CHAPTER V.
HISTORY OF A DEFALCATION.
On meeting my friend again to day, I was as much amused as ever with his humor, in describing a public defaulter. And as he makes his own reflections upon it, I will without farther preface give his own words, as near as I can recollect.
PUBLIC DEFAULTERS HONEST MEN.
“When we parted yesterday” said he, I was speaking of defaulters. The history of a public defalcation, beginning with its inception, and carried through its “rise and progress” to a final developement, is full of amusement and instruction, and if more thoroughly understood, the public mind would be disabused of its prejudice against the innocent authors of them. A public defaulter, is the most honest man in the world. If any other proof were necessary, there is abundance at hand. But the law of the land declares all men honest, until convicted of guilt, and its argus eyes would surely discover the truth, if it were otherwise. The history of the country gives no instance of a defaulter ever being tried, or committed. A public defaulter, is a true republican, an advocate and supporter of the people’s rights, who scorn to be controlled by laws, not of their own choosing. He is in favor of the distribution of surplus revenue, and he takes the best and shortest method to accomplish it. He saves congress the trouble of legislating about it, and the people from quarrelling about its appropriation. He is a public benefactor, and distributes his wealth without stint to the poor, especially if they have a vote to give; provides accommodations for public meetings, at his own expense, is a leader in their debates, a firm supporter of the government, a liberal supporter of trade, a patron of the arts and sciences, and a leader in fashion. He promotes the interests of commerce, and sustains stocks, in his untiring efforts to make up the deficiencies, which his liberality has created, and when he has done all the good he can here, he goes abroad at his own cost to acquire new treasures of knowledge wherewith to benefit his countryman.
The baseness of ingratitude, and the malice of envy, could never be more manifest, than in the persecution of such a man. Yet, how strange it is! There are some men living, who do not hesitate to heap calumnies on his head. But if we go strait onward, those prejudices will soon be done away. The frequent occurrence of default in this age proves its enlightened character, and that intelligence is fast dissipating the benighted superstitions of ignorance.
THE TRUE LIGHT.
The people of Wall-street, are more enlightened in this matter, than the croaking herd of business men, and property owners are, who are always afraid of being taxed to make up deficiencies. They regard such a thing as the husbandman does the rain from heaven, watering the parched earth, causing verdure and blossoms to spring forth, in all their beauty, and timely fruit to satisfy their hungry souls. And when the wisdom of government is exercised, in the appointment to the emoluments of office, and the care of public monies, of one of their true friends, who is ready to sacrifice every thing, even his “sacred honor” to promote their success, the event is hailed with little less than a bacchanalian triumph. They know their men, and they know enough of human nature to know, that, he who has once been a stock gambler, will be again, as soon as he has the means of becoming so. And, although they may have plucked him to his last pin-feather, and then left him exposed to the cold frosts of a world’s charity, as soon as his commission is in his pocket, their respect and gratulations know no bounds.
MORE OF DEFAULTS.
A public default, is a thing which seldom stands by itself. There are many inwoven secrets, which do not meet the public gaze. The first stimulating cause,—the arts to prevent disclosure, and the natural sympathy between the friends of the appointor, and appointed, are rarely scanned. When truth bears rule, and honest men are in power, the checks, and balances are such, that one alone would not long maintain his secret. And as this seldom happens, the next point of wisdom is, when disclosures are made, so to arrange matters, that the crimes of all may be visited on the head of but one; and he, instead of suffering by the unrelenting knife, and having his carcass roasted on the altar of sacrifice, may, like the scape-goat of the Mosaic law, be turned into the wilderness, to bear all their sins beyond the camp.