Holly Springs gazette., 1843-10-13

4
th.m /, is proposition gully Gle /.
then. that tie loan of ihfs 5000, 90 10 IA.
STATE. aud he Hst. ofIt ~ thc cI.sz as q ~.
State in diSchdTging This outstanding lsIbilI-
~. ad ed five millions of jJlIaIs 10 the a,
2regate c.pial aui weailh of the State. aud
increased rs abiiHy 10 that rxtrn, To- bear IN
burthens oftaxation.- Inasmuch as the cili
zens Of the State hare paid foreign dpb
Of nearly ten millions by the use oS the five
millions borrowed thus adding two f,lI 10
the wealth of the State, it does seem d, mon-
strable by every principle ofethics, morals
aud equi v, that the State whose aggregate
wealth. was thus increased the int1odlc-
| ton and use of this money. should make pro.
visions TO pay ito the lenders Suppose A
hada morgage upon the property of b for
| $1,000 which hc int-rii 4 to foreciIs.
aud hat &. at the rrquest Of B. shouli al
vance him the money aH1 1'tls .hdrge the
mortgage. wouii II he nose than Just ia u
20 secureio Cthe re p,yment of the money
| loaned on similar mostgag Would u
not be disaon,st in B should ne r'i'ise Il
pay c the IN ,uey loaned by the of
winch his prop-Ity was s. scured from Sal
C-uainlv So say the wings in reference
TO the Union B INK b Ints. Foreign cr' Sit
o-s had l11 Iemenrs and mol;y iYrs against
the property of the citizens Of the 81 'te fJr
SIO00J000. and this property WAS liable
al any moment 20 be s1ld Ia ply them Al
he request &c the State the bond-hodcIs
have inaned $50 O0oJ to the SIatf-it was
broug ht into tn, ate and loan, d TO oar cHI-
zens With il this foreign debt has been
paid, and the property dis mcu no're1
Now is it more than Ist aud fir, that the
property SO discharged and feed from IN
cuu,brance should be taxed. If nrcess Try, 10
p1v back the money II ;hus who dIschar-
ged and { eed il from in .umbranCe should be
taxed. Unnecessary. To pay hack the mon'y
tIthose who discharged the intIn5raace'sk
The wings saw il is dshonurable la refuse
| TO tax it, should u tax be necessary 10 pay
the d, bl.
Just here we will stop to mike a passing
remark TO the ''out ani out" Iepuddtors-
the advoc rles of tnM Invisible. intIn5ible
shad1wy being, Posterity The argument
oi the philanthroplc gentlemen, II we un-
der stand them. Is. that the earth and The
things upon it are only The usufruct of the
present generation aud, coDstqdtnIly That
this generation has no light 10 create ii q tt
/ To he paid ont of he property ofthost who
Fcome after il This, ID ihe gnurant seems
/ DlAHSlDit. n SltlE "''' 80
| Lrove the illusion. Suppose "a tract OF land,
with mortgage on it of $4,000 was viii
ed 10 A for his life; and after his death 10 Is,
| forever Now. il Is clear. that both "A ami
! b must take the land subj CT 20 the moIt-
gage. neither OF them having amy right TO
| the property divrsttd of the in> umb ancr.
| Shonil A borrow the money of q ani ray
! off the mortgage. wonli ii u". be unJ'iSt la
| b, after the death Of "A, 10 rnJ ~ that proper
tv without repaying the money b'IIowed
bv A To discharge the lien Wiich boun the
! Land Such is the S. with Mississippi.
! A foreign debt of SI0,000.J00 bound the
property of the cltIztns OF tne Safe ihat
debt had either To b. pIid by the present.
genefation. or postcrity would have taken
lhe property incu nb.rrd with the bt.
/ The present generation borrowed the mon
/ ey and paid he debt. Plrd9mg the property
/ for It's repayment AT IL future day. PJS'eIItv,
| iu Ihe aggregate, or as forming the STATE,
| cannot com ain of this orcause the prop
erty thus nj, dord never form, a pa't al the
! actual wealth of the State, but was bnu9ht
by the ci,izenS of the State, upon credit, anl
never belonged to them in good fam I'LL
paid for. Nor can pns;e'I;y, as IniIvIini :.
obi .ct, because their ancestors incurred the
deb, in the purchase of the p openy which
descended 10 them; and as th.y have sr'n
fit to take the property. j 'stitr would say
they should hol il ssbjrct to the de2t crea-
ted by its purchase The question then IL
rises. how should this d,bl b. paId2 eur
! pinion has always been. that an tndivIiuli
should pay his d. t,s in the molr most CON
| venrnt II himself, ifsaiiSfictory 10 his cred
itors: aud TO that end, the whIg parIv advo
cate the appropriation. In the Il 81 place. at
all that can be mad.. oui of the UuInn aud
/ Planters banks, aud all simiias Institutions
In which the Sric has an inter s.. i0 the
/ next place 50 f,r as we are lnlivI iialiy con
/ cerued. we should thrr. prefer m appr"pfI-
alton of The public land of the State rather
that a r, SOFT To direct taxnlIan. IS W. b':live
/ il would be Irss burth nSomr ia the people
/ If resort tu direct Tux zion should b come
neceSs lry, our scheme woui tn be torx-
crh pt cn,ii,lv t,om the operation oi the trx
all that property which. by ihr L'w. IS not
subject 20 execution. This. we think. but
lusi. because thu ills o. lif. fall heavily g
nouo h upon the poor man and his family,
without subJ-cliug them 10 th- u. hens "f
government, If they can h:avniiei W.
would also oppose poll or he'd tax I" 7,y
the bonds for this reason as gem inl-