Vincennes Gazette, Volume 13, Number 32, Vincennes, Knox County, 13 January 1844 — Page 1

tfT 'TRUTH WIT5KH T iTAK. VOLUMK XLif.l VLCEX.ES, I X 1) I A N A , S AT I J 1 1 1 A V MOilMNC;, JANUARY 13, ISJJ. no.

LP O

.'--1 v y-,' - -Hy-v ti..TC'i

liom th St. I.out-e Ikvpublicui. A. 13. CiUMBsntix, rsq. Pear $ir- I tou the folio via, impromptu etljsiou fit SCl.l r p'mh. iS "A fit 1 i'U.i; cation by your abte Wh'u Journal. It vv ten on hearing the invitation of the uuhle Whigs ct liaitirr.ors to their brothers, to h ! a Young Men' Convention of Katitie.ui'Vi ;:j their regenerated city. I have observed tht W!:i.r i.inje shock Locofoco editor drer.t'.'od'v. ?' wonder. Thev very we'd kno.v they cami-.t excite a ing'e thrill cf genuine teeha-r. t"ei:h the Whis. they have not a teller to nh ;:i thev cm . e-fociily point, as at once then en: iui-i item choi,-;-, ud the pertiotiitK'at'.o.i ( ihrir ; unri; !e.. GALLANT YOU2JO XT: JIG 3. Tvs K---SViir Ji-titrn. "ia!!-int Youne Whij- awa! awaki'I . 'Tis now no tone to torv; "Vake for your own v our countrs Wnke for v nr .v:i true llrrv' Stff o'er his !u-a l iir tii; ho ivo A II 1 1 calls il t r riv, I'r. ni lif fre h it At'mtic 'we To everv Western v.i':, v W hon once the fuon 1 of s'lifAi. ) iiuh ri'-it s-un-hr 1 iiit rvroy v t. i.-h w luen o Our in iJi", ;iu.l ' yr i 'i t won,! ins.1 v.no- wn near.!, whose bo.!- iko torn S'o ' I 'mi l that wil.l c arn.-ti u? Wb.o but our Harrv h i-.!n I th -!..im Of Passion's,- artrrv o--i!i? Wii i. i !ieti '.!' f r.,'.t .r - i ' L i-lll IV And tl ii';r..' ; itaor'.! r.nn I u, W'U i-U". our ow:;. o-ir il! mt l.T.A' I !i.-o more hi il; i oi bound u I j-ticc t Hairy -f 'ho U"r:;' W hy sh u' i r i - i ;.t t i: i ! T! iv,' J.r.vs n- ! in !e:::iaii brrj-t More fi.thf.il than .mii Unrrv! rti.i.-e t Ilafy .f We-t! The vs iinis t' e -Tut 1 the very Vri Shall I'-mm:i. t:. Vl)l'.(i WilRiI know yi.i wii! w o.t nail carry nh f r II ai r ! -ye mt h.jsti e t.i. i v, in W ' 1 1 go mid give u.r To our t' rii e -z ". i,.t I ! . : t:..!iiii.vi:i-. i.:. oiid v.o II. W.M. I,. riELinr or in.- :zr; la?;::-3 I holsi: of ivi M Ml It . !b e.. h" pr.nled. i IsMr. W:t ' x' ( led 'o.umi: dav of D ..... r I : ' i i . . 1 ' 1 s r hoi s e a r, o ; : ; : N, Irom t!f SoI on i ,e -J9.I, h'.st, t v vv iioin were in 'inonal proving :i G. I 'V .! .- tel.; M;.L to i i c a t . o : i : 1 1 t i t-. or sto c ri i',e I ' ol i L: u -i ! . ; trr U'ed c ; u : - an! 1 b s ' . i i 1 1 m 1 - ; i :i s . 1. s. T-rr '.or: t 1 i ) ). oi I' lOWl g , ::) w N tor t; Tlie s f - rred t ( "oei miii,;ro ; w rei e- . ol i se - IV' li -t d ! cut hi 1 I ;; t - CO' ei oi t re.--:i i t; i:i;:e mu '(": n i i i i'V 1,11.11V Stat", oi il! po.it!.---1 praver I too 1 , e v r r v parii a id e pu rs- , mi: in ; oei try, a i v an in i a , ('oil;'.TS to I - - 1 1 '. Ol III in i m oi fUK.x, o u i v ; n-u a in '.a or reu i ; c h .'. all the Suites, 't'en itorie. an 1 the i Ustri of ('o'tiuihia, upon an equal ba-is, and a portion ,,f tie. m piav'oig for the a lorni n a sp ilie m -as-:ie proposed io Congress at its last session. (See A ppendix. A .) 1 ney all .h--ire tiial too stock shall be isu 't upon fie l.-ctn ol i.-.e I enera t,,vi em me nt. n i , lie iCf-e of lie sal 'S ol .r..,l p-ibii d - 0 1 i i : u tor tlio p i ni. ni o Thev unite m th - o one coin - r.en ommo: ot it n re war Vive lioleti g: ( I a l that industry has grmoly property an 1 wages all v I a vain tha; conndeu' e ! s iuip-iir I I, t ween liianand m '-in ; th . in u v ; 1 1 1 a t ' s n-i n'.' ' . " tnev have no I th at -.vlide thev havi ' ie means or a i lie w uity to eischarge anOld xactions of direct taxes, which nianv oi the StaP-s are beim I ureed to vv, in or oer to-nn o rv e their il tueir engagements and piep.lg.'l'.f o i ladh. And tiiev express their earnest conviction, that cor.ii'nee wi! nit be restored ; that in: i i all its departments, will not thrive ; that g-mpral prosperity will not return and nhioV : thnt the faith f many of the State will not be maintained, nor tlie General Government itself recover and sustain in former high credit and character, unless Congress extends its aid and bv prompt, decisive, and enlightened legislation, res cues top people rnd tho Stales Irom their present depressed and embarrassed condition. Willi these views and under these circuotsnces. the memorialists make an ?rn't appeal to Congress to exercise tin powers and means which thev have entrusted to it. and,ortof the vast resources -vhi'-fi the General Government enn make f.vr.i'a Ye, to extend its rid iti this great rm'-rgeney. "t our committee, strongly svrcinathizing ',.''' the me rrtoria'.hts in the general di-

