The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1843-09-28

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s204 100000, which 10 of the &c in the aggre-
gate, the payment of Sl97 900, 900 may be consider
ed pretty certain Indeed it is almost placed beyond
contingency, The remaining S7OOO0OO, s5,OOo,OOO
| of which is due by Mississippi, and $4,000, 900 by
Michigan has been repudated J" but we assured
that there is redeeming spirit in these States, which
will manifest itself in their next elections. The DIS
honored credit of several States is used argu-
ment that The people OF the United States incapable
of sef-government! Is there any thing to justify
such impression proceeding from the management
of their financial afairs' In New Hampshire free
suffrage is universal for citizens 81 years of age while
in Mississippi various qualifications required
Yet New Hampshire does not owe farthing, and is
in all respects well governed. The States least in
debted are generally those which have placed the
teioest restrictions ON The freedom Of the roter.
The NATIONAL Government has unjustly suffered
abroad for occurrences in of the States, which
1t was without power TO prevent. 1t had no agency,
either directly or indirectly in the creation of the debt
| contracted by any Of them. Each of them has
the fullest liberty in the management of its mat
ters. If any of them should think proper to is
its bonds for SlcO 900 900 or 81 900 900 OOO the
nation could not prohibit the sale ofthem. Over their
| actions from them in time Of peace amount to but
little more than uniform revenue for its support,
which is not raised by direct taxation, but upon
imports lis duty to them is to see that they have
republican forms of government, and that each oil
them is protected from invasion" by foreign enc
mics II cannot, under the Constitution, erect fort
| or magazine within their borders without having
first obtained their assent. Now although it cannot
pay one dollar OF Maryland's debt without trespass-
ing its restricted duties if war was waged against
that State on account of the sums due, it could Or
der troops from any point Of the Union to aid in
polling the invader As the Executive officer is
sworn to support the Constitution, it would be obga.
tory on the President to make demands upon the diff
ferent Commonwealth for the necessary military
aid. When the States contracted their debts it was
not supposed by either of the parties that the General
Government could be made responsible for them. III
this had been believed by those whose tongues are
now clamorous against it, why should preference
have been given to the bonds of one State over an
other? All would assuredIy have been Of the same
ralue it, in the event of failure Of any Of them
it was apparent that the nation could become pay
master. Capitalists, and others, made their risks
upon the estimated strength of the securities offered
stood highest in their confidence and hence its bonds
taken at the lowest rate of interest. Pennsyl-
vania for instance as is said Of first rate ships, was
" l." while Virginia was second class. Now, if
there were no constitutional barriers with what sort
Of conscience could the "United States" consent to
pay the debt Of Pennsylvania (Which regarded
rare investment by moneyed men) with back nte
rest when Virginia, whose stock sold less advanta-
geously has not calculated the cost in providing her in
terest and maintaining her credit? Would Virginia,
sovereign member Of the confederacy, Gf the
measure was clearly constitutional) submit to such
an outrage upon her rights? Or would Missouri, al
most free from debt consent to pay for the prongate
expenditures eff Illinois, in endeavoring to build up
towns and cities to rival her own and divert trade
from its natural channel? These simple interrogato.
ries cannot be answered otherwise than in the mega
tive, and they show at glance the absurdty Of tn
doctrine of assumption" 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 waters of the Msis-
sippi river
1t may be said that there precedens for
samption--that the N atona Government assumed
the debts of the States in 1890, and in 1916 But
must be remembered that these were liabilities occa.
stoned by the wars with Great Britain Of l776, and
1912. In the struggles to achieve and maintain their
Liberties, the States too patriotic not to bring
all their to bear in the conflict, adversely
their enemy, and the General Government, after the
ratification of peace saw the necessity and the JUS
ce Of at relieving them from the sums expended
10 its defence. The debt Which they created was
strictly national 1t for the prosecution of
ionai measure-totally unlike the present debt of
louisiana the funds for which are in banks, or OF
Pennsylvania, which in canals and roads, promo
ting local Interests without the shadow of national
feature connected with them 1t would be equally
constitutional for the nation TO the debts of
individuals as the public debts of the States IL it
can be justly reproacbed on account of the defniing
and "rtpudaling" States with the same propriety
may be reproached for ndiriduas who have been IN
able to comply with their engagements. But it has
always aced in such good faith towards its creditors,
that its character perfectly invulnerabe. Since
1890 it has discharged, with principal and in.
terest, funded debts to the amount of $500
00o 900, without, in solitary instance, fail
ing to retire its bonds as 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 alb
of forty three years, it forced him to accept
a township of the best land in Florida and 500, 900
in cash, as testimonial Of its gratitude for his as
sistance during the Revolution This fact is merely
mentioned to show that it is liberal in its disburse.
ments, and capable of approaching services render
ed in its behalf. The National debt very inconsi
dcrable, and it will be diminished, it is believed
during the present year, s60O0000. The funded
debt is only $4,000, goo the stocks Of which, held
exclusively by American citizens, is II per centum
above par value The annual expenditures have
been reduced TO 500, 1000 part ONLY of
The interest paid the debt Of Great Britain. There