Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1842-01-13
POLITICS, &c.
From he Nep YORK american.

From the Neg York American.
THE PROGRESS OF DISCRIMINATION.
Indiana seems bent upon evil courses,
Her Legislature have jus, passed a Law
~suspending all execution and sales by
sheriffs or their officers until LIST February
next, and the Governor has approved the
law. What becomes of the provision oil
the Constitution of the United States, for.
bidding any State TO pass laws impairing
the obligation of contracisi When you
take away the remedy, you violate the
right.
But, moreover, resolutions have been
introduced into both Houses of the Legis-
ture, " repudiatIng so much of the State
debt Of Indiana as has been incurred by
the sale Of State bonds for which no con-
sideratlon has been received, IN conse-
quence Of the failure or fraudulent conduct
ofthe purchasers thereof; but, a, the same
time, acknowledging, in all time TO come,
the valid obligations OF all her liabilities
outstanding, Tor which she has received
the proper consideration agreed upon.
One Of the resolutions provides for the as
certainment, by the fund commissioners,
of the numbers, dates, amounts, and other
descriptions Of the bonds referred to, and
for their publication in certain cities Of the
Union and Europe, as ~rePudiated bonds"
These are the bonds, we presume, part
ed with to the Morris Canal Company,
and by it to the U. S. Bank of Pennsylva-
MIA, and by that institution again hypoihe.
Gated in Europe to raise money.
These are the bonds which, years after
the Issue Of them, and when they have
been publicly passed from hand TO hand,
,cithom any notice or protest from the State,
that they were tainted with illegally, it
is now proposed TO repudiate, because the
original agents with whom the State con-
tracted, have failed in their undertaking.
This is precisely the ground taken by
Arkansas in its reputation OF the $500
bonds, hypothetical by the Real Estate
Bank TO the North American Trus, and
Banking Co., that because their agents
were iaithless or fraudulent, innocent
third parties were 20 suffer.
We yet hope the Legislature Of Indiana
will think better of this matter, though
we confess the adoption Of the "Siop
Law" holds out little encouragement for
those who invoke justice and the consti.u-
ton.
But there is another bill before the Lee
gislature which, if 1t become a law, will
occasion US still deeper regret. We al
Jude to the bill, in the House, authorizing
the redemption OF the fifty dollar Treasu.
ny notes now in circulation, by a Few is.
sue Of five dollar Treasury notes, payable
two years after date. That is objection
able throughout. The first and third Sec
tons will show in what manner, and to
what extent
Sec. /. BE ii enacted by the General As.
sembly Of the State Of Indiana, That the
Auditor of Public Accounts cause to be
engraved and printed Treasury Notes of
the State, OF the denomination of SIS, pay
able two years after date, bearing i~nteres,
at the rate Of one quarter of one per cent.
per annum, to an amount equal to the
probable amount of Treasury notes Of the
denomination oil fifty dollars that will re.
main in circulation after the payment oil
the revenue OF lS4l, the moun so to be
issued not, however, TO exceed the sum OF
five hundred thousand dollars.
Sec. 8. That it snail be the duty of said
Treasurer 20 sign said Treasury notes,
and to fill up the am of the person to
whom the same shall be delivered, and
cause the same to be registered in his Of.
flee, and shall Herewith redeem the pre-
sent issue Of Treasury notes OF the demon.
ination Of fifty dollars, by paying the
same dollar for dollar, without allowance
for interest, and Of his readiness to redeem
said fifty dollar Treasury notes, the said
Treasurer shall give notice in the public
papers published at Indianapolis.
1t will be perceived, says the Cincinnati
Gazette, from which we derive this lnfor.
nation. by these sections, that it is not pro-
posed to allow legal interest on the new
or to pay back interest on the old Urea.
sury notes. And why mott Both are
due, and the State has received therefor
value received. The notes were issued,
indeed, to pay arrear debts-to liquidate
the claims OF contractors on the different
public works, and wherefore should they
be called upon to lose any portion or them?
State honor and common justice demand
that every cent, principal and interest,
due upon them shall be settled, and Indi.
ana could not, without sacrificing one or
violating the other, refuse to pay both.
We are sure, therefore, that this bill, as
o presented, will not become a law.
Indiana is in dificulty-but she has a
good name. and resources enough TO pay
all she owes Let her not tarnish her
name, by putting upon record a line which
in after. times would cause her to blush !
We want her to stand erect among the
States OF the Union, neither seeking the
infamy of reputation, nor skulking from
responsibility, because she has the power
10 do SO.
From the Independent.
"ALL MY EYE, BETTY MARTIN"
We have never yet known an Anti