rlhl kioedom, th value of all estates to be
rrcfrfaioedT and the whole to be entered m a
Cook to which was given the impressive title
of Dooms Day Book. It was a significant
and appropriate title, for all the property regis
tered in it was considered as the spoil of con
questas being brought up to a sort of judge
ment day, and thenceforth doomed to taxation
nnd confiscation.,'. It was the judgement book
of the conquerer against the people whom he
had subjugated. It gave him, at a view, the
value of his conquest, aud the means of making
it available for the support of bis army and his
throne. The volume which I hold in tny hand
is an imitation of that work; with a change of
names and localities. It is the Dooms-Day
Book, not of an English king, but of English
money dealers ; not of English, but of Amen
can property. It contains tne register of the
debts of our States held in Loudon, with a
view of the wealth and resources of the States
which owe them, with many reflections on the
circumstances which may either endanger or
assure the ultimate payment of these debts.
Among those circumstances which go to en
danger this ultimate payment, the author relies
upon one which surpasses and transcends all
the rest. It is that of the giowth and preva
lence of democratic principles in America!
Democracy is the dread and terror of these
capitalists who hold the bonds of the Slates !
It is their dread and terror. Democracy
American Democracy 13 their fear and hor-
ror. iut 1 win not precipitate tne narrative,
nor jump to the conclusion. The right un
derstanding of the main point which I mean
to bring out, requires the character of
the whole work to be exhibited, that its
political application to our affairs may be
seen by all, and its authoritative weight
may be felt. This character is well made
known in the headings of the first chapter of
the work; and from these headings I will read
a selection of items which will be sufficient
for the purpose which I have in view.
Mr B. then read:
" High credit of the Federal Government.
Credit of the States not identical with this.
Accumulation and distribution of the surplus
revenue. Financial difficulties, and post
ponement of the transfer of the fourth instal
ment. First National Bank of the United
States. Second Bank of the United States.
Opposition of the President (Jackson) to the
renewal of thecharter. His propaple motives.
Disastrous consequence of his hostility to the
Bank. Effects of the President's interference
with the banking system. Facilities afforded
by the Bank of the United States interfered
with be the withdrawal of the public deposites.
Distribution of the surplus revenue injudicious
ly effected. Specie circular. Effects of the
two combined. Measures of the President
to procure gold. Disastrous consequences.
Failure in New Orleans and New York.
Suspension by the banks of specie payments.
Impolicy of the gold bill. Moral influence
of "slavery. Funds for works of internal im
provement, and for the establishment of banks
chiefly obtained from loans. Security of the
public creditor derived irom the application of
tho fuudrf. Advantage of auxiliary funds.
Second suspension of specie payments by the
banks. Apparent necessity for this course.
Dangers to which banks are exposed in the
Southern Mates."
b torn these headings to tho matters con
tained in the first chapter, Mr B., said the
Senate could comprehend the character of the
work ; that it was identical in political senti
ment with the auti democratic party in this
country ; following the lead of that party, and
borrowing the very topics and language which
u used m our party wanare nere. It would
seem to be an American production, of the
Federal school, issued from a partisan press
of this country, instead of being, as it is, a
high Tory production from the press of Eon-
don, and the pen of an Englishman. It is
ucedless to quote from the body of this chap
ter to show how the subjects are treated which
are named in the headiugs. That is sufficient
ly manifest from the mere statement of the
subject. If read, they would be taken for
federal speeches delivered on this floor. So
exactly is this the case, that the main argu
. Cl . ? mr 1 r i
meni 01 me oeuaior irom Jiassacnuseus Mr
"Webster! on Saturday last, in favor of auxili
ary supplies from the Federal Government to
the States, appeared to me to be borrowed
from ihis American Dooms-Day book of the
English capitalists, which I hold in my hand
The argument of the Senator was, that as the
States had surrendered to the' rederal Gov
crumcnt all tno great sources 01 revenue in
...1 1 I t t.i
xrivinc up to it me puouc lauus anu tne cus
tom-house duties, therefore, the Federal Gov
crnmeut was bound to lend a helping hand to
tho States. This was the substance of his
nnmment. The same idea is found in this
book, published iu London twelve months be
fore the gentleman's speech was delivered
here, but written iu Eondon during the year
that the centlemau was in that city. The
ideas of tho speech and of the book are iden
tical ; and I will read from the book, for the
benefit of the stenographers, who may not
hav completed their report, as wel! as for the
information oflhe Senate, what 1 find to be
Having thus shown the political character
of the work, its identity with Federalism, and
its consequent conclusive authority with that
party, Mr B. proceeded to show the mauner
in which the author had executed his work in
stating the debts, and showing the wealth and
resources of the indebted States. For this
purpose, he had taken the States iu detail,
one by one, and had examined the condition
of each one under the same heads. Mr B.
