"THE BOOK OF THE UNITED STATES."
THE Times, noticing a suggestion for some combined action on the part of the holders of American Stocks, counsels the forma- tion of a Committee. Looking to the interests at stake, it is remarkable that so little effort has yet been made ; and it is a reproach to those who by putting themselves forward in the days of promise gave currency to these securities, that they have shown when the prospect darkened so little readiness to maintain a lead- ing part. The only mode by which the holders can hope to ac- celerate an honest treatment of their claims, must be by providing for a well-conducted agitation of them. Although the national demoralization has been so complete that it would probably be vain, if we except one or two of the New England States, to look in any part of the Union for the manifestation of very exalted principles, it may be presumed that men are to be found, even in the Repudiating States, who, with sufficient honesty to desire for its own sake the maintenance of the public faith, possess ability to show to the large majority in whom this feeling is deficient, that, viewing the subject only by the narrow light of self-interest, it is imperative upon them to adopt the better course. But these men are not likely, in the present state of the popular feeling, to come forward in any number on behalf of distant clients, from whom they do not receive even the stimulus of solicitation. It should be the object of the Bondholders here to ascertain their strength in each State ; to cooperate with those who are qualified to act as fearless and uncompromising leaders of whatever honest feeling may yet remain ; and to give to these parties, by frequent petitions, the opportunity of holding up before the Legislatures and the people the constant evidences of their country's shame.
The party to be intrusted from England with the task of arranging a plan of this description, might, if he possessed sufficient experience of American character to appreciate, despite of what is past, its many excellences, produce a salutary effect by other means. He should take his course through all the Non-paying States; draw up in each case a concise history of the contraction of their debts, the circumstances attending the default of their dividends, the actual condition and prospects of the people with regard to taxation and the means of payment, and the result of his friendly intercourse with the Executive and his temperate formal appli- cations to the Legislature for redress. It should be understood at the time of his visit, that it is his intention to report the results of these inquiries to the European public, so as to possess them with the exact means of estimating the relative honour of each individual State ; and that this report would be published in German, French, and English, so as to circulate freely in almost every commercial city of the world. If clearly and concisely written, with all necessary details in an appendix, it would attract universal atten- tion; and as it would contain no statements unsupported by documentary evidence, and would proceed from parties who at all events could have no motive to seek the depression of American credit, its authority would stamp the most dishonest States with a disgrace which would soon become insupportable. The absence of a copyright law would, for once, aid the wishes of an English author. Cheap reprints would pour forth in a hundred forms ; and the American people would thus—many of them for the first time—possess a monitor to show them without disguise the extent of their own deformity. Owing to the state of their press, which with some rare exceptions can only exist by pandering to the popular inclination, the claims of foreigners and the dishonest sets of their own Legislatures seldom come before the people in their naked truth, but are dishonestly garbled, and coupled with appeals to the basest feelings. The truth, spoken in a passion- less voice, has yet to reach them. The report which we have suggested would carry it home to their business and bosoms : it would become incorporated in their history—a blot, only to be purged by long years of unwavering self-denial !
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