Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-01-15

as TO tae morality of the proposition. We have heretofore
advocated a prudent prosecution OF our system of intemal
improvement, for the purpose Of sustaining the honor and
ia''' OF The State ard II, Is 70 be regretted saai ssch a csur.a
was not pars ued:
HALFWAY Reputation.
We regret TO see a class of legislators and
journals engaged IN raising nice distinctions IN
regard to Repudiaton. and coniending that, while
a State ought 10 pay The utteImosi farthirg
OF her bonds for which she has received fell val
ue, yet she Is justified IN refusing payment on
others, us III cases where she has entrusted them
10 others ior negotiation and they have retained
or sqnandored a good par, Of The proceeds-or
where her agents have by oihecaied them for
much less then their face and been unable 10 pre-
vent their sacrIiee-or even where those AGENTS
have actually sold them on a credit 10 purchasers
who proved dishonest or unable to pay for them.
Those cases, IT $ spec.ously conteaded. form ex-
ceptlons To The general rulc-the State does no,
really owe the money, aud ought no, to pay a..
Let Us consider the question.
"A State-say iana--dcilberat resolve Is TO
establish a State Bank on borrowed capital, or to
embaik largely IN Internal lnprovemcn,s-iIer
Legs allure passes acts accordincly, authorizes
the issue oil honda and Tie negotiation Of loans,
ana appoints commissioners 10 90 the business.
INC bonds are executed BY the proper authorities,
and pat IN the hands of her Commissioners TO
negotiate. All tins - m'tter OF public notorioty.
Each Is a solemn promise of tho State 10 pay 10
the holder the principal and interest stipulated
therein. II : npt a promise 10 pay IN case The
Bank Is we'll managed aud IN kes money, or IN
case the Internal lnp rov emeuts prove u profitable
investInent-thcy are the risks vuiuntaf.i, assum-
Ell by The State, and not imposed by her on hose
who may be induced 10 furnish, her with tho
means of prosecuting her under takines. Sha
says to the whole world, LEND US money, and
take our obligation, payable to any one who may
hold IT," In this form, beng readily negotiable
and transferable, the obligation is mere valuable
than Ia any other, aud of course conmaGds n
higher price. II IS The interest Of the State so 10
issue them, even IN view Of tho fact that ihcir ia
citity may be abused.
Well, the bonds are issued, and voluntarily
transferred by The States agents 10 purchasers or
brokers. They arc unconditional promises Of ,ho
State to pay 10 bearer SO much for value received.
For some she has received value; for others she
has taken part pay and part promiscs, for some
her agents may have choson 10 take promises a.
lone. AT all events. they are sod, nod iitfown
into the market, and have perhaps passed through
five hundred hards before interest dhy. II cofncs
at length, and The holder steps to the proper quar-
ter for his interest. lIo is net With a rebuff;
''Slr, for this bond we received fail consideration,
aud We VII pay the interest; but that one was
bought by a swinJlof 81 bankrupt nhp has broken
his contract TO pay for II, or was hypoihccat.d
wi'ha broker for a quarter ofis lace, and sold 10
cover his lien-so we shall not pay for II; AID
this is partly paid for, aud partly not; YOU must
wait I'LL we see how VIC come out with j., ard
we will then tell You whether we shall pay all,
or part, or nothing" Bot" says the trembling
holder, II found these solemn promises Of Indiana
the market; | booght rhem at their current val
ue-onc the same as another, relying On tie
pledged faith Of The State; you do not deny tho
promise; | ask rs f~Iiiimeuf; the bread u my
children, the education Of the orphans whose
meansI have here invested, depend upon your g.
deity. The folly of your agents IN voluntarily
parting with the bonds for inadequate considera-
ton Or on insufficient security. was n matter en-
tirely trittin vour discretion and beyond nine.
Pay me, or give me a chance to establish my
claim in a Court Of Justice" 'Sr,' says the
State Treasurer, buttoning up his pocket, Il cant
non must eaTr FIR il. We front pay. and You
cant sue Is. Il kc tracks, and whistle for your
mones Mos il may be that there is a softer
term for this Than SMILING bat can any be more
aooroariafe2