would not follow the author over each State,
but would give an idea of the whole, by show
ing the method of treating one; and, for bis
exemplar, would take the State of Kentucky
a State on which the author seemed to have
bestowed peculiar attention. Mr U. men
read from the book:
" Kxxtucky. Amount of debt and liabili
ties. Form of security, when and where re
deemable. Rates of interest, and when and
where jmyable. Amount at present chargea
blo on the Treasury. . Bank of Kentucky.
Northern Bank of Kentucky. Condition of
tho banks at different epochs. Nature of in
ternal improvements. Condition of the Trea
sury. Commerce of the State. Amount of
taxable property."
These heads are filled up by details, said
Mr B. which it is not my design to pursue.
I only propose to show the manner in which.
the affairs of the States are treated, for the
purpose of arriving at results. The author
of the work finds Kentucky to be a rich State,
aud rapidly increasing iu wealth. He is
forcibly struck with this increase, aud states
it with calmness and precision. He says:
"The increase in the general wealth of the
State may be judged of by the progressive in
crease in the returns made to the auditor of
the taxable properly in the State. This, which
iu 1830 amounted to $103,543,638,' by the
last valuation amounted to $224,053,041."
This is the result of the survey of the debts,
resources, and wealth of Kentucky; and here
the mind is naturally turned to make a re
mark, pertinent to tho occasion, and entitled
to the careful remembrance of every Demo
crat in America. It grows Cut of the last
quoted paragraph of this London book the
paragraph in which the writer shows the wealth
of Kentucky to have increased one hundred
and tweuty-one millions of dollars in the
eight preceding years. This is an amazing
increase, more than doubling the value of the
State, and naturally turns the inquiry to the
period ijOf time at which it took place. That
period was from 1S31 to 1S39; that is to say,
it was during the Democratic administrations
of General Jackson and Mr Van Buren,
covering' a part but the whole of neither. It
was during these Administrations, and during
a period of time when the panic and distress
orators were filling tho land with cries and
lamentations, and terrifying all imaginations
with pictures of misery, poverty, and desola
tion. It was during the time that these ora
tors daily proclaimed the total ruin of the
couutry, and daily asserted there could be no
prosperity without a change of men and mea
sureswithout the' overthrow of the Demo
cracy, and the re-establishment:of a National
Bank. It was during the time wheu there
was "no
Kins:
in Israel;" when the King
Bank had expired under the veto, and the re
moval of the deposites; and when there was
no " Regulator1' to take care of the property
and politics of the people. ; It was during the
time of the gold bill, the specie circular, the
war upon credit, the Maysville road veto, the
pocketing of the land distribution bill, and so
many other measures, each of which, accord
ing to the doleful lamentations of the distress
orators, was sufficient to ruin and destroy the
country. It was during this period of Demo
cratic misrule and misgovernment, and in the
midst of this national destruction and misery,
according to these orators, that the authentic
valuations of the Kentucky property show the
wealth of that State to have advanced from
103 to 224,000,000 of dollars! to have more
than doubled! to have gone 21,000,000 further
iu these eight years, than in tho whole previ
ous half ceutury of her existence, during twen
ty years of which she had a double portion
two branches Beniamiu's share of that
national blessing, the Bank of the United
States! The authentic record of the tax list
shows this result. The record shows it; and
in showing it, what a monument of honor
and glory is raised to Jackson and Demo
1 I r- 1 . "
cracy: vvnai a lesson 01 cnasiisement and
rebuke is read to their assailants?