'vatls. m the embrassmc'it: r e s p r i ' V e . f a g 1 1 c . : 1 1 u r e , in. J in Mint i:-'ni v. embracing l the v?n her an : mausiry. n:.u name 1 with the lu'iv i-i' v uu; mi voo , Tss ert nisi v t . i , eoi'Si . e r ; in -3 prayers extern! Willi .'l the mcmoriali is. a 'i i willing sr.:! efficient ai.1 :e?sarv, at this late peri I i. :i u on'v lie session. i I of tfi1 ri'eofnmnntl t;.c nrnxopl'? oi tnc inea'ir-1 tr voetl. vvitli ui: e:!i:jr:nij into details f,irt!i.:r lion it miv b necessary for its i:h::ratioa. i'iie committee have observed, with r.nxi ;:s sjlieioi !e. the genera! Cepree;o;t I S ttsi:i-.;s ofovery kind, the rapi.J depre-i-;;-.in:i of . :erty and wie, the general .earei:v of money, the !.-is of in jiud.ial ronfid m- i: tlie us.ia! bvistness purnii3 of life, the titter prot.a'ion of thy credit of inanv f th.e S: ' "f the Jnio-i; e.'v.l the iniurious inline;!' ol eomb.n causes, espeeialiy up. -n t e cr lit of tlie (lenera! Ciovetnin-eu. ! Th'? eti !.;ran'o mdivi ;ua!. Mate. :tnd I; O on:d ( ni'orri'.nifiit, has existed too r ; the extent is t ) --ncral and p?rOil; to be tiaeed to civis.s either parnip t:uv. I'iery portion of the : els tin ir etT-'i.1;. a:t ! ev:-ry ptu- : hi -1 r v s iil'-rs in c.;i--quen ?e. .e :;ns been (dti uot.'d in its a".1 co'irse. uiar.ti l.-icture havee 'as''I m 'i oioe ir d t o tin ULt w i h plaqtrer for want ..f mat k mo aiii I'rov iden 'e has lilcsed the land plenty, and both the farmer anil r have had alrandant crops, the low i f produce b.s ytelled hut slight reto industry, wlele the re lured rate es has been fell most seven-ly by class of laborers. Such is the. dew ard of w a: everv pressed condition of the country it a time wh-Mi the vi vield.n ab.indauily, and the ! iittoMi. w i-'iiv, irei. h froui tlie ea'amities of . w a-, ih i ililsim! in peace and prosperity t Ah t'u .i i : , i : i u !1V . 1 not ,-gr. e ip oi t-ie s 1'i.ted the rib :te I'n ; eiti t eau H-'M-nl fiii d;!u,-:hi ' - v ::rra? m"i.ts. ad atw.'t ' r v. !i;e.'i tlie 1 1 , ' e re ng, tn .. greiter or I isl O-i! se , f .j,., s degr"e, ,o . ;:rr il ( i-rp.ui T e ; ii. i. i i it. the r. I'l. i.u .e It ;i3 a u s a s t . a 's ;arras.1 the tin 1 at:.'.: b-r, ! v ui-es Irom or. -at aiili ec s mar v o! the 'ate a pert. 1 as 1 s 10. a fixates wt .;e jiidehted. Api'.i - to w to a v r v inodt w r o-i. inn-; oi mem n i . ..iii ir ire io l ies. : i ati- - r -v fr, j. ; by a s. perbrps , 'sources, ill th irit t on.