Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1844-04-19
Term oMt apbotntr.
rRLpAY, apRIL 10, 1914.
REPUTATION.

REPUTATION
In the January Number of the North American
Review, we find an elaborate and able article or
the subject of State Debts; subject which is init
mately connected with the welfare and honor, mo-
only of the states more Immediately concerned, bu
Of the whole Union. In foreign countries, espe
ciuy in those countries which are unfriendly Il
us, and TO Republican institutions, the charge o.
Reputation is repeated and reiterated to the great
annoyance Of our citizens who happen 10 be abroad
TO the discredit Of our nation, and 10 the injury Of
free governments, and popular institutions And
the article referred TO is timely, exhibiting the
whole subject in true light, and deserves the al.
tentive perusal of every American citizen. The ar
ticle is of such length that we cannot give even an
outline Of its statements and reasoning, bat must
limit ourselves to few prominent facts therein sta.
ted
There are seven states which have failed 10 meet
their engagements. Two Of these, Pennsylvania
and Maryland, have not questioned the binding
force of their contracts and are abundantly able to
pay all their debts. Two other siatep Indiana and
Illinois, utterly unable, at present. TO lquidate
their debts, or to pay the interest thereon They
owe about Sl3,000,OO0, each the former having a
population of about 100000 the latter not far from
100000. Their inability to pay is their excuse
Three of the states, Michigan, Mississippi, and
louisiana have refused to pay their debt, OF por-
ton Of it, the ground that they are not legally
bound to pay Their debt was contracted under
such circumstances, that they declare themselves
not holden, and refuse 10 meet their engage
ments. But whatever decision the lac Of these
states may give in relation 10 the subject, honor
and honesty both require that payment should be
made and these states are able to pay. These
three are the only states that strictly speaking are
chargable with the crime of Reputation. And it
is to be hoped for their own credit, and welfare,
and honor, that better counsels will ere long pre-
vail with them, and that they will make provision
to pay what they justly owe. This they should do
also for the sake Of our common couniry---for the
sake Of the Union OF which they are a part, and
which has suffered and is still suffering through
their dereliction of duty.
The debt of Pennsylvania is the largest Of any
Of the states that have failed 10 fulfil their engage
ments. She owes about $40 600, 900. But her re-
sources are very abundant. The annual products
Of the State amount 10 $500 100000. tax Of one
per cent on their products would pay the interest
Of the debt Indiana and Illinois are young and
growing states. They have rich and fertile SOIL
and enjoy temperate and delightful climate, and
il is exceedingly unfortunate that in their YOUTH
they should rush headlong into extravagant ex-
Pences, and incur debts that must be a great him
drance to their prosperity.
While we are in favor Of internal improvements,
we would have states, as well individuals, care
full not TO involve themselves in debt. And we
hope that the lessons, which the experience of
few years past has been SO emphatically teaching
us, will not soon be forgotten and that both states
and individuals will learn wisdom and prudence
from past errors and folies. Wealth suddenly ac-
CURED is oiien scattered suddenly. Prosperity,
to be permanent, must spring from economy indus
try, and honesty. The laws of God must be obey
ed 10 secure both national and individual welfare
and prosperity.