Mr B. said it had been vauntiugly declared
. 1 n 1 1
on mis iioor, aunng tne extra session ot
1S37, by a Senator from South Coral iua, who
sits over the way Mr Preston, that the ap
poiutment of Mr Biddle to be Secretary of
tne 1 reasury, would add one hundred mil
lions of dollars to the value of the property of
the people of the United States. This was
said in reproach of the ruinous measures, as
they were called, of Jackson and Van Bu
ren, and to show the necessity of changing
men and measures. It was spoken, as the
event proves, without a reference to the valua
tion tables of taxable property, aud has not
oeeu repeateo since. It would doubtless not
be said uow. It was considered a hvDerboli
cal compliment to Mr Biddle at the time, and
writteu in it under the head of auxiliary junds a couple of short years proved to it be so." It
turn out to be the historical record of the cae.
Such is the answer which authentic history
is giving to Federal lamentations over ruin
and misrule. Such is the gorgeous picture
of national prosperity which crowns and
adorns the Democratic Administrations. Let
the friends of Democracy every where verify
and complete it Let them apply to the .fis
cal record of every State and Territory take
the comparative valuations of property in all
times and under all administrations ascer
tain the comparative results and thus arm
themselves with a document which will place
the administrations of Jacksouand Van Bu
ren far above any others even the most
prosperous wmcn our country nas ever
seen.
We come now to the last, and most impor
tant, chapter of this work, the contents of
which are indicated by these heads:
" Aggregate of State debts. Probable ne
cessity of taxation to pay the interest. Pro
bable conduct of the States uuder these cir
cumstances. Influence of Democratic prin
ciples. Durability of the Union."
These headings to the matter contained in
this final chapter, announeo its important
bearing, and its just claim upon the attention
of the people of the United States. I pass
over the whole, important as they are, for the
purpose of getting at the penultimate section
of the chapter the one that relates to the in
fluence of these debts on Democratic princi
ples; and shall only make such statements in
relatiou to the other as are necessary to the
correct understanding 01 this, the most irn-
portant ot an. v rom 11, 1 win read copious
extracts; for it is of a nature to require to
speak for itselt. The extracts will be read
as soon as I make the preliminary remarks
which the context requires.
The writer first states the aggregate amount
of the State debts; aud here it is somewhat
amusing to remember the alarm and terror
which filled the breasts of Federal gentlemen
on this floor, for fear of divulging the amount
of these debts, when the non-assumption re
solutions vere under debate twelve months
ago. These gentlemen deemed it cruel and
dangerous to the States to name the amount
of their debts on this floor. They were afraid
the British would find it out from our debates,
and that the credit of the States would be
ruined. It was to no purpose mat we insis
ted that the English knew more about these
debts than we did: and if they did not, that
there was no morality in our concealing them
Nothing that we could say could appease the
fears of these most cautitrtis gentlemen. The
States were to be discredited, if we told how
much they were in debt. Ihis was their
incessaut objection. Finally, to quiet thi:
alarm, it was agreed to drop from the report
which was made on the occasion, all that re
lated to the amounts, aggregate or individual,
of these State debts. The amounts were
suppressed. While this scene was being
euacted here, this Dooms Day book was in
the course of publication in London, and
was very gravely devoting one chapter to the
amount of these debts individually, and anoth
er to their aggregate amount; and stating the
results in good arabic figures.
needed by some of the States. Mr B. read :
" In the case of many States, auxiliary
funds are specially appropriated to this pur
pose ; in others, the security of the loans are
based solely on the general credit of the
State. The appropriation of such funds is iu
almost aV cases desirable, as, however great
the resources of a State may be, its fiscal
means arc often extremely limited. This
arises, not only from the most productive
sources of revenue, such as tho proceeds of
the sales of the public lauds, imposts on com
merce, and the revenue of the pos office hav
ing been surrendered to the General Govern
ment, and belonging exclusively to it, but also
from the anxiety always shown by the people
of the United States to control their rulers by
making them dependent on their will for the
suppVica, which they at all times sparingly al
lot to them. This democratic feeling is car
ried so far, even in the wealthiest States, that
the treasuries are constantly exposed to be
come bare ; and the accounts of almost all are i
complicated by the borrowing and repaying of
temporary loans made by moneyed institutions
of the State to provide for unexpected emer
gencies, or even for the ordinary demands of
the public administration 1"
1 1 .-i
nas ueeu seen 10 uave Deen a most unmerited
compliment to him; it has turned into little
less than a sarcasm upon him. But, whil
shoot iug so far beyond the desert of him i
was intended to honor, how infinitely it falls
. -t .... .
