The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-11-24
Nicholas BIddIe I'M the FIeId.

Mr. Biddle, late President of the United States
Bank, has commenced series OF letters on the Gre
dit and resources of Pennsylvania. No man has
had more experience of the ups and downs of finan-
cal lite-of the turns and twistings of politicians
OF the adulatlon and execraton of the public goose
than this same Mr. Bidde has had during his past
lite He has possession of the materials that con-
stItute the philosophy of life Let us hear him.
The following is his first letter =
Letters from MI. Nicholas BlddIe.-NO. 4.
ANDALusiA, Nov. 81, 1912
When the state is in trouble every citizen however
humble who thinks he may be useful should hasten TO its
barrassing-may soon become DISASTROUS and therefore
venture to put forth from my retirement few thong
on her present position. do this the willingly be-
cause IN the absence Of higher quali6c atoms con-
scous Of least perfect impartiay have ne owned
nor do now own. single dollar Of the State Debt was
not in the Legislature during the time when any of IL
contracted have any personal or political relations
with any parties to bias my Judgment speak therefore
only as citizen OF Pennsy anxious
and jealous OF Its both Of which thought in
jeopardy.
Ibegin by declaring that my own examination of the
subject, has brought me to these conclusions
believe that Pennsy lvania was led into her large
scheme oil internal improvements, by the recommendation
and the expected assistance OF the General
believe that IN the construction and admnistra of
these works. she has committed many and indscre
tons but these incident to the infancy of all great
enterprises and she has made mistake which she
not repair and committed ndscre,ion for which She is
not able and willing to atone AMI finally, believe that
she is equally able and willing discharge honorably
every dollar OF her present liabilities
These opinions shall enaeavor TO justify by examin-
ing what the real condition of the state conduct
towards her ere lors-how she got into these difficulties
and how she can get out OF them and,
First what is the condition and the conduct of the
State touching its public debt
Her position is simply this She debt con.
tracted chiefly to make her internal improvements OF
more than thrynine millions of dollars composed OF the
following sums
oper sa9o5s Slipper cents $s2 TO- Al per
cents $2OO,00O; per cents temporary SIS OOO-ma-
king total of S34 s22 226 47-bearing interest of
81, 659, 9s2 81.
1. Add per cent stock issued for interest unpaid in
July last $S74 llS II, bearing interest OF $4s OOO
,. Claims OF domestic creditors under the act of June T.
1872 filed already l5904l 65 yet to be fled estima-
ted) 5000 OOo-maSng total Of Ss59Oa IS, bearing
interest of Ssl, 542 40.
g. Relief notes issued on the responsibility of the State
S2,206, $50 6S-interest per cent till funded,
49, making atoal of principal $40 O37 5 and
OF interest, 81 ,e64, 23S SO.
There has also been we'd under the Distribution
Act of Congress- 81 to which has been recently
added another receipt OF about but these
no provision Tor interest," is it probable that the State
will be calledupon TO reimburse them.
The debt is distributed Understanding to tho
published statement OF the I'd july ls2 when the whole
stood at S34, 454 1856 AZ.