- rpi im imprudent, to m soiii; i i 1 V e i o ;- ( eneour'y1).5.). -r a ill!e:r r hy th of th -' ternol aid of the nation si treaeyrv, some S t a ' e s e tr. b a t k e ,i in -vs:"!)1 of ini nprovemtr.t o). v vast in design and 'x tens i ve for immediate a co : 1 1 j ! j -! j - with their limited inatis, and when .1 a. ai. tr im tti-' nation-1 I re isnrv w4vit!iheld. bad recourse to their own separate credit to effect what only toe joint action of the Sta'e-s and the General Gov eminent should perhaps h.ave attempted, and wlueli, by their united capv;iti-'S aion-'. i'cii : d have been se.ecesfu!lv accomplisho I 11 e.e m and ere-hl : f t hetj States xhatisted !eiore their works were e l, and their only resource now ! or tm pav m uit ol t;v: ig in'crest, w ! ipeuuieent debt find i e r i ho it the aii! of tlie - nt ml ( -nni-Mit. resti vvuo Iv on d t '..XllttOtl. S.r'h in hi i -f, tiie ch; eseni "mharrassm-nts ol ! cans of the the State mourning to an in : ?:-.). ;.o 'U.odo, e )tt w tie seen oy ret ence to id 10 C. print -"d in the A ppen ix . I o t :is sum may he ruined near.v Hurt d, niili ins of debt of the different cities, (see Appendix, 1).) which fall on them exclusively for pavm-ru. Including this debt of the cities, tne States have to meet annua! interest of about. twelve- milium an of dollars, the greater part of which, under existing engagements of the States, has Pe pa: ri ( ,-, in sp. cue or lis equivaPoo j :a nioour.t innv not seeni Irtrge. idiui thiJ grfnt resources of the country ami it eapacitv for production are considered , n r would it pressure be felt in so severe a degree, were it paid and distributed among the people in the comities and Suites from which it is raised ; but ibis -immal demand upon the productive wealth . . . .... 1 , ,- ami labor ot tue riaies, m auuition to tne charges of collection, and the annual levies also, to support the county assessments support and the civil expenses of each State becomes oppressive- in a degree that cannot he borne, without a sacrifice of the happirirs and prosperity of the people, and it therefore becomes the interest and duty of the General Govorneoent to mitigate or avert so great a burden, by resort to the abundant means and conservative powers with; ii its control. The States have no tivans and no powers to raise revenue but bv taxation. The General (iovernnient possesses all control over commerce, and cfui raise abnndant resources from imports. It hIso exercises the power of appropriation over the public lands and die proceeds of their a!e5. Had the Siates control over either tlie custom or li e public lands, they could easi'y tne rt their engagement?, and speedily liquidate their tie bis. Seine of the States do nt comply wiih their engagements, hreause iliev say thev are unable tpfly either their interest or principal thereby imparing their credit ?ni violating 1 their faith. They admit tho ob'lg-ttion oft the deb'?', pjcprcn their vv i'lmgee ys pr v. j

