New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1841-12-23

F'sss vi legislators ana journals enSdseu IN fHis'"s
nice distinctions in regard Reputation, and con
tending that, while State ought to pay the utter
most farihing of her bends for which she has
received full value, vet she is justified in refusing
payment on others, as in cases where she h"'
entrusted them to others for negotiation ana 'ue!
have retained or squandered good part OF the
procceds-or where her agents have hypo'heea'eo
Them for much less than their face and been unable
% n-.ye,, their sacrihce-or even where those
srepts have actually sold them on a credit, to Pur-
chssers who proved dishonest or unable to pay for
them. These cases, it is speciously contended,
form exceptions TO the general rsle-thc State
does not really owe the moaey, and ought not to
pay it. Let us consider the question.
a State-say Indiana-deliberately resolves to
establish State Bank on borrowed capital, or to
embark largely in Internal Improvements. Her
Legislature passes acts accordingly, authorizes the
issue Of bonds and tho negotiation of loans, anS
appoints Commissioners to do the business. The
bonds executed by the proper authorities, and
pat IN the hands of her Commissioners 10 nego-
Each is solemn promise of the State to pay to
the holder the principal and interest stipulated
therein 1t is not promise to pay in case the
Bank is well managed and makes money, in
the Internal Improvements prove profitable
Observation-Disclosures the risks voluntarily as
sumed BY the State, and not imposed by her on
those who may be induced to furnish her with the
means Of prosecuting her undertakings. She says
10 the whole world, Lend US money, and take
our obligation, payable to any one who may hold IT.
In this form, being readily negotiable and trans
ferabe, the obligation is valuable than in any
other, and of course commands higher price. 1t
il the interest of the State so to issue them, ever
IN view of the fact that their facility may be abused
Well; the bonds are issued and voluntarily
transferred by the States agents to purchasers or
brokers' They are unconditional promises of the
State to pay to bearer 50 much for value
received For some she has received value
for others she has taken part pay and part prom-
ses for some her agents may have chosen TO take
promises alone. At all events, :hey sold, and
thrown into the market, and have perhaps passed
through five hundred hands before interest day. 1t
comes at length aad the holder steps to the proper
quarter for his interest He is met with rebuff:
Sir, for this bond received full consideration,
"and we will pay the Interest; but thSt one was
dough, by swindler or bankrupt who has bre-
ken his contract pay for it, or was hypotheca-
"ted with broker for quarter of its face and
"sold to cover his lien-so shall not pay for it ;
"asd This is partly paid for and partly not; you
"1nust wait till we see how we come out with ii,
"and we will then tell you whether we shall pay
CALL or part, or nothing. - But, say. the trem-
bling holder, Il found these solemn promises
of Indiana to pay many dollars to the
bearer, floating in the market bought them a,
. their current value-one the same another, re-
lying on the pledged faith of the State; you do
not deny the promise; ask its fulfment; the
bread of my children, the educa lion OF the orphans
whose means have here invested, depend upon
your fidelity. The folly Of your agents in volun-
'tarily parting with the bonds for inadequate
.deration or on insufficient security, was u mat
ter entirely pcithin your discretion and beyond
mine. Pay me, or give me a chance to establish
my claim in Court of Justice =" Sir, says the
State Treasurer, butsoning up his pocket, 90 can't
"be bothered We sold our bonds to rascals, and
you must suffer for it, We cont pay, and you
cant sue us. Make tracks, and whistle for your
money '-Now it may be that there is softer
term for this than swadling but can any be more
appropriate
One year ago would have appealed to the
honor of AMERICANS to spurn from them this ab
horrent doctrine of Republication in every shape
and form: since the result Of the Mississippi Elec
ton we can only appeal to wings and We beseech
them to hear and heed us. We see limitations in
the journals that Wig Senators in Indiana have
-ivea countenance to the project of rcpudiating
those portions of the State Bonds fairly in the
hands of innocent holders, for which considera-
ton has been realized. If any entertain such Il
purpose, we beseech them to Ienounce the Nhis
party forthwith, snd go where their doctrines and
their principles will ensure them welcome and a
congenial atmosphere. Gladly would we be found
ia hopeless minority and subjected to perpetual
defeat. rather than be tainted with the fraternaI
breath of Republication, and the lasting iniarny which
it must entail OH all concerned in it. Ii State
with population of Seven Hundred Thousand,
and property valuation of Two Hundred Mil
lions, shall deliberately resolve to turn common
swindlor..o rid herself of fraction OF her debt OF
Fifteen Millions, pray that she may at tue same
time take up her proper place in the ranks of Lo-
co-Focosm. and stay there until she shall havS be-
come renewed Honesty and Truth.