rn and contumely with which the American character and
American credit are treated abroad. Why, at this very time, we have a
loan in the market, which, at the present rate of money and credit,
ought to command in Europe one hundred and twenty-five per cent. Can we
sell a dollar of it? And how is it with the credit of our own
Commonwealth? Does it not find itself affected in its credit by the
general state of the credit of the country? Is there nobody ready to
make a movement in this matter? Is there not a man in our councils large
enough, comprehensive enough in his views, to undertake at least to
_present_ this case before the American people, and thus do something to
restore the public character for morals and honesty?

There are in the country some men who are indiscreet enough to talk of
_repudiation_,--to advise their fellow-citizens to _repudiate_ public
debt. Does repudiation pay a debt? Does it discharge the debtor? Can it
so modify a debt that it shall not be always binding, in law as well as
in morals? No, Gentlemen; repudiation does nothing but add a sort of
disrepute to acknowledged inability. It is our duty, so far as is in our
power, to rouse the public feeling on the subject; to maintain and
assert the universal principles of law and justice, and the importance
of preserving public faith and credit. People say that the intelligent
capitalists of Europe ought to distinguish between the United States
government and the State governments. So they ought; but, Gentlemen,
what does all this amount to? Does not the general government comprise
the same people who make up the State governments? May not these
Europeans ask us how long it may be before the national councils will
repudiate public obligations?

The doctrine of repudiation has inflicted upon us a stain which we ought
to feel worse than a wound; and the time has come when every man ought
to address himself soberly and seriously to the correction of this great
existing evil. I do not undertake to say what the Constitution allows
Congress to do in the premises. I will only say, that if that great fund
of the public domain properly and in equity belongs, as is maintained,
to the States themselves, there are some means, by regular and
constitutional laws, to enable and induce the States to save their own
credit and the credit of the country.

Gentlemen, I have detained you much too long. I have wished to say,
that, in my judgment, there remain certain imp