The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-02-18

relief through legislative enactment like bank paper
suspension, and other fraudulent measures will have its
day. and iall by its own weight when the public
has discerned its injustice.
Inc project of" assumption" is Of this nature
and IL IL could be brought about its inevitable result would
oe 10 affect the States already bankrupt but to involve
The whole Union in avowed insolvency. The course Of
uch proceedings was clearly apparent in the progress
suspension under the late national bank The theory
MI biddie was, that resumption must take place in the
south first, and after another crop" Several crops
passe without producing the effect The movement,
was Tor the United States Bank relieve" the pressure
oy engaging in cotton speculaons This only served to
embarrass the bank without in any degree assisting the
SOUTH The resumption of the South was then to be
brought about in JAM 1885, by the assistance Of the
United states Bank The bank backed by enormous
state loans negotiated in Europe In that year nearly
s7ooo0oo was issued by Pennsy alone at the nsti
CATION OF the bank for its support All would not do and
the New York banks applied to to reeve" the Phi
ladelphabanks This movement strongly supported
by the agent of the London houses G. King The
banks here had the good avoid the SNARE and the
United States Bank involved in the ruin of the South
and following her. those States whose stock issues had
afforded relief" All this accumulated Of bank
ruptces is leaning upon the Federal Government,
which is of itself insolvent What will be the result
Will the few States which still continue to pay their
debts be able to discharge those of the Federal Govern
ment and Of the nsolvent States in addon2 will the
effect be to ruin the whole2 In article of January s
gave list of the debts distinguishing the dishonored
States from those which still pay appears that eleven
States with debt of 2ss have refused to be taxed
to pay their debts Seven States have refused contract
any debts, because they will not be taxed for it. There
remain ten States which continue to pay their debts
with some difficulty, but which have all refused to have
their taxes debt increased These three descriptions
form the material of the Union, which proposed shall
all the debts The Federal Government was last
year short in its 81 900 and will be nearly
900 short for the coming The most therefore
that can be expected from indirect taxation and land re
venues is that they will met the federal expenses In
of assumption, therefore, direct taxation the only
What State is there then which will submit to
tha7 Will the insovent States be willing to pay to
Federal officers than to State officers? Will those States
which have debts and refused contract them
submit to taxation to pay the disputed debts of other
Statesl Will those States, whose burdens are no as
great they bear increase them for the benefit of in
solvent spendhrs7 The debts may assumed and the
taxes levied, but never dollar collected The resu 4
would be that of the Pennsylvania law June 1910
viz dead letter. No county officer will take any notice
OF it, and silent nonpayment will be the fate of all the
debts of the Union those which good as well
those already repudiated.