Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1843-06-06
bigger and AsSrsruptieu.

BiSger ana Assumption.
The PsoIi American comments on the speech of Gov.
Bigger recently made Psol In relation to the scheme
for the Assumption of the State Debts, it says
HE called the attention of the people w Cost John
sons celebrated s2On 600 600 scheme for paying of the
State debts. and explained It them. lie said he merely
cal ed their attention order that they nigh,
ne H. and IT they found lie good plan. adopt If
not reject tie did say whether he considered It
good plan no. whether he would favor II II elected
Nos 7 he does ont Gecidedy for against Il,
ho1v II he shod be elected .gH he b. able 70 determine
sshether the people ia JI-or Of Il nor There
10 doubt he IN favor Of this scheme and elected will
favor IT,
The plan Is this the General Government issue 600
600 600 Of dollars worth Of scrip bonds tased upon
the public lands and divide il among the States according
10 their representation pay off their debts with. This,
The Governor says would lie assn puon Of the
State debts by the Grneral Government Well. will
whether It assumption Of the debts Gov.
Bigger say ndlanas share would be about Sc GOO 000
The interest this amount would be about $500 600.
lndIanas share of the proceeds of the public lands last
year, amounted TO about $4,000 dollars Here them the
General have % 900 dollars from lands
u pay Indiana's 100000 dollars of interest. Where
Is the deficiency come from The General Govern
issues the bonds and pledges herself to pay
teret aud redeem them, and of course Just the
Of bonds she issues to the States that she
sumes thrIr debts Ii It IS not assumption of their
debts, are at loss to know what Gov Bigger would
call assumption
Where is the deficiency come from asks the Amer
lean That is the question Not more than half enough
can be raised under the present high Wing Tariff to
pay the ordinary expenses of the Government Ofcourse
if the Debts must resort to direct q
alton to raise enough from the people pay the interest
what then will be the National Debt II the credit o.
the Government was good was under Jackson and
Van Buren,, might J2ro enough year af er year to paw
the interest though the result Of that policy would be-
it has beer England involve the country in inextric
able debt But the credit of the Government is no, su
Gent for that and direct taxation is the only resource
Our own Legislature will IS wish it to do-tax u.
heavily or lightly give it permission. Congress,
cannot he controlled 10y twelve voes-it will tax
when it peases Ii resist its cxactions the iranl
will be made strong enough 10 overcome that resistance
The Foreign Bond Holders. Bankers and Brokers, know
all this very wells their Wing friends in this country
know it equally vel Once make the State Debt a Ma
tional one and money blood must come
Gov. Bigger has great horror of silent repudiafion-
or in other words Of waiting l we are able To paw We
wish he could feel or the msfortunes of our citizens a.
well as for those of foreign creditors The blood an,
freedom Of citizens is worthy Of quite as much con
Germ in opinion tie money Of the fundmongers o.
London
hat DO people Of this STATE who have no nteres
IN humbugsng for party purposes, say about this cues
ton Listen to a New York paper, and you
judgment.
1t IL not well that English friends should be leceiv
ed 10y the attempts OF politicians 10 engender the idea H.
the debts be assumed by the Federal Govern nent-
such thing Is not practicable. The IL, hts al all the
states stand solely the responsibility Of each Stat,
contracting them. The debt would not be any more Sc
cure # the government them because i
has not Ibe means # paving them, aud would be- Obliged
10 resort 10 direct taxation pay the The pub
lac land revenues a phantom. The annual report OF
the Secretary gives the ccrl from that source at &
OOOO0O. l. this sum capable of carr, ing a Icbt oil
100000 600 Ii The balance must lie made up f.,
direct taxation. VII the States be any more able To nav
the officers oi the Federal overumcrt than hev
to those Of the state Clearly not-assumtt1n vii
only Increase the expenses o collecting and of coare IN
nance the taxes.