New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1842-07-12
VOL. III. No. ~.
Reputation Of Bridgeport Homeland
Public Faith Generally.

allow one TO speak IN application, but more
with modification and grief than in malice, 81
from any motive than desire to know il, IL truth,
the standard Of public and private morality has
declined to the degree that recent occurrences IL
dictate. If the most solemn and unconditional
| pledges Of faith between corporation. and iudi-
yidual. are to be regarded recocoJic al any
time, upon any slight protcnce, or upon no pre-
tence whatever, then It j. time for all homes, per
.ons To enquire whether tai. j. the Legitimate and
hosef operation of public sentiment, or the base
born offspring Of private interest, and unprincipled
sslhsh cupidity While the doctrine Of Repud
alton like whitening disease, has been rapidly
extending from one member to another OF the
federal body We Gothamites and New England
crs, who occupy an elevated place in the body
polite, ard we're enjoying. As We supposed,
purer, healthier moral atmosph here, have been ac-
custonod TO regard that extreme financial eXPedi-
cut with the detestatlon and adherence which
turaily attaches 10 any other stuPcudous act Of
| Siainy or iraud-cven though successful: aud
| the graduation recent, expressed in coumI-
| ntv in the conviction Of geHflcmdniy swindicr
| of the first Magnitude, seemed, IN a measure, to
| Justify tie opinion held that in truth. this
| wholesale method of swindling, under pIercrce OF
! lar. would be circumscrbed aud confined to The
! peculiar moral atmosphere OF the chyalrous
| gion in which it had lis brth-that it could onl,
| flourish under the peculiar institutions code
| of laws and morals. ,ummarily and ludiciouSly
administered by the tar-renowned Judge Lynch
| Bat, Mr. Editor, this scii-rightcousncss has
proved to Us bat filthy rags
The soil Of yuJlapicoI Newt gland chcrishcs
whom the mos, popular modern historian asserts,
the laws Of honest jHs'tcc were tie basis OF their
Commonwealth, even Connecticut, the land OF
Churches and Bibles, of Schools, of Deb1Hng
Spcieiies' tho nursery Of virtue and cradle OF
modefH Democracy, the a-y lum Of the ~ fOrlm0te
brare ~ to her high example We must point
for the lailacy Of our preconcciyed opinions, and
the deicRcc of the holy and Just doctrine that
pledge of fam is but form OF idle words
That the City of Bridgeport, should. for the
palry sum of $50 ,0O9 (paltry for cify,) far
forget her character and dignity to resort TO tie
miserablc policy'of regndiation, (the last resort
Of eambcrs.) for assigned reason, and none 10
be imagU,ed, bat that her Railroad j. less Proiia
Die 30 her than she desires, 10 all occurrence which
NAV wei! cause the iudicious 10 grove, and cX-
cite the astoni-hment of all. Her boHds. bearing
six per cent interest, issued 10 the Housatonic
if not entirely by our citizens some OF them, by
widows who were anxious to invest their mite
where it would be secure, and they receive, with
ceriaipty the annual interest 10 meet their
ceftain wan,s) under the fullest confidence that
the faith OF the city of Bridgeport pledged by
acr of her Assembly. with the further security OF
the properly OF It's citizens specially pledged
by the nee furmality Of the instrument a. well as
by their legislative act would be faithfully re-
deemed under aSy suppo,able contingency
Whilst she now neglect 20 provide tor the pay
mcnt of interest scm-anuullly (Which she for g
year or two houorably paid without any expression
of disahecion) and also neglects 10 provide ioi
those bonds thai have run 10 maturity We hear
nothing OF inability to pay, or OF accommodation 81
time, nor any whIspcrinss concerning tWachcro''
agents or any fraud practised on hcri--bu
small amount have run To maturity, and the rest
have some SIX or eight years to run. The amount
of tine interest is Observation-Disclosures can be 300
iuaJihty. We ouly understand through thep public
journals that the City OF Bridgeport, after hold
ing several meetings ON the subject, nave resolved
to test the validity of her hond.. On Tt1t
ground, i what we would ask. There surely
can bc no adequate compensation IN :l9V,OuV az
the fraud sHccctds) iot faith violated AID honor
lost; and that, too OF whole CITY l. TIN
the doctrine of her citizens IN their tndttaHa
transactionsi Are nee 10 hold TINS principle
Of sound h.Orahtyi
Think vou Mr. Editor, We should have heard any
thing about validity if the Railroad was paying
splendid dividends ! hazard little IN the sus-
pici0q We should not. Shall nc refuse 10 pay our
Indebtedness TO friends for moneys we borrow, II
N spocuaiiug on their caytfoi we fail to realize
the profits We had calculated on : Or shall we, II
we are inQ5lc to pay either principal or interest
REGARD il as more honorable and honest To 60 into
bankruptcy and surrender available assets u
both cour>cs are alike Just and reputable. the Tor
mcr will probably BE- most commonly adopted
For myself notwithstanding the example OF cNem-
plaiy Connecticut, (and she j. my native Ntate,)
have some serious missivinss a to the eNp'di-
ency and honesty OF adopting her precedent
am perhaps foohslly sensitive or squcari-h a> {"
this point Of honesty. and beg leave to stat" ny
views briefly in the hope that some one. more VIZ
tuuus will make my error clear 10 my odids monsd
notions Of right and wrong.
Ii seems 10 me that IN making an operation
of that nature ii is morally incumbent on me .' sag
| 10 he frleud who lends ne money, thar 80 shall
engage in a SpecAIatt0R with H. and, Ia the event
e of realizing handsome profit. Nj! some years
/ hence reimburse thc amount. Meanwhile, 80
long as my hopes arc bright for = large Proft, /
viii pay the interest ,em-annuaily bat, a soon
a, the chances are mfayonble II my success the
payment of intercs, shall cease; nor will | erer
thereafter reimburse the principa-at least, not
until the 'Nolidity Of my pledge Is sufficiently
tested
If cniolcd my friend into lending me the money
without FIRST letting hin, understand that lac should
stand under all N less, and should stand ali the
chaSce Of gam, meihnbs | were ljtle better than
a false kravc,' and stood in grea, need Of ever
lasting redemption
Had the CITY OF Bridgeport inserted some
thing to tina, impor, in her bonds, should have
understood thc propric,y of 'repudiation; but She
only .olcmnly pledges Inc fIitA Of the cay OF