Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1843-08-07
RICHMOND DAILY WING
MONDAY MORNING, AUGUST :, Isio.
STATE DEBTS.

MIR. Nicholas Biddlc has written a long letter. s,lg
geSting plan for cocrcing the indebted States {,
make payment. His plan is simply suit in III,
| Supreme Court. BY the Constitution any State il
liable In the suit OF another State. ar a foreign 90
vemmen; and all that the indiv itual creditors hav,
10 do is To transfer their claims To the State or Go
vcrnmcnt 10 which they belong. tina, suit may b,
instituted. Judgment, Mr.. Ii. contends. must b,
given against the delinquent State.
On this scheme, the New York Commercial re-
marks
We but weak point in the chain of Mr. Biddlo.
reasoning; and perhaps there really no weakness even IN
that We refer the transfer interest for the purposes
OF the suit from the foreign holders, OF the bonds the
government We do not know OF any good reason why
such transfer might not be made hut the question is would
or will be made scarcely probable that any foreign
Government would take the bonds from citizens sub
Ieets by bona de purchase giving full and valuable
siderauon-smply as Transaction and without any view
10 the Interior purpose OF suit Ii would take the bonds
at all It would be simply place itself before the Court
the creditor; and there might be political considerations
which would this step be considered ncXpedent
impro per.
The y. 4. Courier commenting on IT, observes:
This remedy against those States we presume will not
and ought be pursued except in those extreme
where the State has either formally repuda,od engage
mens or (which practically amounts to the thing
We believe that the defaultng States have become so
more from the dcmngoguesm OF its Legislators than
settled determination of their citizens pay, and when
we consider that tic creditor does demand the principal
OF the debt, but only seeks enforce the payment the
interest against debtors who have the ability
10 pay SO lar from experimenting any difficulty
forcing Judgment based upon such manifest equity,
are OF the opinion that would be sustained in nearly every
state by an immense majority OF : citizens.
In all those where the State pay bonds
on grounds OF legal nature suehas OF consideration
OF proper authority the part OF agents, the remedy
proposed IN tins letter appears be happily adapted the
bsceainmen OF all the circumstances attending these trans
actions, and TO final adjudication and settlement OF
the matters in difference, and should not only be cheer
July acqosced IN by the claimant and the State. but should
he anNous sought the means having Justice done
10 all parties To the State that doubts It, legal and
Ia liability, arising from the consideration from
traud resort 10 tins constitutional tribunal should be dcsr
Ell a means OF pugIn it, honor and establishing
tee This the condition OF that State that occupies the
nglouous distinction of open and solemn reputation by
Its constituted authorities. OF it. Mssssspp
claims that these contracts would Ice good IN law
and are consequently not binding upon the Ii she
sincerely believes this, she resort that tribu
nat by which justice can be awarded her and by which
she be rght IN her position, she with certainty bc
legally relieved OF that immense load Ignomy that now
attaches 10 her, and makes her repruach and by
word at home and abroad. She throw obstacle IN
the way 40 Tcestabshug her good without pen
ns the faint that already attaches her and any
resistance u claimant. pursuing tins legal remedy
Wond be additional evidence OF determined design de-
fraud her creditors.
The Legislature that State now IA session and they
now have the opportunity, they be either honest
n'rnion or have been sincte IA their declarations here
oiore made that they refuse abide 10y their contracts only
on account OF their having been contaminated fraud
ganst Tue State prove their sincerity and honesty pur-
pose by passing resolution before thoir adournmon soil
citing reference OF the tribunal provided by
tue Constitution, and affirming their determination abide
by It's decision, and quietly submit enforcement Of
IT. judgement This step would go far very far 10 restur.
confidence the integrity and ofa the de-
iauiung states, and would most avOraby affect all
class Of public securities wOud, itself instnane.
oasiy restore millions the condng and innocent hOIder-
Of State stocks and bring immediate relief To thousands
VINO are suffering from the effects Of tins ILL., Judged conf
denco 10 tile faith OF our State Under these
crcumsiahces Ne Trust patriotic member OF that lie.
gsatufo will move IN bc matter, doubling tat the con-
suiuted authorities Of Mississippi will gladly avail them.
selves Z" us opportunity Ia rNJita SINCERE desire NEE
oil it, liabilities they shall be- auihoritayely determined
to exist Less than Is vail iudcb!y tx upon the stain o
premcditated and conscious dishonesty.