The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1843-03-24
ID o ltttraI.
From The N, Y. Union.
STATE DEBTS.

Now tina: tine Wing party is dissolved, and the
fragments cemenied into the Clay ranks, the next
move we presume will the issuing by the General
Government, or rather the proposition to issue the
very small item of Two Hundred Million of Dol
lars of Government stock for the purpose of as
sumlng the debts of the States. The proposition
will be n fruitful subject Of political Intrigue, con-
necied with the Presidential election some think
the Presidential election of 1913, but we think
the ensuing eection-lor although no plan can be
so malured as TO be carried out by the next Con-
gress, yet the friends of the experiment will en-
deavor to commit candidates in favor Of assump.
ton. We should say That the project would have
been dismissed in the most summary manner from
every principle of public good and Of public secu-
ry, were it not for the unfortunate Indebtedness
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
habaions from the sherii's hammer These
considerations will combine their powerful nhuen-
ces IN the choice of members of Congress pledged
TO assumption, and we apprehend thai Pennsylva-
mia, Maryland, Gcorgia, Mississippi. Illinois, Ala
hama, Indiana, Ohio, and Michigan, may send
delegates 10 Congress in favor of the proposition,
and their numbers may possibly be sweed by
some from other States. That Mr. Clay will be in
favor of assuming State debts cannot be questioned
the interest on the stock to be paid out of the
sales Of public land. II is an astounding and most
dangerous project, which will test the safety Of
this Union in more searching manner than any
that has arisen since the war Of independence
That the United States Government, having no
territorial jurisdiction over the States, wholly DIS
connected with It's legislation, and possessing no
control over its fiscal operations should be called
upon to assume its debts, is a mos, strange Gnom-
aly in the history of our Republic. In the first
place, the proposed division Of the two hundred
millions Of dollars among all the States to pay their
Indebtedness pro rata, will 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 settlement will be for States hav-
ing no debt Of their own, TO renquish their por-
ton TO their hankrup, brethren.
This, at the first blush, inquitous as it is, is the
only mode of liquidaiing principal and interest of
the indebted States. Can such project succeed!
# adopted, where It is TO end What guarantee
has the U. States that If they pay The State debts
to morrow, the next day they may not, wirhou,
lei or hndrance plunge again into fresh lnbilitics'
We should dismiss this proposition at once as
monstrous, unjust, inexpedienl, unconstitutional
and revolutionary. and one that The great Demo-
cratic party would never for n moment entertain
were il no; for the conviction that il will be "sus
tanned by The whs press CT the country. and be
the agitang question for the next four years. We
mus, clear the decks for the battle, and the watch
word and railying cry must be NO ASSUMPTION
OF THE STATE DEBTS BY THE GENERAL
GOVERNMENT.