snort ot tne merit ot mm it was intended to
reproach! General Jackson's administra
tiou has actually increased the value ot the
property of the people not one hundred
but more thau a thousand millions of dollars
v ir 1 1 1
in JveuiucKy aioue 11 was one nunarea and
twenty-one millions; in Massachusetts it was
nuiety-niue millious. Were are two hundred
aud twenty millions of increase iu two State
alone, and of the middle class States which
in wealth and population, rank far below
several others. Pursue the inquiry apply it
10 tne wnoie union extend it over the
twelve years of Democratic sway over the
whole period of General Jackson's and Mr
Van Buren's administrations and then see
the result. Far above one thousand millious
of dollars much nearer to two thousaud,
than one thousand millions will be the grand
aggregate of the united increases. Instead
of one hundred millions for a total increase,
near one hundred and fifty millions of annual
increase, for twelve successive years, will
It was casting
them up, aud adding them together, with al
the care of solving a question of personal in
terest in the exact sciences; and it arrived a
a result equal to any which had been attained
on this side of the Atlantic. It made these
debts (inclusive of poor unfortunate Florida)
amount to one hundred and eighty-threo mil
ions of dollars. Ihis was the aggregate;
and the first inquiry which presented itself to
the mind of the writer was the question of
ability in the States to pay it? This was the
first question, md this being determined in
the affirmative, the next inquiry was, could
they be compelled to pay? Here the writer
identities himself with the capitalists of Lon
don by quoting, and giving in exlenso, the
etter oflhe honorable Daniel Webster to the
Messrs Barings, in the autumn of 1839, iu
answer to their inquiry upon this same point.
rhe letter was very satisfactory on the point
of the capacity of the States to contract debts,
but very unsatisfactory on the delicate point
of compelling them to pay. On this vital
point, the letter gave no satisfaction. It
seemed to refer the payment entirely to the
voluntary will ot the btates. Iu this opinion,
the author of the book concurs; and, there
upon, enters upon the consideration of the
great and vital question of the ivillingness of
the indebted btates to make this payment
This question he examines with all the con
sideration of the party most deeply interested.
He examines it under many aspects, and by
all the tests which can effect the solution of a
problem on which depended the payment of
the large annual interest, and the ultimate
restoration of tho great capital itself. He
examines it analytically and philosophically
- postively and comparatively by single
States by classes of States by clusters of
States and by States uuited, or disuuited.
He compares the slave aud the anti-slave
States together, and decides which will be
most apt to pay. The same with the religi
ous or irreligious States with the old and
the new ones the Atlantic and the Wes
tern. He compares all these together; and
still comes to the same question: which .will
be most willing to pay? He even examines
this tender question under the aspect of a
dissolution of the Union; anJ considers how
far that catastrophe might endanger the pay
meut of these debts, principal and interest.