;n meti u hieh ehee:

A.I attempts to disown and elise! ami t.iese debts have met w it ,1 , , I "i!.. ". . .1 . i ; "o.,itri.aui.y iiom uio pect; ; iiKi uen it ttit-y ili.i, the Consytution et;M':iatj;-a!iv deHares that no S:ate sit.-, II li'S HH i ft W til: f.Mri!l IMP oh I ralum ..f . i i i ... i ,;l-L'-oi un: i'u-j.M-un: uu.in. j.intiaty term, I8U; Artmir l)rotioii, coin n:id o;hors. va n-nit. vs. John il- Kinzio K-ee .Appendix, L; these om.s are men mn it... . t i lintr ; n i tln. re ii no power eitlier in the .Siaies or in Congress to extinguia tiiem,- except bv tvivtnent h:i tii oondmom ol tneir enaijein-nt, or to m 'dily an 1 postpone them upon certain mid d; fi.l.te terms, with tbf full i-of.-.ir ff me- contiii.M'.ii i Mau ol tliL States have omiited to pay the interest it accrues const quentlv, greatly iucreasiiii; their lebt, while? tho Uradu:';! but "nera! d.orooiation i f nron- . i erty in sum Stiirs will render the payment ot ncernmir mti rest, and the dual lupnd i-, tion ol the principal, more und nvre ditlifti;t wit.i every dv-lfty. Altliough this delinquency exists with but t portion of the States ct the embarrassment w ,'iich ' tnoy led extend with fata! effect over the ' entire Union. No peopie p.vrt with m mey and with proper, v more wihingw to pav ih ir , 'ten; , tlKiiith" pf.p!e of the t.'u ted States, . an ni p-ona' y ie,d m..re readnv to the direct taxation o( their States ; but when the amount to be exa Med becomes oppressive M pay, it is alike the part of wisdom and of duty to como ler well if there are no means w ic.li can

hut regret their inability

) be used to alleviate (stitulional powers, " to form i perfect uniwers in the ( Jeneral 'h,i, csttt'-thh justice, ensure, domestic

