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| Europe than ia America, enbles me 10 make


it IS quite obvious if we had paid the lnteres


on our foreign debt that the rate of that intel


est would have fallen gradually to the leve
| of that paid by some of the oldest and bes
established States 10 Europe. and that for oh
jects of eIl-founded public utility, and ever
| of private enterprise, our industry at hom
might have been almost Indefinitely invigo


rated out of the large surplus capital of thi
country You will say. | am sure, that thi
facility of borrowing has been-a great curse
to our own. This, admit. is true to a Ger
tain extent; but It was converted into curse


by the action of osr Government on the cur


rency Of the United States Under judicious


regulations and prudential guards. a state oi
things more propitious TO the development
of the resources of young country like
ours. borrowing of an old one like this, its
capital to invigorate its labor, at low rate of


interest cannot well be conceived If the


profits of labor transcribed the rate of inter-


est, it was to create capita! at home


From wha: other source have sprung those


miracles of enterprise and wealth, that are to


be found in our country in .he midst of a


population Of eighteen millions but this con-
joint action Of our labor on the capital of 9TH
ers. The pilgrims found no bank of Eng
land planted on the rock of Plymouth, or the


Huegcnots of South Carolina, the gems of
Samarcand on its thirsty plains


But if you consider this faculty of bor-
rowing abroad, my dear sir. as an evil, you
may certainly console yourself with the con-
viction that it no longer exists. although |
am equally convinced that you will regret
the cause which has produced this want of
all confidence in the good faith of the Uni
ted States. and the consequences which have
followed in fixing SO severe stigma on the
character of our country.


1t is absurd for us to talk in America that
we do not want the capital OF Europe, at the
very moment when the General Government
ofthe United States has sent an agent abroad
to borrow its daily bread. We do want
their money, and they want the results of
our labor. And greatly then is it to be de-
plorcd that this beneficial interchange has
been suspended under circumstances so dis
astrous to both countries


Let me now give you brief statement of
the present condition of American credit in
Europe and, without presuming to suggest
a remedy, to inquire of you whether the
force of public opinion, (if Congress has not
the constitutional competency to do any
thing,) acting through the Legislatures Of
the defaulting States, cannot be made suffi-
cientv potent to convince them of the truth
and Iorce of the old adage that, after all, in
the long run, honesty is the best policy"


The first branch of my subject l can dis
cuss in a very few words. AS our old friend
Randolph used to say, American sredi. -is
killed y,-i-', john jacob Astor
mi aht obtain an uncovered credit for rea-
sonable amount, (where he was known and
Mr. Bates of the house of Barings bv wear
ing out pair of shoes in walking from the
Mansion house to the minories, migL: sell fif-
teen hundred pounds worth of Massachusetts
stock. with large concessions to the buyer
The fact is not the less to be concealed that
we hegin to be regarded as nation Of sharp
ers and swindlers with whom, If the day of
Judgment should happen to be Monday, our
day will not be until the Tuesday following.
This revulsion ofconidence does not arise SO |
much from discredit. which attached to our
resources, or, in other words, our ability to |
pay, as our seeming indisposition to pay.
The former is still considered In most cases |
as undoubted, whilst sickening distrust has
fallen on the latter Hence it is, that whilst |
the rate of interest has fallen this day to two
and half per cent. in the London market,
it is not probable that ifthe commissioners Of
the United States six per cent loan were to
offer price which would secure an interest
of ten per cent, ten pounds of the stock
could be sold, without, from considerations
of policy, under the advice of Lord Ashbur-
ton on his return to England. the Earrings
should be induced to take the loan.


When we contrast this discredit of our
own country. teeming with such gigantic
resources, with the palmy credi. of other
States that have little else but good faith and
high taxation to offer, it is impossible to refer
it to any other cause but deep moral dis
trust in us-.he most ignominious curse that
can fall on people who aspire to be civilized
and free Ofthe truth of this fact cannot
give you a better than whilst no one will
look to and capitalists turn with aversion
from the United States loan. the compare
lively insignificant town OF Hamburg, with
its population of 100000 inhabitants, to ena-
bic it TO rise out of its ashes. has borrowed
at l-2 per cent precisely double the a.
mount of our proposed loan. one farthing
Of which the United States Commissioners
will probably not be able to negotiate
Denmark and Belgium, neither of which
would be scarcely breakfast for the hun


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