The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1843-03-24
ASSUMPTION alias REPUTATION.

We have, from the beginning, treated the project
Of assumption us reputation in disguise, It
reduction OF the interest upon large portion Of
he State debts, voluntarily in form, compulsory
IN substance. Nothing but necessity would in
tuce creditor 10 utcep; OF three per cent in lieu
If six, upon condition TO receive which, he parted
with his money. 1t is all deluson, therefore, 10
say that it is voluntary sacrifice on the part Of
The creditor. Money lenders are not in the habit
of making such sacrifices cheerTuy, de gate
occur, as the French phrase it,
Now we lIust that the States will not repudla'a
any portion Of the debts for which they are fairly
bound We rus, that they will make every exer-
lion and spare no sacrifice, rather than tdlshoncr
their Just obligations. Both character and m en-
ghlened sense of interest dictate this course. Ar
ter ALL this debt Of two hundred millions is not
serious matter II does not amount TO one years
income of the British Government 1t is Par,lcu-
lar hurdeusOme al present, because, commerce -
slagnunt, industry paralyzed, enterprise struck
down. But things will not always remain IN this
condition. The springs Of prosperity must soon
recoil from the pressure which now beals them
down. Industry viii ere long revive; enterprise
will recover heart; commerce will once more
spread out her wings and fly to aud fro the utter
most parts Of the earth. Already we think va
behold cheering Signs that this revival of prosper
y is not Ear distant " nh better fortune our peo-
pie will take better heart and they " i'll be cGCour-
aged To relieve themselves by honorable sacrifices
and efforts from the load Of debt under which they
now groan.
But should these anlirpations not be realized;
should it turn out upon lriI that the people actu-
ally have not the means Of dscharglng 10 the lGll,
the obligations Cf their State Governments. it
would be wiser and better 10 proclaim their lDahil-
i,y, and 10 make provision for their equitable dis
charse, in pnrt. Three per cent is considered
very good interest in Europe. II paid with Ger
mnty il ought not to be less &C, tnbc TO the Tor
ern holder Of American debts " 1t be- fair and
honorable to pay OLA portion Of the foreign cred
iiors 18th three per cent stock, II is equally so,nn'
wonlt be less partial and inylGlous. 10 reduce The
interest upon the whole debt 10 three per rent.
This course would also, NJ we demonstrated IN our
last bring more relief To the SaIes,w without enlist
ing the aid Of the General Government, measure
deemed by US, and BY many, utterly unronsiin-
,iona and which. future majority OF Congress
might not, and pphaly would not, sanction.
| We must not be understood ~ recommending
a reduction Of the incrcs, Of the State dehlS.--
| But this would no, BE- worse than the proposed
plnn of assumption, which j. really compulsory,
which j. equally unjust. and which Is, moreover,
more inyldious and PARTIAL since the sacrIhcs
would fall upon only portion ct the creditors
I We ,rus, that the States will be inund both Wiling
and able to pay all their just debts; should i 'utn
out that they cannot do so, which we can hardly
imagine, general reduction BY state authority
would be more frank and honest Than this plan OF
partial reduction, which would afford less relief;
which draws inyidous distinctions; and which.
moreover, involves the Federal Government, in an
unconstitutional and ohorlive efiur, to assume the
debts of the States. Gnt Move viii not even
regard this alternative with negative appreciation.
lcst ,yc shoud no int the emblrras ID States TO any
eynedicn, save that Of their own courageous eAer-
,lrns 10 relieve themselves from the unhnPy pre-
dirament in which they have become in'otsd-
We are praiified TO observe that Pennsylvania.
MARYLAND, Illinois. and other indebted States, are
making the mos, pniswcrihy efforts to do Justice
TO their creditors. We bid them God speed.
JI'nskingiOn Spectator.