die burden -no p Government which, if duly administered. will bring relief. Ut all modes of taxation, thit of direct ni personal imp. -siiion is mo-t inconv enIent an i oner ui. Alilio igb tlie amount may be fixed hy law, and the exaction be made periodically, t:i most thrifty and prosperous citieif only are pndv at m i 1 ii.nes to meet the demand of the tax gatherer. .Many who are- prudent and utemb.nrrasseJ in cire;m-tfh.-e.s are not prepared at tlie day : m. I, if the rigor of the law b-' p'ii sui-u, ii:: ve ol t'Mi to sari itice jiror.erlv, or l)i ri'ovv. fit a high rate of intetesl. sulh te tr. to meet the demand. h cm avoid d:: c! lxril.o'.i, a i-ut ,'itii'' i one prop. f.y i so su j'.. - a" h efn i ' s ri- a - i Hir-et t.-txes b-vied I r the support ol i'ne (i ivt rnr n n l of h S : - ;p. ! lies e ij O 1 I - - s s i ; i -j 1 1 1 - , a ; - ! 'U j i: n ; r i.e. e i to- in ie am emi uuu he co for tin trative.y higher Iran thai levh -J r.ymeiii of debts due I eyond the limits . tl e Sfite : b .-ausp ttt one is soon e; r de i m the county roul Stale, kept in a -live cit ci.iia'.ion, and msy quickly return n trade, and for payment of labor, s rviC"S. win and '-p'tl'i -e. to the poci'ds ol ib:i.-r annually :v it t o the G ! a t 11 r ; t : oi .eetr. a. stands h over c ThIt.) :. c I h Ot o Ig ghl hut the ner pom Id ideed m.ili l.s ol ivun. s ti-r in": I il is prinr-ipa'ly ovvio'd at fi 'in . and interest ung paid to her own sub : .:t, i re aino.i a'.io c;re.,i late i in the numd un t 1 in tin IJut lew of the bonds of the m i'd;r d Slates are held within their limits, rm ! ii:e taxes levied o psv toe interest noon lh in must be pai 1 in spe ow or us nr. 1 -ut, u men oepart- u o o in.e cir.u.i'a: ion oi where pnl, and the ''ounty and the St; cioi-i 's an annual vacuum o so mm h o! vtie i'tei'!"!!- tro-t-.'s, wiii di slowlv. if ner. lehirn. Tiie large diaiii of the m -talie cur re a ev payment of iutt rest h.i.s h-P. ent li of in bat h e wiiti t.i--" peomand the s--ir. IV ney b .s n u only incree'd it value rs diminished, in various d'grres. ib.o value ot property, o! i wages, an :b P ductions of the field anil workshor. It In exhausted the bi-is of a sound cir culating medium, and in many States left a depreciated currency of umuutain value to represent that which should be of the most stable character ; and. alth.oneh thidrain of specie ha boon chit lly from a particular, portion of the country, its HiVci has been manifest upon tho interest of ai! . 1 . o ..... . ? -1 . t , me on-tie. vv netuer specie is drawn) from l ioinsy Iv anta or iiiinoi, it operates injuriously upon the commerce evf Maine and the planting interests of Georgia. At whatever point the great national roserveiir may be tapped, the entire surface of the precious fluid will sink to an equal level. The inability of some of the State to meet the demnt!s upon them ha led to a want of confidence in their good faiih, and a suspicion that they lack trie will to comply with their just engagements , for public, like private credit, often depends as much upon tlie confidence which is reposed in the integrity as in ihe ability of the elebtor to pay. The ilepreciation of their bonds has "likewise conduceel to a derangement of the currency ; want of confidence in ihe good faith of n State quickly begetting a want of confidence in the contracts of its citizens. Nor is this injurious effect confined to s defaulting State, from individuals of one State to thoe who are united by affinity of business or trade in anodiPr, so that commerce quicklv feels what agriculture suffers, and the manufacturer languishes when the consumer, for a want of means or n want of cretlit, can no longer purchase his usual supplies. Illinois, for example, is a delinquent State. The last Legislature -of Missouri pa-Fed a stay law, because the people were suffering, net from the amount of its debts, but from the consequences cf tie -iharrr.i-ni"nt f a tiejjhb--"ri.ng Stte.

