Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-02-21
From the Baltimore Republican
MR.. JOHNSON'S HUMBUG.

Mk. JOHNSON'S HUMBUG.
We differ entirely with the Clipper in
regard to this scheme Of Mr. VIM. Cost
Johnson and in few numbers intend
giving our views fully on the subject; at
the sacrifice of some room and time. AS
it is proposed TO issue stock to the a.
mount of the whole State debts, but to di.
vide among the debtor States which are
not indebted TO any considerable amount,
in orderto render the proposition palata-
BILE to them, and induce them to favor
the measure, II follows, as necessary
consequence, that if the measure were
adopted the result would be an addition
Of fifty per cent. to the present amount
Of debt, imakihg the aggregate
upon which the interest would be requir-
ed 10 be paid. and to be ultimately exiin-
guished, $500 100000, instead of $780,
100000 which is the present sum. What
is designed to be done with that moiety,
which is proposed to be divided among
the States which have pursued judicious
course, ard consequently arc mott in debt,
we do not understand. II their treasur-
les be thus filed to overAowins without
any effort, and without the practice of
any economy on their part, it will hardly
lead to the exercise Of wise, prudent
and economical administration of their
affairs, which constitutes the proper foun-
dation upon which TO place the permas
nent prosperity Of state or community,
it would lead to prOdigalty, such as
has been pracliced in the debtor States,
aud ultimately involve them, after having
expended the money arising to them
from the adoption of the measure, in
state of Indebtedness equal to that under
which the del btor States are now laboring.
The distribution Of the surplus revenue
amOng the States, under the operation of
what was falsely denOminated the deposit
sct, has, we believe, been onesofthe fruit.
full causes Of the heavy Indebtedness of
some of the States; and we doubt not that
large distribution among those which
are not in debt to any considerable am.
cunt, would produce the same effect in
ratio with the augmented amount. But,
say some of the advocates oft scheme,
the stock which is proposed to be issued
by the General Government, for the re.
lief of States which are involved in debt
by bad legislation, growing out ofunsound
principles, and consequent want of
foresight, is not 10 be offered for sale but
is 10 be distributed among the States for
the purpose Of enabling them TO exchange
the credit of the General Government iov
a portion of their own stock. But where
will be the difference between paying the
interest upon the stock Of the General
Government, and paying it upon that of
the State. In either case the money
must be drawn from the pockets Of the
people. II is no reliefto a man who is
required TO pay interest upon mortgage
TO have it transferred from the hands of
one man to those Of another, nor is it any
,Teliefto man to be relieved from the paw
ment Of the interest and principal ofone
m'tge., il il be substituted by another for
larger amount, whchhe is equally bound
to pay. And The relief which would flow
from the adoption of the proposed meas
ure, would be. no more substantial than
would that of the individual be in the
case suggested. 1t would amount to nos
thing more than the discharge Of one dept,
and the contracting Of another that is
heavier and more oppressive. But ii is
alleged that IN the case Of an exchange
Of stock issded by the General Govern.
mant for that Of the States, the former
would be so greatly preferred 10 the other,
that very large premium would be OBJ
talned; and that consequently any given
, amount Of the one would be sufficient to
redeem much larger nominal amount
OF the other. We have seen nothing
that would serve to warrant any such CON
clusion; and we believe the allegation to
be as destitute Of truth and reason, as
was that which was formerly employed
lhatthe premium which the State stocks
would command, would be sufficient to
constitute a sinking fund, with whchto
pay the interest and extinguisb the Prin-
cipaI without any trouble or cost 10 the
people. The result Of tho effort made
by the General Government TO negotiate
s'loan Of $l2 100000 without success