the south, the east in debt, and issue evidence of its indebtedness, with ty he contrives to evade part of this responsibility, promises to pay, in almost any form of obligation it under the idea that it is shared by others, his fel-or the west-however lightly any party here might pleases, and those evidences are not legally held to lows; and hence it is, that in public bodies or politi- land, they would have to come to a very serious contreat the proposition of the gentleman from Marybe bills of credit." Sterling bonds, or currency cal parties, moral obligations are less regarded than bonds, treasury notes with interest, or without inte- in individual life, responsibility is divided, lost sideration of its object and purpose before they could finally decide upon it. It was an unexpected and a rest are not "bills of credit." State bank notes, sight of, disregarded. nor yet notes issued by banks, chartered by state au- Extend this operation into yet more remote rami-marvellous thing to him that the whigs of this house; thorities, are none of them "bills of credit," accord-fications, let the responsibility dwindle down to that the whig party-should feel such extreme anxing to legal construction. The plain truth is, that no state could well exist without maintaining as amongst its fundamental powers, that of entering into obligatory contracts, and consequently, issuing evidences of its obligation. Quibbling about the form of such obligations, is perfect humbuggery.

Such, in spite of the prohibition alluded to, is the The states then may form obligatory contracts. true genius of, and the universal practice under our republican system. The states have in fact a wider latitude than the federal government itself, in this respect. The latter has but granted powers, and is restricted by the limit of its charter. The states, on the contrary, enjoy all sovereign authority that is not prohibited by the constitution. The one has to look into the constitution for its powers-the others enjoy theirs inherently, except where they have elected to restrict themselves. Would a shadow of states' right remain, or could a state long exist, if the right to make contracts were relinquished? When we assert the right of the states to enter into contracts, we of course, hold them bound by their obligations.


The responsibility of every contract, in the nature of things, must rest upon the authority that exercises it. The moment in which that responsibility is shif ted from its right basis, in our system, the governments under which we live will go out of order, and the whole apparatus will soon be found to be totally unmanageable. In short, let it be understood that the states can contract debts, which the general government may be made responsible for, and from that instant the seeds of a revolution, possibly slow in progress, but as inevitable as fate itself, will have been sown. Human beings in their political relations never yet have been entrusted with any such power of indulgence, and for which they could shift the responsibility upon others, without using that power imprudently,-extravagantly.

mere shreds and shadows, and see whether you will
be able to hold whole states, and any number of
states, within the limits you must have them. Do
so, and the republic is lost forever.

iety not to have resting upon them the imputation of favoring that project. One would suppose that because the loco focos were at the present moment in the glow of victory and triumph, they thought they We have trespassed far beyond the limits we de- would be subject to trial for treason (under the apsigned. Let us recapitulate. Having endeavored to plication of the second article) if they were not sup show, that the amount of the indebtedness of the posed to be adverse to this aid by the government of come due has been much exaggerated; and conse-salvation depended upon their protesting that never, states, which is now due or which will shortly be- the union to those states which are involved in burdensome debts. They seemed to think that their very quently that the actual embarrassment of the states is not as great as is supposed.

That the fact, that the largest portion of the money,
instead of being squandered, as money obtained by na-
tional loans usually has been, is invested in useful
works, which in a short time will be profitable, and
will repay the expenditure; that this fact has not been
duly considered, nor the inherent resources of the
states even if deprived of that resource, been duly esti-
mated;-we hold that-

The capacities of the states to comply, if not in-
stantly, yet ultimately, and certainly, with all their
engagements, cannot reasonably be doubted;
Their disposition to do so, ought not to be doubted;
That the right of the states to enter into obligatory
contracts, is indispensable to the maintenance of
their very existence, as independent states;

That the responsibility of meeting the obligations
of a contract, belongs essentially to the authority
authorising such contract, and cannot be removed
from that basis, without imminent danger of depravity;
That a political system predicated upon any such
error, would inevitably be ruinous;

That if the states once obtain the precedent from the federal government, of assuming debts which they contract, it would be impossible to prevent a recurrence to that course.

In fine

That such a course would be fatal to the republic, is our sincere belief.

never would they consent that any aid on the part to these states. We had heard declarations from the of the government of this nation should be extended Sovernor of one of the states that the people of that state would sooner endure a war than they would pay their debts.

Mr. Thompson, of Mississippi, desired to correct the gentleman. The people of the state of Missis sippi had never refused to pay any debt they owed.

Mr. Adams said he understood the gentleman from Mississippi perfectly. There was in existence a certain letter, written by Governor McNutt, in which he had expressly declared that the two representa tives of that state in this house concurred with him in the opinion expressed.

Mr. Thompson. Produce the letter. I recollect it well. It is not a letter of governor McNutt in his The legis official character. It is a private letter. lature of Mississippi have spoken on this subject, and what they have said is known to the world. I trust the gentleman from Massachusetts (M. Adams) will look into the action of the legislature, and not to the private letters of Gov. McNutt.

Mr. Adams. Governor McNutt says that the people of Mississippi would prefer a war to the payment of their debts. I shall not enter into the controversy as to

Mr Thompson. If Governor McNutt speaks of the five millions of Union bank bonds as a debt, he

DEBATE ON STATE DEBTS AND MIS- does not mean to convey the idea that Mississippi


owes the money. I wish now to be specifically understood. Mississippi has never refused to acknow ledge and assume the claims which are presented in the shape of these disputed bonds; and Governor McNutt, in a private letter, asserts that before she will assume them, the people will resort to any means whatever.

Let the states once imbibe the idea that they may contract debts for the payment of which the general government may be made responsible, and to talk of restraining them within limits, is absolute folly. (House of representatives, Friday, Feb. 10.) What reasonable man of any political party would The state debts. Mr. Joseph R. Ingersoll rose, under trust his political opponents with the control of a the direction (he said) of the committee of ways state, if such doctrines were sanctioned? How long and means, to call up the motion he had heretofore would this confederation endure, if no reins were in submitted, under similar direction, to print 10,000 their grasp upon the latitude of expenditures of any extra copies of the report of that committee on the of the twenty-six of the states of which it is com- memorials in relation to the two hundred million posed, and they were yet to be made accountable for loan. Mr. Thompson. I concur with Gov. McNutt that, the amount, whatever it might be? Nay, would not Mr. Adams did not think the presentation of the before we acknowledge that to be our debt, we will each one of the twenty-six be under the whip and reports evinced a proper courtesy to the select com-resort to any means.

Mr. Adams. Yes, he says so; and that her two representatives on the floor concur with him. Now whether it is a debt or not

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