Maryland ,n Ik-cii in pome elttgree delin-

quent, and her stork tire t':;r below par. 1 I .i)uui iHr.!(ia has ue.-n ponciiial. ver lu r stocks arc soul in Loiuion also cuiiskiera biv blow nar. Nor ;lo(!5 tlie influence of the evil nlkid t u hi tru-i wiui us eiiects UDUU trio neon t , . 1 an J tlie States. It ta ol parts t '.Kt the (J-m-.ra! ( iovernnient jis a whol-j i3 fonneJ. and when its members stiller, il can not tlie eoniseqMenees. Already has ditrut attached to its faith, because its members have not uisintained theirs. WlnL-t naii ins, with not a tithe of our resources and with large public debts, have be pi .-.h'.c im wr',.,.i h,u,ia of ii, .... mioniH, mo ajfeuiC'i tins lioveriunent I . . r .1ha to return Irom the same money market. where capital is seekmir inve!ineiu at two and 'iiree per cent., without receiving a sini'le otl'r lor tuv nortioo nf a lo.-m t, - j i - our ( hvernmeiil at ix percent. However Iminiliaini? to our national i.ritle. this decided evidence of n want of conli-d-nee in our public faith cannot came surprise with those acquainted with the structure of our Government. Although the Suites are as supreme within their ihcre of ection as the Cienertd Governm m is within its r.'mge of powers, vet lott rwuven ai e the States witii our w hole sy stem of ttntional Government, that the :disciedit of any one or more of them must necessarily efiV-t the whole Union in its fed- rati ve character. If a Government, with abun-'ant means at its control, and possosm.tr junnle coni ra i tranquility, prorilf for the common defence, and jtr nolc the general ircffure," fails to exomd sympathy and aid to a delinquent or suffering member, when it can lie iloi.e without detriment to itself or injustice or injury to other portions of the Union, such indiil'-ren -e to those who ere p--.ri r od parcel of hself, will assuredly induce the belief that it would be as ctreles of its oon hith as i; is reluctant to rescue, by timely t-.id, that of its members. Tl ie So -s .1, in the Councils of the Nation, and mn-it le supposed to infuse into the General Governnvnt. to some extent at least, their doctrines ft mi their priro-ip't-s ; and thus is la.- : public CI d i imnairei.l and the mtionai ;"i i t v I .i i . . 1 1 1 h l r -q re t ! : c 1. . ,ouiO r i t-uier'-en-ue i' rendv me ins, i; li.Uii: p co:n,-r,;i;iil ihem. and,. ex- reliant ; arid i .1 n ot on'y in it dignity and credo, which should be above nil question, is the General Gouernment injured, but it suffers in its interna! resources and re ver.tie. i annex-d ov ha; . Mii.-liiir la' ice fvintidix, W 1 In i .te - of ( ihio, liiino'n . r : s a ls-l-SI op i 1 1 -V i v. riiiii who.; Hciiis most ol :h the surveyed pub'i; lands are situated, are tho-r m st embarrassed with o'cht. and '..lo re prop -rty is most enc nnliered widi uuect taxation. So long as this is ihe ease r nvgr-ili-ui will lie retarded, or rather wiii b'- turned away from States so situated : for. although the public lands arc ex empt entry an taxation (or live u.-t sa. 1 existi; es in :: eri id ol y e a r s ahoiis :i e.-r will t lie p::r.'eiv-- ! inula ting at, u ith tl his of SP: : and aceti h condhior' exemption lands, alter the ns "tit d Wi 1 1 eemn h'e to nn exdirect t liiht wiii in.'i --;e their owr.-r-i m i n rather than a blessd ng. not of i' on! v will tliese eanes ami thi rehire! o "md prevent emigralion. Ian ' thai T but staving ih will greatly lee f t u. liblie n receipts from fl'irrn. Genera! Government is a oi de priv -d o! a large amount of revemie from cu!om, in consequence of the embarrassed condition of .-o mauv of the States. In proportion a. the tivaiis of the people nn: c Mi'-miiel in p.aymemt of direct taxes, their a 'nitty to pur 'base importetl neces-sari-. s and luxuries, upon which the General Government levies impost in duties, is diminished. Ann this enervating effect upon the commerce of the country, altho' unseen for a time, perhaps, on the seaboard, will bn felt in the far interior, and through nil the ramifieel branches of our internal and domestic tiade; for when the almost entire means of a people are consumed in payment of elirect taxes, their consumption ed foreign articles must be eliminis tied tor went of means to purchase. If the evils of elirect taxation were confined to the indebted ""States, and the nonintVbted Slates free from embarrassment, enjoyed abundant means and ability to purchase and consume foreign fabrics and productions, it would folleiw as a consequence, these foreign importations being the chief source of revenue to the General Government, thai the principal tribute io. and support of, tlie General Government would be derived from tlie non indebted States. In tfiis view it will b" een that the support of the General Government res?, substantially now nn a few States which r.re free frtm debt. I)ofs it not, t en, become the policy of the Government, as we'd as the interest of the non-indebted States, to relieve, as far ft possible, i,he indebted States from t' e wils of direct taxation, so that the support of the Government b ? equalized, and the people of such States be enabled to expetid the mon"y which now goes to direct taxes, in pnrch: tic. !es on which duties a-e

Ieied for toe use of ihe (general Go ern - ineut, or in Pnteriiir lands, the proceeds

ol the sale s of vvhich. coustilute the oth er main source of revenue to the Govern ui'-nt? Thus, this interest of the non-in-ebteil States would be nroinnted hy liavng the int ndeli'ed Statea relieved, so thai ihcv con ivide the expenses of the

