Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-12-07

,money OF her own creation for her own dues
she cannot and Oug ht not 10 ask the people &c
give it that credit ; circulating medium
which she refuses TO accord TO II.
/ AS regards the condition of our fore Ign
debt, there has been no material change since
the last meeting OF the Legislature. No part
of the interest has been paid. The suspend
ed debt has been made the subject of very
considerable investigation by the State agent,
and the result is to strengthen the proba bilty
that nearly the whole Of the amount will
prove a total loss. OF the collateral securi-
ties, it is not probable that more can be real
lied from them than half million; and even
to save this amount will require much care
and attention
The failure of this and several other States
TO meet the interest on their public debts, has
been the subject Of much comment at home
and abroad. This was to be expected; but
must be permitted, in the name of the whole
people of Indiana, to protest against that in
discriminating censure and reproach which
place those who have become unable, by I'M
avodable circumstances, to discharge their
Just liabilities, on the same level with the
wIliul repuGiator. 1t Is true, that the heart
less usurer is incapable OF distinguishing be-
tween bameess inability TO pay, and that
fraud which avoids an honest debt. With the
latter we have no connection; but we are
compelled to rank ourselves with those who
cannot promptly pay then just IiabIlities.-
We ale borne down by accumulated burdens
and difficulties. The sources of employment
and means, arising from the disbursement OF
large sums of money which now constitute
those debts which lave produced So much EN-
barrassment-t general prostratlon of our
agriculture. manufactures and commerce
the intlictIon of deprediated currency tas-
tened upon us, until it can be redeemed by
the slow process OF the revenue-oW prices
and uncertain markets in every department
of hitherto profitable buslness-aIl these con-
tinue to press us down with force that is ir-
resistbe. TO exact impossibiii:ies, and then
to aflix the brand of intamy under such Cir
icumstances, Is. to say the least, unWIse.-
The exercise Of no mans honesty is quicken
ed by reproaches which he tee!s to be unme:-
tied. We are told, however, that our folly
and Improvidence have brought these evils
upon US, and therefore we are entitled 10
neither favor nor mercy. That most fatal
errors have been committed by the State of
| Indiana, is not TO be controveried. Seduced
| By the wild spirit of Improvement and spec
u!ation, which pervaded the whole country,
! Enterprises were undertaken which cannot
now be justified. But some Of those who
censure in such unmeasured terms are not
gulltess, if there be any guilt. If doubt was
Expressed, our agents were told that we were
Il great and growing State, that our resources
were lnexhausllhle, and that nothing adverse
could impede the march of our prosperity
| The facility of obtaining credit bad some thing
! to do with the extent OF the reckless opera
tons which have resulted so dlsastrousIy.-
| 1t cannot be pretended that any false preten-
ces were resorted to by US, to enlrap the
unwary and incautous. All parties, relying
on their own sagacity, had equal opportuni-
| ties of estimating the probable consequences
! Of the profit and loss Of every operation. AS
! to the past, neither party may complain OF
the other. 1t is the future which must de-
termine whether we are iaith-keepng peo-
pie. As for myself, | nave deep and add
! ;ng confidence IN the integrity and enterprise
of the people of Indiana, in the extent 10
which her resources may be developed, and
in the realization of those means which can
and will be applied 10 discharge those obiIga-
tons, the avoidance of which will bring upon
US merlted and lasting infamy.
1t is not 10 be denied, that men have some
times been found lii our country, who, If they
do not advocate udiatIon, at least give
Icountenance to views which must result IT
Reputation. Whet Their we contend that one
i legislature cannot make a contract binding
on another, or take the ground, that subSe-
quent legislatures have the unqualified power
of aunuling not on " the acts, but the author
| ICED contracts of a preceding Legislature IN
/ either event, we are advocating a doctrine
upon which Reputation must base It's strong
est claims TO be esteemed a correct principle
of our institutions. A few remarks 10 refer
ence TO this question, | trust, will not be
deemed amisS at this time.
| The Constitution of the United States has
prohibited the several States from passing laws
impairlng the obligation of contracts. AS tC
the appica biIity of this provision in respect
to contracts between individuals, there is nc
diversity of opinion. But the question as tG
whether it applies when a State is party
has occasionally been muoted. 1t has some
times been contended that State, in it:
sovereign capacity, is not bound by the rule: