Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-11-19
(r1nm he Peasne,la Gq:ette ]

STATE SIGCh-IUE ii ILEL.
Below is Statement, vi The Debt cue by the several
STATS exhibited The rrpnr, Of The Comptroller Of
The STATE OF NV York. We find il suhn:n"d Ia re
port from The Nrw York Social Soci-,y III which /,
strongly urged shat tn Poneness oi the people OF
hs county 10 run in dsht should be curb.d If cannot
BE- put an end The following questions are asked at
hp outset Of the Report and the whole documents de.
VOTED the otIsc, Of shelving ta; iney must al os an.
swersI ~ the negative
lire NE s,reai States ianju dut!0riy Ssae such
Londs either to a Hni'sd unlimited amount
Htl pDsiort,y pay those J0adS eouni"r"y'
Hare HE duiGers ,cH h'y ,rc' h"rc any poe.
or or 'n,nHG IL tniorcc the payment y ih'"|
The fist GHesGu Is ANSWERED by an attempt 10 she~
that State bonds bls III credit within the meaning
o he Constitution oi The T. :, and therefore VOID,
but The argument, II 1t proves any thing proves too
much and goes the length Of showing That State can
make valid contract even for The building Of State
House or a Peuiirnary, without paying the money
doyn FOR the work as fast as 1t is done
That prosperity wIH no, pay these bonds :UUn,oTtly
and that the holders will have means :" entO:ce the
payment Of them aIans, the States, is oil very Ger
lain Nor / 10 be supposed for moment, that men
as kceu.sgi,ed IN iea to their interests The spe
culaors III these bonds could have looked at any tne
To The Suite funds liieir security They knew that
ihr States had funds beyond what absolutely
cpssaTy FOX their current expenses aud That these iGndi
were raised by annual taxation They khe" that Il was
neither tie interest nor The policy "i the State 10 acru
mulai. d surplus revenue. aud they certainty knew,
therefore that failing in ali oiler o recovering
their mouey upon these bonds the people would not e
state refuse permit themselves 10 br taxed to raise
il hat then the security 10 which they looked :
We answer, that in every instance the productive
character Of the enterprise in which tI- money was 10
be- used They looked 10 the yonng and vigorous re.
sources Of this country. continually developing them
selves by means Of the very capital which thy were
supplying; and better security Is not 10 be found IN The
world: they looked TO the character of The men who
To be entrusted with the management OF tue money loan
pd-and they looked 10 the State Tor assurance that
the authority OF It's laws should always be n'erosed 10
coerce the payment Of the bonds This they
hcd in The States guarantee.
Tina, there will be some losses sustained The bonds,
cannot be doubted; hut this the fate ni Traffic
ney in every other commodity. In some instances
works OF Internal Improvement, for which the
try not yet ripe, have been attempted upon capital
borrowed The public faith and in other instance
the money thus obtained has been improvdenally and
PRACTICALLY squandefed In these il is certainly the
duty of the States 10 Go every thing in their power 10
enforce payment of the bonds 10 the full extent Of the
means those who have caused the dealcations but if
any thing expected by The holders oil the bonds,
they cannot fail 10 be Disappointed
DEBTS OF THE SEVERAL STATES.