Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1841-12-30
From Ne I.lependsnf.
REPUTATION OF STATE DEBT.

ftDtAAiO Of SlAlE DEbAs
This subject is assuming the gravest
aspect, and will be regarded in time TO
come as an era in American history.
Mississippi has formally repudiased-Ar-
kansas will do so in a short time, and vio-
lent symptoms of the same purpose are
exhibited by Georgia, Alabama, Indiana,
Illinois and Michigan. A doctrine 50 a.
greeable TO self interest. finds but little
difficulty in satisfying the conscIences OF
men. There is the greatest reason to
fear that it will spread on every hand,
and penetrate even into the old Thirteen.
We do not believe in the general dis
honesty Of that large and growing proper
ton of the American People who have
embraced it. Stern necessity has driven
them TO a shift, which however, no me-
cessity can justify. Overwhelmed with
debt, and oppressed with a worthless cur.
reucy-unabIe 10 borrow the means OF
meeting their engagements, and unwilling
to resort TO taxation in the present ron
dition oil the country, or conscious that II
could not be enforced, the desperate al
tentative has been embraced, Of sponging
what coul0 nos DC putu.
American credit in Europe, already at
the lowest ebb from the catastrophe oil
the Bank OF the United States, will be ut.
terly overthrow by the practice OF repu.
diation. The mere loss Of credit will
perhaps prove salutary in terminating the
system of borrowing 10 prosecute a thou.
sand visionary schemes Of Internal I'm.
provement and diminishing iuportatIons ;
but what can compensate for the stain
upon national honor?
The following resolutions were adopted
at a popular meeting in Indiana
"Resolred, That it is the deliberate
opinion Of this meeting, that the Legisla-
ture of our State should, at its next SEES.
sion, REpuDIATE ALL STATE BONDS for
which the State has not received bona
ide consideration, and that the Legisla.
ture should solemnly resolve to pay mel
Their principal nor interest, nor any part
thereof, of any such bonds.
"Resolred, further, That it is the ex-
press desire of this meeting, that the next
Legislature suspend the further paying oil
the State Bonds, both principal and inter.
est, HIth INC otutc 90 Uetscf e0fS y" f"S'
and that the Legislature lay no taru upon
The people beyond what is necessary to de-
fray the nell expenses of the State Cor
ernment.
RESOLVED, That a relief or stay dw
for two years, ought 10 be passed 1mme-
diately upon The assembling Of the Legts-
%lature, and that all debts, Judgments, er'
e~cutions issued, or to be issued, be stay
ed until the first of January, 1874.
Resolved, That if the Legislature
does not grant relief at a very early. day
of the session, that we will assemble at
this place on Christmas day, determined
that our public officers, through force OF
public opinion, shall resign their different
trusts reposed in them by US.
"Resolred, That if any of our public
officers, when the call is made, refuse to
resign, we will hold him at arms length,
and never, by our votes, hereafter rePose
any confidence in him or them, or elevate
them to any future station ~ofpubllc trust
or honor"
Reputation" is the legitimate off
spring ofLoco Focoism-of the doctrines
which justify the repeal Of charters, and
disregard the sanctity Of vested nights
A dismal prospect for the future is opened
10 the country.