The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-03-04

The Morris Canal and U. s. Bank took the whole loan
from the State Of Michigan. and il yet 50 OOO
Now the memoslists undertake say that the identical
money paid by them to the Morris Canal paid to the
State Of Michigan, and therefore that they have lust
claim They "repudiate" all idea of any connection
with the Us Bank deeds and claim to receive paw
ment precisely the bonds on which nothing has been
paid in existence. This is matter which is
by no means so clear George Griswold Esq. was d.
rector OF the Morris Canal Bank the time this transac
ton took place. The bonds purchased by him we're
used In establishing the United States Bank in New York
which was, to all intents and purposes branch of the
Philadelphia nstituton of which the Morris Canal
tender and decoy duck. Mr.. Griswold with Mr. Alsop
director United States Bank purchased also
of real estate in New York. which, with the Michigan
stock formed the capital of the United States Branch
Bank in New York under the banking law. The mother
bank confessedly owes the State of Michigan over
$4,000 sOO How it pleaded that this 100000
ing the name of Mr. Grswod part of that sum-
does readily appear and requires good deal Of in
vestigation. With this, however, have less to do
than with the arguments of the memorial which involve
general questions They involve the right of Legis
ature to bind future Ones and of generation to tax
future This right has been assumed and practised
upon of late years. but is not the less at with the fun
damental principles Of republican institutions.
When this country separated itself from the hereditary
oppression of the English government greatest
degrees OF sentimental union that America ever knew
in denying the assumed right of the British Parla
ment to bind the colonies all cases tchatsoepsr The
declaration in its form almighty one and the lo
test stretch Of arbitrary power that country
set of men ever claimed another. Taxation was
nothing than putting the declared right into prac
ce The colonies resisted this assumption of power and
rumphanty freed themselves from its oppression The
the resistance and ultimate triumph
thrown partly posterty by the offundng the
debt In so doing however. they did not claim the right
ofenorcng posery it, but they supposed the boon
oflberty transmitted to them in junction with the debt
was sufficient to compensate them for partisl discharge
OF the latter. This was, however, mere assumption
They acknowledged right in bygons generations to
fasten hereditary government them, to bind them
forever and they would not submit to it, they threw it
of, and established governmentt among themselves to
suit themselves and by doing only incurred the
odium Of rebelsand outlaws but the of halter
successful As they threw off the government of their
fathers and refused to be taxed for their debts had their
children right return monarchy and refuse pay
the republican debt if they pleased The right perfect
and undoubted in each generation. The children
however pleased with the legacy of their fathers and did
not hesitate discharge the debts which encountered it.
Thus far all was free will.
The legislatures of the last ten years have however,
gradually torgetfu Of the first principles of republican
ISM which to each man, each body of men, and
each generation much liberty they enjoy with
out encroachng the rights of others their coempora
res and SUCCESSORS entered the widest speculatons
not on their means, rskng money hand already
earned by their constituents but upon the earnings
poserity They have created banks and railroads
cuaions money paid back twenty to thirty years
hence, when they will have passed from tho stage Now
it ndsputable that legislature with the of its
constituency, have a right to make bank railroad
ifthey have the money to do it. If they have not the
ney to do it, they have right to do it all. They may
do on speculation. They may issue bonds at
future date which in fact drafts upon postery and
obtain for them ready money OF capitalists; but do
ing they the risk that the speculaons may fail that
poserity not counenance it, and refxse to pay the
draft The bank may fail and vestige of it remain
Why then should posterty be expected to pay t7 If
man were about to build house, and having money
to offer to mortgage all the earnings of his for
to pay for it, would that be obliged pay it!
Clearly not. II he liked the house, and thought It was
worth the money he might if he pleased and pay
the money. But who would curse him for "repudistor
if he refused because he did like the house. could
build cheaper2 II individually cannot do this
how can community delegate for year to go
to the legislature and bind all their pay for rail
road like the Erie, bank like that of Alabama canal
like that of any other fantastic that
knaves may proect2 If capitalists lend their money on
such security they must take the risk that the appropra
ton of the money will be for purpose which the next
generation will approve and consent to pay for They
cannot be bound obliged pay it, bued into it
by the cry of reputation any than these United
States morally legally bound to pay the British debt
contracted before l77s The political rights of men are
pretty well understood and the present financial revou
on will establish clearly their rights that respect
be law that money shall not be loan
ed at interest because disaster and ruin both par
ties inevitably follows the transaction.
Sales at the stock Exchange.