The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1843-03-16
Correspondence Of the Baltimore Patriot
IN sENATE.-MoRE ATTACKS ON
STATE CREDIT.
WASHINGTON, Feb. 20, lsi3.

.
WASHINGTON, Feb. 20, 1913.
Notwithstanding the repeated decisions
fthe Senate against the proPriety and rea-
condolences of agitaiing the subject OF as
sumption OF State debts by the General Gov
eminent, and other speculative schemes,
Mr.. McDullie called up this morning The
: following resolutions, offered by him on
Saturday as distinctive propositions
which open up the whole of the questions
that occupied the body last week
Resolred, That the Government OF the United
States has no constitutional power 10 assume the
debts contracted by the States for their own pro
per purposes by the issue Of stock, whatever fund
, may DO pledged for the payment OF the interest
or the principal
Resoired, That il is inexPedlent for tins Gov
eminent thus to assume tho aforesaid debts
Mr.. McDufhe addressed the Senate, at
length, with unusual earnestness and ener-
~ in support of these resolutions. lie
argued the constitutional question involved,
after the fashion to be expected from gen
tlemen of his extreme school OF strict con.
structionists. But even if Congress should
constiutionally exercise the power, he
thought the policy indicated would be most
unwise and inexpcdient. 1t would lead to
extravaganza and improvldence by the
States. However, il could not possibly
be adopted and carried out, IN the present
condition of the Treasury and the coun-
try. Tie concluded by declaring that his
solemn conviction was, that If these debts
were assumed, and stock created or IS
sued for the purpose OF pay ing them, the
bonds would not be worth the paper on
which they were written and he would
announce to the holders of these stocks hIs
opinion that there rcaId be no obligation on
the par. Of The Government 10 pay The bonds,
epta If crtdted By its authority Tie, for
one, would OPPOSED TIIE PAYMENT or THEN
10 every form IN which his vote or VOICE
could be made 10 tell upon the question .
And II the holders Of them should cry
4" Notification y or Reputation !" let
them CRY
Mr.. Walker followed with another A.
mendnent, proposing TO extend somewhat
the meaning Of Mr.. McDulEe's resolutions
,-dcclnring that the assumption OF the
State Debts would be palpable violation
of the Constltu,ion-con solidatlon-oser.
throw of State sovereignty, &c. &c.
He also announced TO the creditors OF
the State, that if they should succeed 10
procuring the assen, Of one Congress to
assumption, or the creation Of 200,000,.
900 stock for distribution, this Government
would not DO bound TO regard il. Their
success would be utterly unavaIlng; even
if they should triumph over the Consti;u-
lion Of this country. lie would % with
the South Carolina Senator in resisting
the payment OF the bonds, with his last
breath
Mr.. Merrck rose, and expressed his as.
constituent at the declarations which the
Senate had Just heard from the gentlemen
from Mississippi and South Carolina--go-
ing to th. fall extent Of repudia,ing in ad.
vance, what bonds may be issued on the
faith of the General Government, on the
pretext that its faith cannot be eoasfitu.
tionnHg pledged for the purpose in ques-
lion. He wondered why Senators should
persevere IN pressing these speculative
opinions on subjects that were not before
the Senate.
Here Mr. Walker rnsc and asked wheth.
er there we're not petitions IN possession Of
the senate praying for assumption Of
State Debts.
Mr. Merrick said he knew Of none.
Mr.. Walker asked whether such memo.
rails had not been referred to the Com.
mittee Of Finance
Mr. Evans Chairman Of that Commit.
tee) replied emphalic4lly NO" There
were many memorials before the Finance
Committee, but not one of them asked Tor
assumption Of the State Debts BY IL. Fed.
cral Government.
Mr.. Walker. Do not some Of them ask
for the creation Of two hundred million
United States stock
Mr.. Evans. fes-many of them
hut they ask for ito create a sound and
uniform currency no, one to assume the
} debts Of the States"
Mr.. Merfick then proceeded 10 oppose
the propriety ofthese useless discussions -
again urged, with force and effect, the arQu.
menls in favor of the Distribution Policy
and Of the claims Of the States 10 their
share Of the proceeds Of the public lands
lie repealed the false issues, which the
= authors Of these resolutions seemed SO
} ANXIOUS 10 force on the Wing partv.-
! They did not ask Congress to assume the
debts of the States. But they did ask and
insist upon relief to the distressed people
and, as a means Of relief, upon that land
fund which their opponents had so long
withheld from the people.
Mr.. Allen wished to know whether the
Senator from Maryland meant that he was
~ favor of anticipating the amount Of the
! Land Proceeds
Mr.. Merrick said, in reply-ihat his o.
plnions had already been proclaimed file
was IN favor Of maintaining the right Of
the people TO the public lands.
Mr.. Allen. "What do you say to the
issue Of stock :"
Mr.. Merrck. 81 have nothing 10 do
with it. stand by the right Of the State.
{ TO the lands