The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-03-11
From The ". Y. Union.
STATE DEBTS.

Now tina; the Wing party is dis olved, and the frag-
ments cemenied into tie Clay ranks the next move
we presume will be the issuing by the General Gov.
ernnent or rather the proposition TO issue the very
small item Of Two Hundred Millions Of Dollars OF
Government stock for the purpose of assuming 4 q
debts OF The States The PROPOSE iou will be fruit
iu subject OF political intrigue connected wi IA the
Presidential elections me think the Presidential
election Of l64s,-but think the ensuing election
for although no plan can be maturcd as to be
carried out by the next Congress, yet the friends Of
the experiment will endeavor 10 commit candidates
IN favor OF assumption. We should say that the pro
Ject would have been dismissed in the most summary
manner, from every principle Of public good and Of
public security, were 1t not for the unfortunate in
debtedness OF The states, their inability to pay either
principal or interest and their anxiety TO shuttle off
load Of oppressive debt and relieve their farms and
habiiations from the sherifHs hammer These con-
siderations will combine their powerful influences in
the choice OF members Of Congress pledged To as
sumption, and we apprehend that Pennsyl vania.
Maryland, Georgia, Mississippi Illinois. Alabama
Indiana, Ohio, and Michigan may send delegate. 10
Congress IN favor OF the proposition, and their num-
bers may possibly be swelled by some from other
States. That Mr.. Clay will be in favor of assuming
State debts cannot be questioned-the interest on
,ne STOCK TO be psid out OF the sale of public land
IL IS an ssoun ing and most dangerous project, WHICH
will test the safety Of this Union in a more search
ing manner than any that has arisen since the war Of
Independence. That the United States Coyernmon,
having no territorial jurisdiction the States Who'll
y disconnected with its legislation and mo
control over its fiscal operations should be called up
on TO assume its debts, is mos, strange anomaly In
The history OF our Republic. In the kr~, Mace the
proposed division Of the two hundred millions of dol
lar, among all the Sta'es TO pay their Indebtedness
pro ra'a, viii not IN fact pay more than one half the
principal and interest by any compromise and The
only mode OF reaching the extreme point of settle
ment VIII be Tor States having no debt of their ovn
10 renqnsh their portion 10 their bonkrupt brethren
his, at The first blush, niquitous as il is, i. The
oh,y mode OF 'qudatng principal and interest Of the
indebted states. Can such project succeedD IN
adopted where u TO end What g,,arspte. ha. the
states that " they pay The State debts tomorrow
the next day they may not, without let or h,ndr,nce
plunge again into fresh liabilities
We should di,m's. this proposition q, once a. mon
strous unjust, ineSpedcnt, unconstitutional and re-
and one that the great Democratic marty
would never Tor moment entertain, were il NOT for
The convection that Il will be sustained by the Wh,a
press OF the country, and he the agtate question for
me next Tour years. We must clear tho deck, for
me battle, and the wach-word and ralying CRY mus.
Dc no As'uSrrIos or STATE DEBT, nv rHr GENE
sar GcvsRsNE~r