(Jevernment equally, while the indebted ! now floaiint; in the market, or depreciated States wmld be benefitted by having tax- in the liands of the holders, unsetllea tha ation removed. Ail classes would bejuirj-ual steady transactions of trade and

tenehtted: the manufac'ti rer, lor instance, who is interested in having ill e farming interest relieved; for, this being the great est consuming interest as well as taxpaying interest, so, as the burden of direct taxation is removed, in the same propor .-..il. i r i ii i. tion wouiu tne Mrmer oe enaoieu to purchase domestic fabrics, which gives employment and profit to the domestic manufacturer and those connected with him. The statement of a ca.-e. in its effects, will most clearly illustrate the soundness ef the position. A farmer who has now to pay S 'h annually, in direct taxation, to meet the interest on State bonds, is fenced to deny himself and family manv f the luxuries and e-omfort.swh.ch he had been in the habit of purchasing. Of th S v. so nam, neitiier tne uomestie manufacturer, the importing mercha:'.:, r.nr the Government, receives one cent; it passe? from him and the country and forwarded to Ihirope to pav the interest due on State bonds. If the farmer was relieved of this charge, he would find himself able to expend the amount, now levied upon him, for interest on Slate bonds, in the purchase of public lands, domestic fabrics, in buying foreign luxuries, or could lay it up, or otherwise use it as active capital. The profit and benefit to Government would be, that it would receive in its coffers the amount laid out in public lands, and in imposts or custom-house dues thirty-five percent, of the sum spent in purchasing foreign articles. In a correspondmg degree would the revenue be increased by the General Government extending the proposed relief to the people of the States. The amount now paid in direct taxation would be kept in circulation in ihe country, giv ing life anil vigor to everv pursuu oi ousmes, buppiyjn a million of springs of industry, benefitting; and enriching in their eouiso everv section ol the naiion, and finally poor, rig abundant supplies into the national Trea-ury. To these considerations ef national fi nance anu poiincai economy, another is to be.auUe-.I, wiiic.li, in the opinion of tho committee, is entitled to the gravest consideration. Tho average rale of interest now paid on State bonds, including the expense of collection, insurance, exchange, ai.d brokerage, e.rcc. ds .vh per ctntlim. The greater part of these bonds are held in ihirope sn.i the inicrc.n is made payable there in -y 'feu'". Sitppr.-ing the amount le-ld abroad to be one hundred and fifty im.ii us oi el iars, tie- amount of specie oi specie lu: millions of d in the Unite , is itcnirnl wen d he rune ''liars. The amount of speeio i "iiat -s may be estimated a! seventy niii.i on. Fmm this it wi' be seen there must lie an annua! drain; and. as many of the States have n d established a sinking fund to liquidate ihe principle of their eiebt, it may be said there will be almost a perpetual drain of specie for the pav Hi-lit of interest. It the foreign bondholders were willing, r.s tin; ccinnnuee believe that thev are. for the most part, to exchange their State bonds for National Stock ber.iing three per centum intertst, there would be ? saving of three millions vf elolhis of interest on one hundreel million of bond so exchanged, or ,s4,f'JO.O00 on 8150. (PO. CCO, which saving, set apart as a sinking fund, would liquidate the entire amount of the principal, at compound interest at six per centum, in about twenty-two years. (See Appenelix, G I.) If the entire amount of $200.0'0,000. at six per centum, could be exchanged for a three per centum steack, ami the saving of sG.000.000 set apart as a sinking fund, at six per centum, it would liquidate the principal of S200.000,000 in 18$ years. (See Appendix, G 2.) Nor would the economy of interest in this saving be the only national benefit. The basis of the mixed currency of the States would be sustained, and stability and uniformity preserved, whilst at present tlie abstraction of the precious metals produces an unsettled par currency, ane! the true balance is to far lot. that banks and individuals hoard specie, in the constant apprehension of revulsions in the memev market. !t is in times of pressure and alarm, that hoarding ef the precious metals is resoit'ed to; and it is at such times that the public interest, in the ramified pursuits of business, most require their active circulation. The interest being made payable in the United States, at the National Treasury, would tint! its way to Europe chiefly in the form of cotton, tobacco, and other surplus productions: and much of th specie paid in diminished interest would be left in this country. The process of exchanging, as proposed, would absorb a large nmount ef Stale stock, which, by the verv fickleness of its value, does much to derange the currency: and this would, at iho same limp, give stability te the vain? of such stocks as might not be exchanged. If the debts of the S'ates had been sill funded, ihe interest punctually paid, ard

the pr'::.?'pi! p.3een in condition cf err - V . r,- -V

, tain gradual liquidation, such stocks wouM ,; ha ve been equal to solid nsoiial. ml U.

