And I will only add what is well known here, as a warning for the future to those whose avarice outruns their integrity, that these banks, like the repentant harlot, have long since “wept by the willows,” for their departure from their first love; and the only thing I know against their present government or officers is, that the president of one of them, in paying over about one hundred and fifty millions of dollars, was detected by General Jackson in being a defaulter of eleven cents, but as the general could not tell exactly where the default lay, he escaped all other punishment, but the natural one of being removed from his office, to make room for others; who, if they were in default at all, would make it sufficiently palpable to avoid the necessity of searching out these contemptible digits. 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.