The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-11-24

dishonored We may that other nations have been
false but that does not justify delinquency and
not only shall ourselves dsgraced but whole
system OF free institutions of which the representa-
b anu he ., pdoS liberty ot
bound by obligations higher than the pay
Of an ordinary DEBT for by act passed the 29h OF
tor guardian trustee shall in his hands" any mo-
neys to invest, the Orphans Court may direct its
after which they shall be exempted for all liability for loss
the scme SO that the state stands pledged protect
those sacred funds.
How can we, even if we had the meannsss to wish it,
how can we avoid the payment shcse debtsl We have
no reason no excuse, not a respectable looking
falsehood TO allege against them
We asked for the money pleged our public fasth to
those who gave it, received full value for it, spent
selves and have increased the value of the property Of the
State tenold by these improvements Ali this is admit
ed-sti have been disappointed as to the profits Of
these works, we cannot fail to hear in Whispers express
sions Of discomfort rather than opposition. These i'm
prov ements is said have cost great deal too much
But it the lenders fault you spent his money
too freelyl Again" These works badly managed
Be it so-then manage them better; and if men,
beers unfit choose others competent Then again
These works ought to be sold and should be
paid until they sold' Whether they ought 10 be sold
is question Of policy power the parties in
the State; but how does that the lender. Pay
for them FIRST and afterwards quarrel about the manage
ment oil them Dut DO rot begin by dissenons who shall
exercise the political influence these works may confer
while the poor creditor who made them looks paid.
And then another voice is heard saying that many per-
have purchased this debt 80 per cent and
therefore hard and unjust pay them the whole 100
But where is the hardship-where the injusticel The
State Itself received fer certificate OF stock of
hundred dollars, not only 500 but Sl0 much as
Sll5 has then received $l0 and promised to pay only
$780, and has promised to pay this to the original lender
his assignee that is to any one who purchased from
him. And what was the creditors for sellng3 Why
he wanted the moneyto employ elsewhere; and the pur
chaser who OF course gives the market price, the
Ter the very service intended by making the debt
transferable because he did get the money from that
purchaser, he would not have accomplished what he
thought was Of TO him But perhaps he sold
because he had longer any faith in the State Then
the man who bought must have had faith He risked his
money because he believed that though poor and unable
to pay, you would pay when you could. Now which Of
these two is most entitled to favor, and why would you
punish creditor who became merely because he
ded in you? The example of the revolutionary Congress
decisive on that question At the close Of the
that body addressed circular to the States where is
follow passage, which made Tor the occasion
"The remaining class Of creditors, say they is compo-
sed partly Of our fellow citizens originally lent to the
public the Of their funds, have since
confidence in their country by receiving transfer for the
lenders and partly Of those whose property has been
discriminate the merits OF these several descriptions of
creditors would be task equally unnecessary and invd
ous If the voice of humanity plead more loudly in favor
Of some than of Others the voice of policy less than
justice pleads in favor Of all wise nation will never
permit those whe relieve the wants Of their country,
pho rely most its faith IT'S rmness, or its resources
phe neither of them dsrusied to suffer by the EVENT.
Another objection is, with the politicians that the peo
pie will nopay the taxes and that the Representatives
not inclined to risk their political fortunes by encounter
ing the odum of passing laws. This is the common
error Of deagogues who dare not trust the people whom
they deude They tell the city people that the country
people will not pay-they tell the country that the city
will not pay when neither city nor the country have
the least idea of not payinger they thoroughly compre
bend the distinction betw the tea tax which brought
on the revolution and taxes laid by their representa-
vcs to pay monies which they have already employed in
improvements of their estates which they enjoy
ing To suppose them incapable ofseeing the distinction
and of resisting contribution to repay what they have
actually enjoyed is to deem them totally unworthy OF all
political honor Depend upon it, there will be not the
least resistance to any collection Of taxes legally imposed
by the legislature and if any misguided citizen would be
absurd enough to make any difficulty, he will be
brought into line with the rest OF his fellow citizens Mark
what has been the effect in practice thus far of laying
and taxes within two years past Has any
lost his seat in the legislature by voting for taxes
Has any man got any votes any popularity by opposng
Not one. 7i9f.fsa. f.rs NJ ta4 y, 1879 lr7
But then is said these creditors foreigners Well
what Of You sell your -four and tobacco to foreign
ers and glad to get the money from foreigner
We did not hesitate to borrow this money from foreigners
just the United States have agents in Europe beg
giug the foreigners to lend money. 1t is only then
where we have to pay that begin to make these
cuses. We ought to be ashamed Of this childish notion
about foreigners If half dozen generations and up
wards Of century and half OF settlement the soil
Pennsyvana, qualify citizen to hate foreigners
faer myself have good right any Of you to in.
dnge in that absurdty Let at any rate be consistent
and scorn to borrow from them but if will borrow
let scorn to defraud them.
will resume the subject tomorrow, and meanwhile
main, th Yours, sc. N. BIDDLE