Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1843-05-11
PUBLIC rAlrn-srArE DEBTS. Z.

There are two kinds of recmdiotion, active
and passive; both terminate alike in public
dishonor. 1t makes very little difference to a
creditor whether the obligation Of a debt is
disowned, or acknowledged and never paid
lie gets nothing in either case.
Active repudiatio,, has this to distinguish
it; that it is open and direct, and puts All end
to creditors anxiety at once by giving him
plainly TO understand that he is to'set nothing.
The other sort of Reputation has all the knav-
cry of the first ead-etlds to it the lneanness Of
hypocrisy it swindles by indirection, and
fortunes the suffering victim with delusive
hopes and protracted disappointment.
| lnasmuch as few have the eilrontery TO out
rage honor and honesty without some pre,ext
winch may seem to take away from the enor-
NIFTY of the act, it is likely that passiUe repu-
diaion will find most adherents where a dis
inclination to pay debts prevails. The pro-
cess is easy aud rapid. State bonds, for the
payment of which no provision is made, de-
preciate with quick CELEBRITY all that is re-
quired is simply to do nothing; the debt will
make way with itself. In a short time the
worthless paper on which the equally worth
less seal of Commonwealth faith is stamp
ed, will alone remain to show that men so
foolish ever lived as to entrust their money to
a republican people.
/, The following paragraph from the Indiana
e Eagle speaks with sufficient plainness, certain
ly, To leave no one in doubt of its meaning
e its doctrine is clearly that of actiUe repuda-
ton
"What may be the sentiments of Mr. Whicoml
e touching the doctrine advocate, in regard tc
the State debts, we know not, but for ourseT, on,
Of his supporters, deny that such Ming
State debt crisis. or exist in conformity with the
Constitution of the United States or that the re
proachfui term Of population apply to refu
sal TO pay the State bonds; that those bonds are
Y illegitimate and unconstitutional, and that tn,
people never authorized, have the power t
, authorize the issuing of such bonds; that it wa:
an unauthorized act, so far as the people con
ceTned, and that they not, cannot be, either y,
lac or honor, bound to pay The first cent, neithe
principal nor interest upon them that the whole
t scheme is fraud upon the laboring portion of on
# population, got up at the bidding and for the ben
eft of stock obbers, to enable them fleece hon
est industry of its hard earnings for all time Il
come"
# 1t is part Of our duty to note such indica
r tons at this; they may pass for what they
G are worth. Without iniima,ing that the palry
: reasoning here advanced is seriously Listened
If to by any respectable portion of any politca
II party in the country, it is yet undeniable tina
;. the sluggish apathy which is stealing over III,
= public mind on matter wherein the most live
y y sensitiveness should exist, augurs any thing
r. but lavorably. 1t is useless now to talk or
,f the subject-ac.ion is required. The country
needs some comprehensive, decisive measure
adequate 10 the occasion, and that too Will,
6 the national honor is worth preserving
!. tiaaore american.