Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1843-02-27
ASSUMPTION OF STATE DEBTS.

ASH MfilDN OF STATE DEBTS.
Studied efforts are now making 10 produce the i'm.
preston thai the Nhps party are in favor Of the
assumption Of the debts of the Staps-1s as few
years ago, similar effort made but which was
then met and Routed by the unanimous vote Of the Sen
ate in favor OF rcsoIuon offered by Mr. Benton. dc
carlng sncla measure wholly inexpcdcnt. There was
at that time, however, even the shadow Of pre-
text for such an allegation and in point of fact her il
none at this moment 1t is true a scheme has been pro
posed by MI Wn. Cost johnson Of MARYLAND who
heretofore acted with the Wings but who, ii is known
docs moi mo-" identify himself With that party, and wl o.
II is believed, became alicnand from them account OF
'er refusal 10 co. operate with him in ms supcndons
project which bears some resemblance to the assunp
lion by the general government, oi the debts Of the
States But that scheme has not only not been, bur
we venture to assert never will be, adopted by the
Wig party few leading Wings may advocate it
aud IN particular sections Of the Unon most oppressed
BY State Indebtedness, it nay find numerous friends
But, wherever pubc sentiment has been oppressed in
5 iayor IN decisive tone, ii Lac h--a. np1n lis face
the voice not Of 0y party, but CT tho people, without
distinction OF party"
Mr. Johnsons scheme, however. Dies not propose that
the general government shall assure the Stat, debts
1t 1ply proposes the subntron Of the bonds of the Tor
mer Tor those oi the latter pl,,ging the Public Lalas
ior then ultimate paymcnt-gong. II Will be perceived
upon the assumption, the truth OF which affirm, that
the Public Lands the property ofhc States. srye-
rally, under the deeds Of crsson, and therefore only
hrPGag the proceeds d Their sales, Which annually 90
mio the hands OF Their common trustee. 1t Is. IN ether
words, giving to the Distribution question nc", and
10 US must Objectionable aspec-dislrbuung the funds
arsnT from the sales OF the domain M Gdrancc, instead
oil as they accrue. 10 this Proposition our objections
are nS as lnSnrmonabe as they would be TO the als-
lutte assumption, By The general government Of the State
debts II we had no other, il would be sufficient for
Us, that the federal government would be readcrad re
sponslc ior the payment Of an immense amount Of in
ereSt annually, which would far exceed, in all proba
b'y the annual amount derived from the sales of the
Public Lands; that the deficiency would necessarily
have to be supplied hy It's rcvcnne-um other sources
thereby taxing, IN effect the people Of one State Tor
the benefit Of those OF another, which bad been less
n'mlcal or less prudent In the management of It's af
i1ifs aud the result would he that the Public Lands
would IN the process OF time be exhausted in the payment
Of interest. aud when the period should come for the re-
dcnptuu Of the principal ii would dcyolve on the Gene
raj government 10 pay II from revenues derived from
other sourcos-ihcrcbr in fact imposing an equal portion
of the burthcns Of the indebted States such as Pcnnsy
yana, mo, Illinois, Mar, land Sc upon The people of
those States, such as North Carolina. Delaware. Con-