I 1 " ' - w come ilia sound basis of n.p.nv useful bu siness transactions. Thev would have been a fair rpsnresent-fiv nf vnhm on.-i Would b.ave subserved mnnv r,f ih nr. 1 - ....... vl u . , oiiia ; poses of money. poses ot money, Hut the laree amount of SfatP dphi j com merce, by abstracting much of its So ld capital in adventurous snecu atmns m i - stocks, and this must continue so lonff as j the State bonds are outstanding, with no provision made, either by the individual indebted States, or the General Government, for their certain, gradual, and ultimate payment. Bonds of the United Slates Government, on the contrary, woulel have the opposite effect. The interest being made certain, and the whole being funded, they would at once possess and continue to hedd uniform and iixetl value. Such stock would, in fact, constitute, in the hands eif holders, a capital as certain as gold and silver, and for many purposes useful and valuable. Although not intended to form any part of the currency of ihe nation, nor even made receivable for custom dues, such stock would, in fact, have a great effect upon the currency. Hy insph ibg; Conhhience, by reviving at once the credit of the Government, and by inducing those vho ntivv hoard the precioua metals to exchange them for boneis bearing interest, they would add to ihe wealth of the nation, by increasing virtually the amount of its business capital. Suchstock, besides becoming the basis of trade and. promoting the prosperity of all classes of citizens, would afford a sure and safe means for investment bv guardians and trustees. And, further, as the plan proposes a specific pledge of the public lands, as well as the faith of the Government, for iho redemption of the stock, the certificate vbonds might, be made, with sor v - ' tsge. receivable for entries of an; nnJ h,nH ed lands, which have been ofFeiei .duo, lie sale. Such a provision might have the effect of securing the'steadfastness eif their value,, and would absorb portions of the principal and accruing interest. With this view, -a large portion of the bonds e-ould be issued f a moden te denomination, so that liiey could be used for this purpose, or could be purchased by thosei who board specie in limited quentitiei, and the public securiti-s would be in the hands of men of small capital and limited means thereby distributing their bt nefits, so as to administer to the watits of the various interests of the nation. The committee are aware that it has been objected, bv soma of those who are opjioseel to the Government's extending any relief io the people and the States, that the plan proposed contemf dates the assumption of lie elebts of the indebted States, without extending any benefit to (be nnnimiebted Slate; or that the latter would be responsible for the debts of the former; that, if the State were entrusted with the stock or bonds of the General Government, they might apply them to othes uses than trie payment of their debts; that, if tho Siaus were relieved from their proseitt difficulliesand embarrassmtnts, they would in all probability get heav ily in debt again; and, lastly, that, although the Slates might be relieved, the issue of the amount of stoek proposed would embarrass tlie General Governm'Mit. if these edjectbns were founded either inrenson or fact, the committee acknowledge they would be calculated to excite serious apprehension of the feasibility as well as jutiee and propriety of the measure proposed. IJut no such plan. 9 fet f c.h in the first objection, has, as far as the commiilee are aware, been proposed to either H ouse of Congress, and certainly no sue h proposition has been suggested by the memorialists. On the contrary, the plan of relief propose'! by the memorialists is to place all the states upon an equality in the benefit of the distribution of the stock, of the interest thereon, as well as the principal. (See table II. Appendix.) In regard to thesecenl obje iion, the committee beg leave to state, that, as far as any plan has been proposed by the memorialists, or offered for the deliberate consideration and action of Con gress, the most guardee! restrictions have been placed; it being proposed that the States nra te be credited on the books of tho Treasury with their respective cr relative propositions, and that the transfer if to be made, not to the indebted Slates, but to the holders of their bonds, in exchange for a fixed equivalent amount of State stocks, when the contracting parties, the States, and their bondholders, shall have made amicable arrangements. " That the contracting parties would mutually agree, there can te but little doubt; for it would be to their mutual interest: to that of the holder of Stale bond?, because he would bn receiving higher gecurity for his debt; to that of the states, be-e-tuse they would be relieved from a heavy charge of the interest and principal. As a just and equitable measure, the Jawmight also provide that the distribution should be madero rata among all the bondholder of each State, when the amount ef stock given U sue b Slate was not adequate to liquidate the vv bole amount of its indebtedness. The annexed fables (see Appendix, table 1 will show 'be