The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1843-09-26

reign States are recovering, Many Of them deceived
themselves, apd two were guilty OF unPardo"-
able outrages against their creditors, But oui oil
s2Oi 600 900, which 10 of The 26 owe in the agsre-
gate, the payment Of sl9700OO Geo may be consider
ed pretty certain Indeed, ii is almost placed beyond
contingency. The remaining 81 100000, s5,OOO,OOO
Of which is due by Mississippi, and s2,ooo,OOo by
Michigan has been "repudated !" but we are assured
that there is redeeming spirit in these States when
will manifest itself in their next elections The dis
honored eeda Of several States is used as an argu-
ment that The people of the United States incapable
Of seIfgosernment Is there any thing 10 justify
such an impression proceeding from the management
Of their financial aiIasl In New Hampshire free
suffrage is universal for citizens q years OF while
in Mississippi various qualifications are required
Yet New Hampshire does not owe a farthing, and Is
in all respects well governed. The States Least IN
debted are generally those which have placed the
tt,oest restrictions on The freedom Of the cote,
The NArIoNAL Government has unjusuy suffered
abroad for occurrences in some Of the States which
It was without power TO prevent 1t had no agency,
either directly indirectly in the creation of the debt
contracted by any one OF them. Each of them has
the fullest liberty in the management of its own mat
ters II any OF them should think proper to IS
its bonds for 100000 00J or slOOO0OJ 600, the
nation could not prohibit the sale othem Over their
preserved rights it exercise control Its ex
actions from them in time of peace amount to but
little more than uniform revenue for its support,
which not even raised by direct taxation, but upon
imports. Its duty to them is to that they have
"repubcan forms of government" and that each of
them is protected from invasion" by foreign enc
,n;a 4, md tJa rt fart
or a magazine within their borders without having
first obtained their assent. Now, although it cannot
pay one dollar OF Maryan debt without trespass
ing its restricted duties, if war was waged against
that State account of the sums due, 1t could or
der troops from any pon, Of the Union TO aid in re-
polling the invader. As the Executive officer IS.
sworn to support the Constitution, it would be oClga
to,y on the President TO make demands upon the DIFF
ercnt Commonweaths for the necessary military
aid. When the States contracted their debts il was
not SUI posed by either Of the parties that the General
Government could be made responsible for them. If
this had been believed by those whose tongues are
clamorous against it, why should preference
have been given to the bonds of one State over an
other an would assuredly have been OF the same
pal,u it, in the event Of failure Of any one OF them
it was apparent that the nation could become pay
master Capitalists, and others, made their RISKS
upo the estimated strength Of the securities offered
The State having the largest resources OF course,
stood highest ~ their confidence and hence lis bonds
were taken at the lowest rate of interest, Penusyi
vana for instance as is said of first rate ships, was
Z" AL" while Virginia was second class Now, if
there constitutional barriers with what sort
Of conscience could the limited States" consent TO
l.
pay the debt of Pennsy lvana (Which was regarded
as investment by moneyed mem with back inie-
rest when Virginia, whose stock sold less advanta-
eeously has not calculated the cost in providing her in
terest and maintaining her credit; Would Virginia,
as a sovereign member of the confederacy, or the
was clearly constitutional submit TO such
an outrage upon her rights Or would Missouri, al
free from debt, consent TO pay for the progate
expenditures ef Illinois, in endeayoring TO build up
towns and cities TO rival her own, and divert trade
- channel; These simple interrogato-
ries cannot he answered otherwise man mega
tive, and they show at glance the absurdity of The
doctrine of assumption D." Let it be remarked how
ever, that of the public works Of Illinois of
great value, particularly the stupendous ship canal
which connects (when completely the Lakes and the
northern sea- bordered with the OF the Mssis
sippi river.
1t may be said that there are precedents for as
sunpioR--that the n atonal Government assumed
the debts Of the States in 1890, and in 1915. But it
must be remembered that these were liabilities occa-
stoned by the wars with Great Britain of l776, and
1872 In the struggles to achieve and maintain their
liberties the States were too patriotic not TO bring
all their means TO bear in the conflict, adversely
their enemy, and the General Government, after the
ratification of peace, the necessity and the jus
ce Of at once relieving them from the sums expended
in its defence The debt which they created was
strictly national 1t was for the prosecution OF
iionai measure totally unlike the present debt Of
Louisiana, the funds for which in banks, or of
Pennsy vana, which are in canals and roads, promo
ting local interests without the shadow Of national
feature connected with them. II would be equally
constitutional for the nation TO assume the debts Of
individuals as the public debts Of the States. IL il
can be justly reproached account Of the defunng
and ",tPudiaing" States, with the proprety it
may be reprosched for indriduais who have been uu
able TO comply with their engagements. But il has
always acted in such good firth towards its creditors
that It's character Is perfectly nvulnersble Since
1870 ii has discharged, with principal and in
terest, funded debts TO the amount Of $500
100000, without, in solitary instance, fail
ing 10 retire its bond. they reached maturity
Exclusive Of this immense sum, IT provided literally
FOR the officers and soldiers who fought its battles
When La Fayette touched its shores, after an alb
sence Of fortythrce years, it forced him to accept
township OF the best land in Florida aud 5000 600
IN cash, as testimonial of lis gratitude for his
sistance during the Revolution This fact is merely
mentioned to show that ii is liberal in dsbursc
ments, aud capable Of approaching services render
ed IN its behalf The National debt is very ncons
derablc, and it will be diminished, It IS believed
during lhe present year. SG.00O.OOO. The Glnded