The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-11-24
100000 90
SI0,7l6,l50 AZ
$23,736,206 90

SiO,7l5,l3o AZ S23136,20 90
The domestic creditors and the holders CT relief not,
being probably all Pennsy lvanans these
be added to the class of Pennsy hodersso that
lions two hundred and sxytwo dollars Of which Penn
sylvania holds thirteen millions other States one
miion-and foreigners twenty-five millions. In this
the present inquiry it is sufficient speak Of the debt of
Pennsylvania being thiry-nine Millions hundred
dred and sixty four thousand dollars. -
AT the last semiannual pay day on the LIST of August
she had not the means Of the interest in
paid II in certificates OF stock bearing six per inter-
est and within year. The default of be-
the subject of universal ALARM and from present
she will not have the means Of paying the in
eres in February next the general anxiety about the
debt increases and vague prevails that
ly the interest will suersd to 70 into arrear-but tn
the whole of the debt will be disowned and there has
arisen one universal shout of indignation against the bad
faith of These alarms and these reproach.
es are in my Judgment equally unounded for the amount
Of this debt not great when compared with the debt of
other countries. We owe-let us say-forty millions
thousand millions of dollars and Great Britain and Ireland
together not three times large Pennsy
in all the elements of their prosperity has
i've times as much coal and iron quite gosd far
easily worked and with easier of trans
portation With natural advantages far inferior Penn
sylvania France has debt of thousand millions and
every Frenchman and every Englshman has about ten
times much interest to pay every Pennsylvania has
the French and English debts have been wholly spent
and gone leaving nothing behind them the Pennsy vana
debt has been employed in the Improvement of the state
again. these forty millions Of dollars shall never be
called upon to pay until the State is ready pay The
@ ha you are ea pay 9e,o.e gwen year
dtor himself wanting nothing but his interest and you
may wait until the population of the State is doubled
trebed every giving the State additional wealth and
increased population to help in paying the debt.
All that is wanted, therefore, is to raise this in
tsrest of Sls64LOO
But the works themselves will undoubtedly
yield large and yearly increasing income
which cannot be estimated at less for the year
ls4s than $40, 900
The real sum to be raised from other sources, is
only sI,sOo,OOo
Pennsy contains according to the last cen.
us and according the settled ratio of increase
Aerpopulaton for ls43. is $4,000.
The whole question, then of the public debt of
sylvania is the ability and the inclination of these
600 persons, until the public works yield increased
come to pay every year 81 that to say seventy
How this be readily DONE will explain herea
but in the mean time let pursue the inquiry the
conduct of the State and of her creditors
Upo August, lSi2 the interest the debt had been
paid not merely with prompness, but with punctous
regard to the interest of the creditor certainly shown
by any other government For when the Banks of the
state suspended specie payments she passed law on
June H. s40 by which the went back to repair the
losses which the holders other stock had sustained in
stocks in currency OF less value than gold or silver
and having paid back to them $50 sO7 purpose
enacted that hereafter the interest should always be
paid in specie or its equivalent = and that whenever
funds in the Treasury were not equal to specie the Co
vernon should pay TO the creditor the difference value
between par funds and specie"
1.-THE time the nth of June $780, the State laid
the foundation Of regular system ofaxaon pay the
interest the debt by passing law taxing all real aud
personal property which had already been for local
purposes and new tax upon many other objects hi
theIto exempt from taxation. ~
This was followed up tho next year by act of the
30h Of April 1884, laying tax upon all trades occupa
tons and professions and also upon all officers under the
State and institutions Incorporated byit
Other enactments provided for more equal and uni.
form assessment OF property throughout the State prepa
tory to taxation In the following session. by an act of
9th June 1S42 the required under oath
not to undervaue the objects taxed give the real
WORTH such they believed they would bring at public
sale after due notice. and the act nearly doubled the
These provisions abundantly prove the sincerity of the
State in her efforts to pay her debts did she omit 10
give new pledges for her good faith
In the session Of l842 memorial presented to the
debt to make internal improvements and that the laws
authorizing 1t without constitutional warrant and
therefore null and void On this memorial the commit
tee of the Senate made report an. TO- IS4 concluding
thus lin the opinion of your COMMITTEE every obliga-
ton of moral duty national honor and political integrity
requires that the State should sustain her faith which has
been constutionally and legally pledged by the proper
authorities Of her government When the uttermost
thing OF the public debt shall have been paid then and
not till them may be said, in deed and in truth that
Pennsy lvania is redeemed Therefore,
Rescued That the Senate reject the doctrine OF repu
dating the state debt unconstitutional, immoral and
snbvesve Of principles Of republican
government and that they will maintain the credit of the
state uusuled by making adequate provision to meet all
her enga gemenis with promptitude and punctuality
This resolution, presented by Mr. MClanahan, OF
Franklin to whom the honor fairly due Is the true creed
Oh pennsylvania. We may say what we please. make
objections or excuses please unless every dollar
OF this debt prncp pal and interest be ped-whout de-
r1x