SIR, LETTER I. To the Editor of the Morning Chronicle. You did me the favour, some time since, to insert in your valuable journal a petition of mine to the American Congress, for the repayment of a loan made by me, in common with many other unwise people, to the State of Pennsylvania. For that petition I have been abused in the grossest manner by many of the American papers. After some weeks' reflection, I see no reason to alter my opinions, or to retract my expressions. What I then said was not wild declamation, but measured truth. I repeat again, that no conduct was ever more profligate than that of the state of Pennsylvania. History cannot pattern it and let no deluded being imagine that they will ever repay a single farthing-their people have tasted of the dangerous luxury of dishonesty, and they will never be brought back to the homely rule of right. The money transactions of the Americans are become a by-word among the nations of Europe. In every grammar-school of the old world ad Græcas Calendas is translated-the American dividends. I am no enemy to America. I loved and admired honest America when she respected the laws of pounds, shillings, and pence; and I thought the United States the most magnificent picture of human happiness: I meddle now in these matters because I hate fraud-because I pity the misery it has occasioned-because I mourn over the hatred it has excited against free institutions. Among the discussions to which the moral lubricities of this insolvent people have given birth, they have arrogated to themselves the right of sitting in judgment upon the property of their creditors-of deciding who among them is rich, and who poor, and who are proper objects of compassionate payment; but in the name of Mercury, the great god of thieves, did any man ever hear of debtors alleging the wealth of the lender as a reason for eluding the payment of the loan? Is the Stock Exchange a place for the tables of the money-lenders; or is it a school of moralists, who may amerce the rich, exalt the poor, and correct the inequalities of fortune. Is Biddle an instrument in the hand of Providence to exalt the humble, and send the rich empty away? Does American Providence work with such instruments as Biddle? But the only good part of this bad morality is not acted upon. The rich are robbed, but the poor are not paid: they growl against the dividends of Dives, and don't lick the sores of Lazarus. They seize with loud acclamations, on the money bags of Jones Loyd, Rothschild, and Baring, but they do not give back the pittance of the widow, and the bread of the child. Those knaves of the setting sun may call me rich, for I have a twentieth part of the income of the Archbishop of Canterbury; but the curate of the next parish is a wretched soul, bruised by adversity; and the three hundred pounds for his children, which it has taken his life to save, is eaten and drunken by the mean men of Pennsylvaniaby men who are always talking of the virtue and honour of the United States-by men who soar above others in what they say, and sink below all nations in what they do-who, after floating on the heaven of declamation, fall down to feed on the offal and garbage of the earth. Persons who are not in the secret are inclined to consider the abominable conduct of the repudiating States to proceed from exhaustion "They don't because pay they cannot pay;" whereas, from estimates which have just now reached this country, this is the picture of the finances of the insolvent states. Their debts may be about 200 millions of dollars; at an interest of 6 per cent., this makes an annual charge of 12 millions of dollars, which is little more than 1 per cent. of their income in 1840, and may be presumed to be less than 1 per cent. of their present income; but if they were all to provide funds for the punctual payment of interest, the debt could readily be converted into a 4 or 5 per cent. stock, and the excess, converted into a sinking fund, would discharge the debt in less than thirty years. The debt of Pennsylvania, estimated at 40 millions of dollars, bears, at 5 per cent., an annual interest of 2 millions. The income of this State was, in 1840, 131 millions of dollars, and is probably at this time not less than 150 millions: a net revenue of only 1 per cent. would produce the two millions required. So that the price of national character in Pennsylvania is 1 per cent. on the net income; and if this market price of morals were established here, a gentleman of a thousand a year would deliberately and publicly submit to infamy for 157. per annum; and a poor man, who by laborious industry had saved one hundred a year, would incur general disgrace and opprobrium for thirty shillings by the year. There really should be lunatic asylums for nations as well as for individuals. But they begin to feel all this: their tone is changed; they talk with bated breath and whispering apology, and allay with some cold drops of modesty their skipping spirit. They strutted into this miserable history, and begin to think of sneaking out. And then the subdolous press of America contends that the English under similar circumstances would act with their own debt in the same manner; but there are many English constituencies where are thousands not worth a shilling, and no such idea has been broached among them, nor has any petition to such effect been presented to the legislature. But what if they did act in such a manner, would it be a conduct less wicked than that of the Americans? Is there not one immutable law of justice is it not written in the book? Does it not beat in the heart?