Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1841-07-24
CITv OF NV YORK.
Franklin House, I'd July, lS4l. }

est.
CIrx oP NEw York.
Franklin House, I'd July, lS4l. }
10 10 the afternoon OF yesterday had some
remaining confidence of success IN procuring
funds to meet the Jolly interest upon The Indiana
stocks: but with own eXer,iOus and me Des'
securities could offer, sustained by inc cooPe-
ration and influence Of individuals 10 whom ! AN
much indebted, have TO acknowledge the efforts
made have proved unav alng, and that Inc MATT
yearly interest due yesterday, except thai G9oh
The first bank loan, will not be paid
Oar creditors generally, but particularly mat
class Of Inc holders of bonds who invested
for the sake of The interest as means oil sup
mort will smart under this annunciatIon, Dut
keen as may be their disappointment, 1t VIII not
compare with the bitter regret and the torture u
a wounded sense of State pElde 1t Will lnfiic' On
the people Of Indiana.
This event at the first view would appear chaf-
reable to IL delinquency some where, ana she
bame would naturally fall upon the law-rnahins
power, the Legislature of the State. mat de-
nartment however, was not unmndtui OF It's gu
ties but fully sensible of is responsible relations
to tho people and the State, with an earnest hdei-
iiy deilbeTaed upon the subject OF our labiilies'
and adopted measures for the protection OF our
credit believed at the time to be ample ioF Tue
present and accruing demands upon US In Inc
first place, conforming to a previous expression
of public sentiment to be disregarded, an ell
cient revenue law enacted ievying tax oil
f,rtv cents to the hundred dollars but as the rev
enuo to be derived would not be available iof
while additional provision was required, eqnai
10 the interest falling due in the interim. The
Commissioner was therefore authorized to apply
anv norton of tho receipts from the debts due
from banks and individuals IN Mary LAND, New
York and New Jersey; and 10 supply any cen
cheney from the receipts from that source ne was
direc ted to sell stocks at par, rot exceeding an
interest of seven per cent
-. tIaI,i Of no
hanks and individuals mentioned, OF more than
two millions, represented to the Legislature as
safe reliance for the major part, II not all OK 'ie
July interest, | have been wholly disappointed
and The great depreciation IN the market value
of stocks since the adjournment ct the Legisia
,urc. moi known to nor apprehended by that body
has defeated the contingent reliance, that OF sell
ING seven per cent bonds at par
\ laudable solicitude Of some that arc inieres
ted and a disiutercsted regard tor Stale credt OF
the part of others, have suggested the hyPothe
cation of State bonds the remaining eXpedi
ent for the payment OF our interest 40 pay ~
a resort to such means would, ancer one view
prevent the dishonor of stocks, but 1t IS qnes
the usual exorbitant rate of interest, subjec,in!
them to runous sacrifices when required by tn
lenders, would not be more celebrated 10 eXc.t
dis,rusi than inspire confidence IN the ultlnat
payment of inleres, and principal of our deb,
No such powers however were granted TO th'
Commissioner by the late Legislative Act, ant
had they been given IN other than imperative
/ form, our lessons of the last year would create
doubt Of the pgoprlety OF a second trial OF the eN
pcdIent.
10 all Of its aspects this default of the Stale
will be the cause of anguish TO her citizens anl
officers and under that view, addressing itself II
the fears OF the holders OF our stocks, II will be
the cause of much anxiety: but unexpected i
may be to them, ii is no just cause of alarm, anc
should be considered more in The light of tenn
doll
cy. In addition to present and expected
new resources, tho income next year from the
navigation OF the Wabash canal GA miles,
hitherto locked BY tho unavoidable delay on he
part Of sister State, Ohio, IN completing her
division of the work to Lake Erie, Will improve
finances, aud IN the course of few years
hoTe not only to restore credit, but to be
able pleasure to bring into the most ad-
vanced and profitable lines of works, now ~
ing in q half finished condition.
am aware that much has been said of the re-
pudiaton of State debts; and whether real or
imaginary. the minds those possessed OF
correct information may be influenced by it. Ii
is that we have embarrassments TO con-
tend with, the chief of which may be ascribed TO
unfortunate negotiations with which this city is
famiIiar,-But whilst some of these may be the
subject of nvestig alton, the people of the State
viii seek pretext il them for the disregard Of
law and moral obligation. and If there be any
who harbor suspicious of so degraded estima-
ton of honor, they may safely dismiss them.
The People of the State DO not deny having Dor
rowej money; much of which received OF
strangers, and 10 their presen, inability to meet
their ergag emenis, there is nothing to Justify
the apprehension that they will dshonor the State
or nation BY dlsasowlng their sacred obIga tons.
Not having the qualification 10 offer the money
on the part of the people of Indiara in payment
of tho interest due on Yesterday, will he pre-
pared on the 3D. Monday of this month 10 deliver
bonds he WI
ling 10 accept them in lieu of cash for their cou-
pons, II some propitious circumstance should not
in the mean time supply the requisite funds.
n NOBLE.
SPEcIE.-A ship recently arrived Halifax,
from HAVANA and Bermuda. with 500, 900 in
specie for tho government of Canada