Under these various aspects he examines this
question; and comes to conclusions more or
less favorable to the creditors, and more or
less honorable to different States, and classes
of States, in each branch of the inquiry. But
an mese preliminary and subaltern innuirip
are finally absorbed aud lost sight of in one
grand, general, and overruling view which he
takes oflhe whole question; and that is the
political view of it. He examiues it politi
cally under the aspect of supremacy, or pre
dominance, of each of the two political par
ties in the United States; and inquires from
which of them the English creditors have
most to hope, ' or to fear? This iuquiry, as
may have been anticipated from the whole
character of the work, he solves to the preju
dice of Democracy. He sees in the "rapid
strides which Democratic principles are mak
ing in the United States" -" in the preva
lence of Democracy " in the prevalence
of Democracy" "in the dangerous tenden
cy of Democratic principle" "in the growth
of popular opinion in the worst sense "oflhe
word" "in tne dangerous ngm 01 uuivcrsm
suffrage" "the subjugation of the better clas
ses, possessed of wealth, talent, and station,
.1 - : IT Aftti mumrilv" th
to tne numerical mite u u iuujui..;
ittle power of the Executive to resist popular
clamor" the influence of the Democracy iu
overruling the wiser and better principles ad-
vocated by the more enligntened portion 01
the citizens, and in conferring power on
those who are little fit to judge of the interests
of the State" "the electious of 1834, alter
the removal of the deposites. when the people
sustained President Jackson" "the want of
property qualification admitting into the
legislative bodies of classes not directly in
terested iu maintaining the financial integrity
of the State" "the indisposition of the De
mocracy to submit to taxation" "their in
difference to religious principles" "their
want of far sighted views and principles of
national honor:" he sees in all these circum
stances anu considerations, and others which
he mentions, dauger to British interests; and
iiifs himself to the conclusion, and with
himself the whole body of the English capital
ists, that the prevalence of Democracy in the
Uuited States is incompatible with the safety
of the State debts held by the English. This
is the conclusion arrived at. But this is a
point on which it is right that the book should
speak tor lt&eli; and at this point it is that 1
have intended to make it speak. Listen,
then, to what it says:
" Where sufficient data have been obtain
ed, an attempt has been made iu the last chap
ter to show the ability of the several States to
meet the demands that may possibly be made
upon them; and in some cases that point has
been satisfactorily established. But as the
ultimate security of even, the greater part of
the loans have finally to rest on a system of
taxation, not only the means but the probable
disposition of the inhabitants to submit to
taxation, ought to be taken into consideration
in an attempt to exhibit the degree of credit
which should attach to these engagements."
"The effect of this prevalence of Demo
cratic principles may have in tho case before
us, is very evident; for, should the States
hereafter be obliged to have recourse to taxa
tion to defray the interests on their loans, it
will not, probably, be till the different under
takings for which the loans were raised will
have bceu rendered unpopular by waut of sue
cess; and though it does not follow that the
people, under these circumstances, will refuse
to make the necessary sacrifice, their adher
ing to their engagements cannot be so confi
dently depended upou as it might be if the
legislative bodies were returned by classes
more directly interested in the maintenance
of the financial integrity of the States."
" Though iu estimating the future by the
past, there is great reason, therefore, to be
lieve that a determination to adhere strictlv to
their engagements is still likely to character
ize the -people to the, several States, yet the
effect of the continued and rapid strides which
Democratic principles are making in the U.
btates may nave too important consequen
ces to bo altogether overlooked in the present
tion of the corpse of defunct confidence."
Dooms Day book had done it; and to that we
can refer for oil the explanations which are
wanting.
Mr B. here remarked upon the word confi
dence. He said it was used more frequent
ly during our late Presidential canvass than
sny other word in the English language, one
only excepted, which he would name hereaf
ter. It was used in Contrroo nf ouf nf
their action. They interfered in our elections.
They look the field in favor of the Federalists,
and against the Democracy. ' They operated
by the ' means known to the money power
by applications of money to active agents
by disturbing the business, and misleading the
mind of the public. Prominent individuals
were pained over by largesses; the public was
coerced, or misled coerced by operating on
. 1 i 1 11?
th markets, or misiea oy uany uuuucauons
, - . . t m . WW auu
from presses in ISritisti pay. uai ogeacu- Congress, m writing and in speaking and
lZen IS mere wuu uvea .v-... - i an urucr tn writers aim speaicers. It WtfS
scenes tne scenes ui iuicijh iuivv.v-vv uw uui uuiy incessantly, uui mysteriously
f imn unit? What Vlntltr mn 13 I It Mfi 2 a vluli!ti nhmsn I ...J
irom 1 1 5o iv iow. j v . vuiaiiaiiv, puiag&t si oiuua lor tx
. 1 . 1 .liMm? WllA Vina I Mtknl. nrm m n . ...C.V. I - 1 '
inere wno nas nui reuu ui iuui w.jw..i ui bu",v' Wl wuuiu hbch, nus uiwavs
not heard of the Porcupine Lrazette, and its ready when nothing else could be thought of:
assistant laborers? the first Bank of the Uni- and was deemed the more potent because it
was incomprehensible. Thus it was used du
ring our canvass, playing a great part in the
contest, and no one being able to tell the rea
son why. Now the secret is out. The ori-
atred of Democracy. Who is there that gm and the phrase ot tho import is known: it
Has not neara 01 iae younger iruis aeciara lis 01 rmwsu ongm, uuu amiaici mipuii. i
. a I v 1 7 a. aL A
tions in Parliament, mat Uobbett, theu tne comes Irom lonaon,. ana imports mai me
champion of England and the foe of Democ- Federal party is to provide for the payment
1 . C lli" ! I i r, . . il ' -1 'TI IZ
racv. oeservea a siaiuie 01 goiu xor nis wn- ot State oeois in Europe. ihciciuic, tuun-
tings in America Who is mere that does
not know from recollection, or by reading,
or by traditions, all these things? If there is
i.i" 1 . 1 - . r.i
any one, let mm iook to nistory ot ine times
to the history ot tho elections ot 1796 and
1800 and he will learn things which it coa
ted States, and its affiliated institutions? the
British merchants, and their emissaries? all
all openly engaged in our elections, and
ravillmg the federalists in their abuse and
cerus him to know. Now, in our own day,
and at the end of near half a century, we find
things reverted to their ancient position
debts again due to the British debts, the pay
ment ot which depends on political as well as
individual action which will require legisla
tion and taxation as well as individual faith
and exertion. A treaty was necessary then;
laws are necessary now, and thus the old state
of things is revived, and with it, all its acces
sories and consequences. This book is
dence is to be revived in State credit; the cap
italists aie to unite their purse strings; and
bonds can be sold as fast as lamp black,
and rags can be converted into otate obliga
tions.
Mr B. proceeded to the letter of September,
aud read this extract:
" If however, your elections for President
ship should have the result now anticipated,
it is very probable that an impulse win De giv-
en to ail mate siocks, anu me mouiem iiiu
then arrive when your bonds can be nitroduc
ed'iinder favorable' auspices."
This parasraph (Mr B. said) was a com
plete reiteration of the sentiments of the June
letter, with an eulargernent ol tne supposed
proof of the fact; but it is not all the proof, consequential effects of the election of the
It goes tar enougn; out mere is more to come.
IS a witness ot iu uiguci uuuiuniy iu uus
It
inquiry."
'
"i'he erowth of popular opinion, in the
worst sense of the word, in the United States
and the influence it has had in overruling the
wiser and better principles advocated by the
more enuanienea noruou ot me cuizen?
have been lamentably shown in the little pow
er which the Executive has been proved to
possess at all points where it has been onpos
td by popular clamor, which, whether ex
pressed throughout the Union generally, or in
a detached portion ot it, has, in the end, al
ways proved victorious. "
-
" Possessed of wealth, of talent, and
station, they (the better classes) were able to
exert the influence which these ought ever to
command iu the selection of their represen
tatives in the national councils; but the sub
juration ot this important and respectable
class to the numerical force of the majority
in tho wealthiest States in the Union at the
period of the elections in 1834, evinces the
power which the dangerous right of universal
suffrage is calculated to confer on those who
are little fit to judge of the true interests of
the State, aud most opeu to the influence of
uncontrolled feelings."
-- "
" In deprecating, however, the dangerous
tendency of Democratic principles, it must
be borne iu mind that the directors of the
bias which this power will give to the course
of events, will depend on tne character of the
people who exercise it; and as, in the sup
posed instance, the question is a simple one,
of whether the States will act. honestly or
fraudulently, much will depend on the preva
lence of religious principles among them; for
no view of expediency, however far-sighted,
or even principles ot national nonor," cau,
under the supposed circumstances be relied
on."
Mr B. after reading these extracts, resum
ed his remarks, and went on to say, that he
had quoted enough to show the feelings of the
English capitalists with respect to the Amer
ican Democracy enough to show that their
feelings were now what they were fifty years
ago, and for the same cause. The British
debts, due before the Revolution from Amer
ican citizens to British merchants, and after
wards provided for in Jay's treaty, was then
the great cause of English antipathy to Amer
ican Democracy. These English then, as
now, took it into their heads to believe that
the American Democracy was a rabble; with
out morals, religion, property, honor, intelli
gence, or public or private faith; that they
could not be relied on to pay the debts; and,
therefore, they were against them. At the
same time, they took it in their heads that
there was another party in the United States
who were the reverse of all this a party which
composed of the better classes and on which
they could rely for payment; and upon the
success and elevation of this party, they im
mediately placed their hopes. This was the
reasoning of British capitalists with respect
to American debtors forty and fifty years ago
and, correspondent to this reasoning was
- .1 u .i rr- i:u
case, issuing irom iue uusum oi uie il.ii"ii&u
capitalists; and speaking their every wish and
it is the autnentic exposition ot
iheir sentirients. It shows them to be the
enemies of Democracy the friends of Fed
eralism uneasy about their debts anxious
to secure them and looking to the Federal
ists for payment. It shows that the fate of
the debts is believed to be involved m the-is
sue of our party contests, and that all is lost
if the Democracy is victorious. All this the
book shows, and that the destruction of the
American Democracy is the fixed end and
aim ot tne iritisn capnausis. xseienaa est
Carthagfj let Carthage be destroyed was
never more distinctly pronounced by the elder
Cato, at the conclusion of his every speech
than the destruction of American Democ ra
cy is pronounced in the concluding chapter of I which are incorporated
this book.
Mr BENTON said that he had now pro
duced one division of the testimony which
went to establish foreign interference in our
elections, and would proceed to another. He
y t
would show to the Senate the letters of an em
inent London banker, and a director of the
Bauk of England, which went full, and with
out circumlocution, to the point. He alluded
to the letters of Frederick iluth and Co. to the
president of the Bank of Missouri, in the
months of June aud September last. Th
house of Iluth aud Co. had been made the
agent of the Bauk
few bonds which the State was improvident
enough to issue; the sales were not made;
and these letters were to explain the reason of
this failure. The first letter bore date the 3d
of June, and contained this sentence
" The attention of our capitalists and others
engaged in American affairs is now turned
to your interna! politics, and if the prospects
of vour next Presidential election held out by
the last accounts should be realized, this cu
cumstauce will contribute more man any
other to restore general confidence.
election of the Federal candidate. The June
letter looked to the beneficial effect of tho
election on raising the value of Slate bonds;
this letter looks to an increased value to be
imparted to all State stocks, all to receive an
imnulse. This comprehensive phrase in-1
eludes every variety of stocks created by State
Legislation. It includes banking, canal,
railroad, fancy, territorial, city aud all. It
includes such establishments as the Hank ot
the LTnited States, two thirds of which is own
ed in England, aud its stock uow at 50 cents
iu the dollar, which is 4o cents more than it
will yield when wound up; it includes such as
the Morris Canal Bank stock, covered two or
three feet deep with liens in Europe, and
worth not a straw. It includes such articles
as the Florida bonds, and the Pensacola Bank
t i -a : i i .- l- olilc
and ranroau; u memoes cuy siuuivs uiuca
which are only lithographed, as well as thoso
it includes all these
and myriads more, uv addition to the atato
bonds to amounts not knowo, and at every
degree of depreciation, from the cool latitude
of 5()!ceuts m the dollavdown to the tieezing
point ot zero. All tnese are to receive an
impulse to take a start in tne market to
give per centums to the holders in the event
This, said "Mr B. is a very pregnant sen
tence, and every word of it is significant of
of an important result. The attention of Brit
ish capitalists is turned to the politics, and the
internal politics, !' the United States. This
is the declaration, and what curious matter it
presents for our consideration. Capitalists,
not politicians, are now occupied with)ur af
fairs. It was deemed bad enough the fra
mers of our Constitution thought it bad enough
for foreign Governments to interfere in our
internal affairs; and therefore made provision
against such interference. They did not
think of guaiding against foreign capitalists;
yet this is the quarter from which the inter
ference now comes. Degrading ud "dan
gerous as would be the interference of a for
eign Government in our afTa irs, far more so
is that of foreign money dealers. The purse
is a more potent enemy than the sword: and
the history of all free Governments shows that
a foreign moneyed interference is more dan
gerous thau the invasion of an army.
The first division of this sentence shows
that our internal politics are the subject of this
interference; the second division of it shows
what part of our internal affairs are intended;
and that this is no less than our Presidential
election! It is equally explicit as to the side
of that election which has their good wishes.
If it turns out as they were led to expect, and
we all know what that expectation was; if it
turned out that General Harrison should be
elected, then an important consequence was
no ensue a great result was to follow no
less thau the restoration of general confidence!
He doe3 not say confidence in what, nor why
the sudden resurrection of that feeling was
to take place; nor was it necessary for him to
do so. Dooms Day book had told that secret:
it had explained that mystery. Democracy
could not be relied upon to provide for the
payment of State debts; Federalism could:
and hence the consequence attached by Brit
ish creditors to General Harrison's election.
It shows where their eyes were turned that
they are turned to the Federal Government
to the President and to Congress for the
support and maintenance of State credit
for the payment of State debts, principal and
interest. This is what it shows; whether tru
ly or not, time and events will soon unfold:
and thus it was not necessary for Mr Huth
to explain the manner in which the election of
General Harrison was to operate a resurrec--
of General Harrison's election to the Amer
ican .Presidency. Add all these amounts to
the State debts proper, and immense will be
the aggregrate, and almost incredible the in
terest which, according to their own calcula
tions, these capitalists have dependant upon
the issue of our Presidential election.
Mr B. said the authentic testimonies w!i it h
he had produced, aud which established tho
great point of a foreign interfereece in our
election, now gave him a right to introduce
other evidence of a character not so high as
the former, but perfectly admissible now that
the main fact was established: he alluded to
the newspaper press of Great Britaiu tha
High Tory papers of that kingdom which
were much more direct and unversed, moro
open aud coarse in the expression of their
sentiments than were the book and letters
from which he had been quoting. These
papers were as explicit as they were indecent
in their denunciations of Democracy, in their
praise of Federalism, in their wishes for the
election of General Harrison, in their as
sumed knowledge of his sentiments, and in
their direction? and intimations to our Con
gress. From some of these he would read,
and would show that the American nation was
the subject of a degree of interference, andtf
insult, such as no other nation on Ihe globe
now received; and which would seem to say
that some of these Editors had never yet
heard of the American Revolution, and still
considered these States as the dependent colo
nies of the British empire. Take, for exam
ple, this paragraph from the London Morn
ing Chronicle of September last:
" At present Great Britain exercises a pow
erful influence over the social, political, and
fiscal affairs of the United States. The de
pendence of the planters in the "South, and
the commercial men iiFthe North, upon the
British market, necessarily superinduces a
desire for peace on their pa:t, while it gives
this country a large amount of control over
the public decisions of those bodies. The
ultra Republicans of the States do not relish
this control. They see that it idterposes a
barrier against the working out of their De
mocra tical principles.'
"
Here is the direct and peremptory asser
tion of foreign iufluence of control over
public bodies of opposition to Republican
ism and Democracy. The assertion is too
aireci me languages too explicit to
quire, or even to admit, of commentary.
Take again this from the London Morn
jrosi oiuune last: .
,xu By 'fcf.ftefon'of Gen. Harrison the
Whig candidate, and the rejection of Mr Van
Buren, the return of the Government to a
sound and rational system of banking wilt
follow as a matter of course; and possibly tho
Uuited States Bank may once more find it
self under the protection of a proper charter.
The rejection of Mr Van Buren will be deci
sive of the fate of the Sub-Treasury scheme.
That insane piece of legislation will be most
assuredly knocked on the head, ami we shall
no longer hear of the pet banks, and the thou
saud other absurdities with which it is as
sociated. -
"We rejoice in the downfall of the vision
ary undertakings of the radical spirits and
re-
iing