-are the great guide-marks of life to be concealed by such nonsense as this? I deny the fact on which the reasoning is founded; and if the facts were true, the reasoning would be false. I never meet a Pennsylvanian at a London dinner without feeling a disposition to seize and divide him ; to allot his beaver to one sufferer and his coat to another to appropriate his pocket-handkerchief to the orphan, and to comfort the widow with his silver watch, Broadway rings, and the London Guide, which he always carries in his pockets. How such a man can set himself down at an English table without feeling that he owes two or three pounds to every man in company I am at a loss to conceive: he has no more right to eat with honest men than a leper has to eat with clean men. If he have a particle of honour in his composition he should shut himself up, and say, "I cannot mingle with you, I belong to a degraded people-I must hide myself -I am a plunderer from Pennsylvania." Figure to yourself a Pennsylvanian receiving foreigners in his own country, walking over the public works with them, and showing them Larcenous Lake, Swindling Swamp, Crafty Canal, and Rogues' Railway, and other dishonest works. "This swamp we gained (says the patriotic borrower) by the repudiated loan of 1828. Our canal robbery was in 1830; we pocketed your good people's money for the railroad only last year." All this may seem very smart to the Americans ; but if I had the misfortune to be born among such a people, the land of my fathers should not retain me a single moment after the act of repudiation. I would appeal from my fathers to my forefathers. I would fly to Newgate for greater purity of thought, and seek in the prisons of England for better rules of life. This new and vain people can never forgive us for having preceded them 300 years in civilisation. They are prepared to enter into the most bloody wars in England, not on account of Oregon, or boundaries, or right of search, but because our clothes and carriages are better made, and because Bond Street beats Broadway. Wise Webster does all he can to convince the people that these are not lawful causes of war; but wars, and long wars, they will one day or another produce; and this, perhaps, is the only advantage of repudiation. The Americans cannot gratify their avarice and ambition at once; they cannot cheat and conquer at the same time. The warlike power of every country depends on their Three per Cents. If Cæsar were to reappear upon earth, Wettenhall's list would be more important than his Commentaries; Rothschild would open and shut the temple of Janus; Thomas Baring, or Bates, would probably command the Tenth Legion, and the soldiers would march to battle with loud cries of Scrip and Omnium reduced, Consols, and Cæsar! Now, the Americans have cut themselves off from all resources of credit. Having been as dishonest as they can be, they are prevented from being as foolish as they wish to be. In the whole habitable globe they cannot borrow a guinea, and they cannot draw the sword because they have not money to buy it. If I were an American of any of the honest States, I would never rest till I had compelled Pennsylvania to be as honest as myself. The bad faith of that State brings disgrace on all; just as common snakes are killed because vipers are dangerous. I have a general feeling, that by that breed of men I have been robbed and ruined, and I shudder and keep aloof. The pecuniary credit of every State is affected by Pennsylvania. Ohio pays; but with such a bold bankruptcy before their eyes how long will Ohio pay? The truth is, that the eyes of all capitalists are averted from the United States. The finest commercial understandings will have nothing to do with them. Men rigidly just, who penetrate boldly into the dealings of nations, and work with vigour and virtue for honourable wealth-great and high-minded merchants will loathe, and are now loathing, the name of America: it is becoming, since its fall, the commonsewer of Europe, and the native home of the needy villain. And now, drab-coloured men of Pennsylvania, there is yet a moment left: the eyes of all Europe are anchored upon you "Surrexit mundus justis furiis :' start up from that trance of dishonesty into which you are plunged; don't think of the flesh which walls about |