Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1842-11-30
ASSUMPTION OF STATE DEBTS.

We remarked yesterday, in reply the Inquirer. in
general terms upon the proet OF Mr.. W. C. johnson for
the assumption OF State debts; but the importance Of the
subject will perhaps few words in regard
10 H. Our contemporary appears adopt the costly ideas
Of the gentleman referred to- that the best way for the
Government Of the United States obtain loan is 10
debt Of hundred millions by
Stunning the debts Of the several States. II this panacea
shoud work well for nations il is different from the
with individuals. Who heard OF n merchant who had
credit borrow money buy goods, recovering his
standing by endorsing for persons whose credit al
ready ruined ten times the amount which he wished
borrow or buyi
The Inquirer asks what in opinion "should
be pursued under existing circumstances" "Woud
contemporary have i'm the face Of the world
that money borrowed (by tho Sates) cannot and will
be pad7 Would he have the States taxed further in
effort to pay OFF their obgations7 Or would he aban-
don all attempts upon the subject and suffer the American
character continue daened by the foul stain which
taches thcretol"
We answer, the be pursued by every State
which pay it, honest debts to at about the
work. paying the interest and something towards the prin-
cipal every year. Ii any State is unable pay, which
do believe, then let compound with is creditors
well il IL would be highly unjust force the peo-
pie Of other States who neither contracted the debt
the benefit Of pay instead Of the real debtor. Ii any
State meet its obligations, would become the
able pay the National Government that should
take the place Of the present creditors. IL any State
not pay but will be able do future day.
then let those who have trusted till the time arrives
II would be highly unjust obige other States, which
have debts of their settle, also discharge ad
those of the States in question, and wait till future
day for the return Of their money
As taxing the States further their obligations
think that Pennsylvania should raise enough by
and tolls every year pay least the interest if
portion of the principal OF debt We would dictate
10 other States but if they asked opinion, should
certainly advise them do the thing, and if they
serted their absolute inability then would do much
possible. Ii they cannot bear pay what they
owe its interest, when laid by their governments
then il very clear that they could bear them laid
for the same purpose by the National Government. Of
course if the National Government assumed the debt,
must still stand unpaid, be unjustly wrung from
those who do not owe il.
AS taking charge of the American character by paying
the debts of every American spendthrf think that
would be carrying the Joke rather far and would
over make the American character that before; for
such debts would increase that stop their pay
ment last with increase of their amount
We would have Pennsylvania take of her cred
and honor; provide for the payment of her debt
aud them if there should be State the American
contnen, that would could pay, and foreigners
should generally mpute that fact n reproach Pennsyl-
vana, why would let character suffer with such
foreigners while reflected that Providence had suffered
a large quantity of weak minds exist in the old world
We do think, however, that character would su
fer long for the msdeeds of others We believe there
American stocks that sell rates in Europe
There American merchants good credit in Europe,
Notwithstanding that other American merchants
will not pay what they owe.-Pennsylranidn.