New-York daily tribune., 1842-12-06
RepRdiaIiOn.


allow.
RepRdiatiOn.
We do not propose to renew the argument against
the monstrous depravity of Repudiation,' as the
refusal of communities to pay their debts is softly
termed. The sophistry that the Government of
State or City has r1ght to contract debt bind
ing on it's people, and that therefore such debl
is valid binding, is garing to be treated with
respect. To argue against it giving countenance
to rascality and respectability to fraud. Here fo
instance, is State which has made Canal,
City which mas drawn trade 10 her wharves BY
means of a Railroad and each is enjoying the full
benefits OF its undertaking. But these works have
been paid for with money borrowed on the credit
of that State City, and the holders of the bonds
who have either paid out their money or purchased
the stock from those who did, now come forward
and ask the payment of their interest. Here is a
widow or a family Of orphan children whose al
has been invested in Public Stocks, though other
investments proffered higher of interests but
safety was desired and an income which, though
limited should be certain. The interest is asked
for and is not forthcoming. On what ground is the
payment refused Because it would be inconve
nent to raise the money? That reason, if valid,
would be conclusive against paying most debts
at all Because, in some cases. the money has
been inprovdently, unwisely ard uselessly ex-
pended7 That, too, would be just as good reason
against paving most debts at all. If an individual
or community may engage in some large enterprise
on borrowed money and pay only in case of its
proving profitable then need new definitions Of
right and wrong. What answer can be framed out
Of the unpro6tableness of the Pennsylvania State
Works to demand for the payment of interest
due on her State Stocks but take the last quib.
BILE of the Repuliators-a bond dholder asks pay
mont of his debt, and he is answered, (" Sir, our
Legislature had rtghtfu5 power to contract
debts--therefore we won't pay theu,.' How
Himsy this pretext appears when we consider that
the loans of the deeply indebted States were con-
tracted through successive years, by Legislators
annually or biennially chosen or re-chosen By
clecting and reelecting these men, knowing tina,
they had voted and would vote new loans to prose
cute the Public Works. the People of Pennsylva-
MIA, Indiana, Illinois, ETC. clearly made those debts
their own, even if the power to contract debts
had not been among those originally cenhded to
their Representatives. II A. B. stasds by and
sees c. D. buy horse for him of E. F. listening
quietly to assertions OF the buyer and knowing
the undoubted conviction of the seller, that the
former is acting for him ca. B } how shall he af-
serward refuse 10 perform his part OF the contract,
on the ground that c. D. had no authority to act
for him We say, then that the People of each
indebted State clearly bound by their own act
ths Hpht "A - ILL,
apart from any Constitutional provision. The
People who can answer the holders of their bonds
with this qubble of Reputation must be destitute
of the feeling of honesty and ignorant of the ma
ture Of moral obligation.
The pretex, that the Public Works have been
constructed undertaken only Tor the benefit of a
part of the People, and therefore the oholc should
not be taxed to pay for them, is met BY still
shorter answer Let the whole (who alone have
the power) SO adjust their taxation that the bur-
tnens shall be commensurate with the benefits. IT.
''s instance Commerce is the principal gamer,
TAX commerce.: if wild lands, tax wild lands; If
Cities and Villages. tax buildings il Agriculture
tax arabic lands. The whole owe the deb, bu,
they can so adjust their taxes as 10 place its bur
then where II should be.
There are many would.be honest me, o,bo ,-o-
fess utter adherence of Reputation who go, o,;.
ety permit the interest on thoir State Deb,s 70 90
unpaid year after year. Do these men realize
tina, they are Regulators 1t is an easy ,b;,, -
be honest when convenient, but true honesty does
not calculate convenience. Indiana and Illinois
should pay their interest ao,o and every month
ths, they fail to do so is aggrava,ion of injus
,ice and ishonesty-dishonesty of which ever,
citizen is partaker who does not exert his Usmos
Influence TO have the interest promptly paid.
But il is said these States cannot pay, none,
is so scarce and produce so low. This is mos, sb
surd. Each of them spends every year in PERM
cious luxuries, three times the amount of her in
terest. Each of them wastes in the idleness o