The Sun.
London, England, 1845-11-24 00:00:00

AMERICAN STATE DEBTS.

(From the New York Courier and Enquirer, of Oct. 22.)
The legislatures of the different states being shortly. to
meet, it is hoped and expected that some earnest and efficient
measures will be adopted by that portion of them who have
neglected to fulfil their obligations to their creditors, to
secure the prompt and regular payment of the interest upon
their debts, and also for the gradual extinguishment of the
principal as it becomes due.
It is now time that the delinquent states should enter upon
the discharge of this great duty ; for there never was a period
more propitious than the present for such a purpose, when
the whole country is enjoying a high state of prosperity, and
all branches of trade are in a flourishing and profitable condi-
tion. Besides the justice of the measure, it is the obvious in-
terest of those states to commence some efficient action on
the subject ; and, could no other appeal be made to them,
this alone should be sufficient to stimulate them into the
adoption of a wise and honest policy in reference to their
public obligations. There can be no doubt that the resto-
ration of their credit, by the adoption of measures calculated
to inspire confidence in their good faith, would, in the course
of a few years, give a powerful stimulus to their population
and resources, and enable them to provide for the payment of
their debts without any serious burdens upon the labour and
industry of their citizens.
The manifest injustice of the present indifference of the
defaulting states to the just claims of their creditors needs
no comment; and the period has arrived when some earnest
and efficient efforts should be made in order to remove the
stigma which rests so heavily upon them in the eyes of the
World.
The question of state
nfeoal faith
.tdthhetenhricese one
inenss
rhet
yeo
ghu
nearlyrladi
st
ytr
a iska
n e
eBdnao
ob
place,
l (Ivo:et):
oe :
all party considerations, and receive the unanimous support
of all classes, without reference to their views or opinions
upon other political subjects. It is a great moral question
in which there cannot be any serious difference. of opinion,
among citizens; and, however difficult or embarrassing may
seem the task, they are bound by every principle of duty and
good faith to meet it cheerfully, and with an honest desire to
render justice to those whose claims have been so long and
seriously neglected.
The temporary insolvency of some of the states, in conse-
quence of the severe financial embarrassments which for a
time prostrated the business and resources of the whole
country, may be no just cause of reproach. It is the con-
tinued indisposition of the people of those states to submit to
theiramda faithbnei greaterb'iiltythii,oetesilat:hl
tiBbaBih.aai teti dnotel 1 1
ability
indpsaboyoconiN3tfypNbn. debts
et
oheu
nearlyQl
Ittrieeloglhanplfbttaiot nahehitsslo3eioeleonifitosn theiropu of that
tvro3tai
.hose
ai
dal: tpardasyre statenblargebtedab nl
the necessary sacrifices to meet their obligations, which ren-
ders them obnoxious to the censure of the world. Now that
the country has revived from its difficulties, and prosperity
has once more given activity and profit to every branchto f
industry, there can be no justification for their neglect pro-
videtwhich surround them,
notwithstanding the embarrassments
no very serious
cannot but satisfy every candid mind that _ .
a system which shall
obstacles exist against the adoption of
extinguishment of all their
for these claims. The rapid growth of the westernsta es,
provide for the gradual and final
particularly
to the states of Indiana, Illinois, and
Michigan—states
enterprising,and
are gradually filling up with an industrious,in
which will, a few years, be
intelligent population, and _ ..
hfsntihaleletrhsrteaetesstaotfesEaulrloupdeedatroe
consequent upon this increase of their population, to pay all
obligations.
abundantly
able,
bNiNer,e
farlol
nuld et hme ovr :
vast
increase_
o of
nt theseieir
resources, remarks
which
their obligations without difficulty.
whicht
hec.sirrevai
some
idiana ceased paying the interest upon its
owbefrought into question.
probably something over half a
both
since,vliiewhich
h resources,eis last consequentlyeacinudsaellmyi-bai
nndinunagl
upon
pay-
ment in
of the interest, by the state of Illinois, upon its debt.
An addition of 24 per cent, has thus been added to the prin-
cipal,her honour and good faith. The legislature at its next ses-
sion should authorise the issue of new bonds to meet this
sum, and adopt a revenue system which should enable her to
provide for all future payments. This cannot be a serious
difficulty for her people, and the entire debt of the state
could be finally extinguished without serious embarrass-
ment to her citizens.
The people must do something for themselves. It is