New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1841-11-18

STATE DEBrs AsD PrELlc HosEsTY.-We are
yet prepared to believe the statements OF the
oraces Of sustocracy and desposism in Europe
with regard TO the morals of our People and tne
wan, of conscience and good faith in psfho0f''
co. True, within our brief remembrance so'''e
events have occurred calculated 10 wiring ncH'l o.
Neutrality-suspicious. the Goddefyng robbery
and exile of the Cherokees, the murders OF ADOLF
,onis,s and other. under color Of Lynch-law AID
mob despo,isp, and the general character OF our
Indian policy under the two last Administrations
But we believe these have been sanctioned or toll
Grated by the People solely through ignorance OF
their true character and the binding influence OF
passion prejudice and party discipline. Nay, we
are confident that if the question of the expa'ra-
lion Ct the Cherokees could have been directly
put 10 the American People two-thirds of them
would have emphatically resisted that atrocous
and cowardly act of perfdy and rapinc.
The integrity and honor of the Peope-the abi
ity of Democratic institutions TO the ascend
ancy Of justice and order-are about TO encounter
"a new ordeal. Most Of the States have contracted
dcb,s-some of them very heavy ones-some of
Them wisely and advantageousy; others rashly
and pernciously. Some of them have invested
the avas in Banks which have suffered in the
great revulsion been ruined by bad manage
ment; others have expended them in works OF In
r.rnal Improvement injudcio-sly planned or Prema-
tsrcly undertaken some have lost great portion
through the incapacity villainy OF their own
agents. In either case the payment OF interest i
burlhensome that OF principal still more go. With
al, the times are out of joint anil the imposition OF
new taxes most unpopular with the People
In this crisis up starts the profligate and con-
,cienceless demagogue with his panacea for the
perpexing disease, and, assuming the part OF the
counsellor in the spirit of tie first Tempter, pro-
claims" Good People! you did not incur these
"dcbts-they were cured years ago by men claim
ing to DO your representatives, but who were not
truly authorized so to pledge you-or the obliga-
ton i. somehow irregular-or you never received
any valid consiaeration-or, the debt is owned
" by foreign stockholders, arstocras, and nabobs
whom it il wrong to cheat. RePudtAte yonr
debt-leave il unpaid-et the creditors get |
their principal and interest where they can !"
The great danger is that the People, or the less
rejecting and less scrupuou, portion of them, see
ing men Of ability who were never caught pocket
picking gravely advocating reputation, will not
stop TO investigate the matter, but jump at the |
conclusion that there must be some grounds for
evading the debt, or respectfully dressed men
would not publish their shame by appearing openly
a. the advocates of such course-and they /
will glide, without examination into the downward
current We fear the pretext so set up that the
State Bonds were not issued according to law has
blinded portion of the electors of Mississippi |
broken in fortune and harassed by debt and that
these added TO the desperate the reckless and the
unprnciped, have given temporary triumph 10
Reputation.
But it is not possible that this phrenzy shall con
tinue As with the New Court iniquity in Ken
lucky, those who countenance yield to it will
infalliby be subjected to dshonor ut home as we'll
as TO the scorH of the wide world. Ii is just pos
sible that Reputation mag secure noncntary
ascendancy in one or tws States bun in the end
will be secuted with horror; and we confident
sissipp will eventually be paid And are also
confident that not one State, where the Debt was
satisfactorily contracted, will ever countenance
Reputation.
Under existing circumstances, that portion OF the
American press which is lending active or tacit
support to the cause of Reputation is striking
deadly blow at the cause of Self. Government |
throughout the world. 1t is playing, blndly or
wilfully the game of the patisans of the banished
Bourbons in France who are continually bribing and
stimulating the Jacobins of that country acts OF
violence. as means of furthering their own ends
We believe the case is not materially different with
the Herald of this City, which, in addition TO the
impulse derived from its manifest connection with
stock. lobbing operations requiring tall OF State
Stocks to ensure their success, appears to be AM;
mated bv an intense hatred Of our Country and her
Republican institutions and an ever-restless anxi-
ETY. to subserve the cause Of DesPotism IN EuroTc
by holding our People and institutions up TO rid-
cule and adherence. Accordingly, in is leading
article of yesterday i, gravely asserted and rei-
Grated tina, Maryland, Pennsylvania, Illinois. Mich
igan and other States will follow the lead of Mis-
sissippi and rcpudiate their State Debts, and that
One Hundred 10 Oae Hundred and Fatty Millions
will thus be swindled from their creditors BY the
deliberate action of States of the American Union
That paper closes its atrocious libel on the country
and its institutions as follows;
sThe destruction of the credit system will be fol-
lowed by the financial publication OF the whole