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. JACK DOWNING IMPLICATED. I cannot better describe to you, the beginning and conduct of a great default, than by reading a detected letter, from a notable correspondent of General Jackson’s, who, from his great personal intimacy, could not have failed to know the truth. JACK’S LETTER TO ——