Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1843-10-03
State E.i.siiiity.

Since The "a lure of several If the States of the Union
the interest their stocks ISSUED Tor borrowed
money various schemes have been proposed to compel
them to do O"e wa by assumption which vas
promptly by all parties declared sttutonal The
next ly Indirect assumptions VIZ: 10 alternate part Il
the revenues and make them the basis oil
new stock b. issued the of the Union Tor The
redemption OF the State debts. This nondescupt
mode The funds of the United Sta'e. federal treasury
tee used 10 pay the debts. because that would be
uucon- tutlond but the funds were to be set sPh aud
called the ~ pcry of the states AID then applied to The
p1y neit OF debt ISSUED IA the name 4 the Oniled
,,es This would be clearly confederation "i
tho >rae> for puu,, ',h'r nan ., Hose ad ho"n
Ia the Constitution. Mr. john A. Parker Of New ! erN
ha- proposed another plan He petitions the State
tie The trustee for debt due HIM hy the state at
Pcnn-y and for another due by the STATE of Illinois,
and rcu those STATES f1r the payment in the T. :
Court. Tie basis oi this applications. TO be the
protection which the STATE independent government
hl.a- cz against grievance sul red from
other g1venmenihs the 4-paymen Of debit due 10 him.
The OF the United has deharrcd cit
zen Of from sung The gov, Of another
State. Yet Mr Parker contends that his government
him protection. and bound 10 seek 1t for hun,
by force of hrtwe foreign governments,
but in the Supreme Count of the United states This
reasoning clearly just when applied to acts of spoation
such the pr perry Of subjected To IN time
of war; but do that this applies 10 mon
cd transactions, voluntarily cnred INTO Nh Parker
states follows
taxable prop rty every iuV ua in the state Is liable;
aud that their pr lefty lie levied upon under Judg-
ucnt against the The grounds of the liability
that the, are parties the conracthe government II
the State hrug inherent in them aud the Legislature
bring oy their authorized servants, holding delegated
poverihat the whole property # the state Is pledged
debts. in the power coded 10y the people TO tie Leg
stature to lay taxes; AID such power being the basis of
credit obligation the part Of the Poop
who gave ~ aud the Legislature failing refusing 10
excrci-e It's power in the ulilncn of contracts 10y
plain aud Obvious principle ct common law the obligation
falls back upon the people who gave, authorized the
DOW err and on whom II to be exercised.
Now admitting this p siion to be true. the collect
ne be0be of State bound pay obga ION to
az Indl vilua of another State. the that
The individual OF state suabt IN the United States
Count for his obga 20 the citizen of another state
1h- Ia the constitution provides for. aud not the form
or aud the obvious. IL the col ectve stock
debt II people may. by authonty be enforced
ia favor 81 IniIV !ua then the individual mercantile
debts may be enforced IN The same manner Hence # a
merchant failed in New y TX. ia debt To person in
London and the United states ah-n,,d lis cit from
the liability bv bankrupt law and that ciiizen aerwafd
arcure property then Great Britain. protect
,,,,t II th. United states The carving out at this
ntnr,t,, AZ the present moment would involve this
e.,,,,,rv IN a war rith al, the v.ofld