Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1844-03-28

were themselves the agents 10 sell, ana cen 10 ave
been il some way interested IN the purchase but, sure
", II Is too late 10 object, after the Governor, who was
the Immediately authorized agent Vi the State, had, with
a know ledge of all the facts. ratified the contract and de-
facts before them. had interposed no objection, and had
taken one third of tire purchase money. The only pos
sible question. therefore, Is, whether the European bank
cs parted with their money IN good faith and we are
not aware of any evidence 10 the contrary. The iegls-
laiure do not assert, that these bankers had notice, either
actual or constructive, Of any act which would deprive
them Of the protection due to all boaa fde purchasers Of
negotiable securities. The mere fact, that the bonds had
been paid for, even II known u the persons To whom they
were pledged. would not have this effect. 1t would he
monstrous To say, that. because property bought on credit
has been paid for, the holder cannot give a good title 10
n. Such "A doctrine would overset hal. the sales made in
the country. But We repeat. we have never seen any
ev idencc. or any reason Ia believe. that even this fact was
known % the foreign bankers. To DO the legislature JUS
tee, both By their committee and by the act relating To
this subject, they preserve a silence which - disnihed
and proper, # they have no satisfactory evidence OF such
notice, but believe that inquiries made afterwards may
possibly elicit II. And this we understand 10 be their po-
siuon. Bat, even without such evidence, we cannot
doubt the equitable and legal claim OF the holders ofthese
bonds to be paid what Is due on them, 10 the extent Of
the amount for which they were pledged. And we add,
that we entertain as little doubt, that the State Of Michi-
gan Will hereafter act according to tins Wow Of the sub
lcct. and adopt in reference 10 these bonds The same Just
and honorable measures which It has already taken CON
corning the others.
Otthc States which cannot ut present fulfil their obi
cations, the reviewer saws:
In regard to the Suites OF Indiana and Illinois, we have
very liule 10 say. Indiana has a debt of more Than 3d.
OOo.O0o. with a population of about 100000 souls. The
amount Of taxable property IN the STATE was returned IN
$40 rs about so. 600 coo. Illinois has a debt Of up
wards Of Sl3,0uO .00O. The population Of the State was
less than 500.0OO IA 1870. T" both these States, the re-
mark of Governor Cariln. of Illinois, ln one OF LIS mes
sarcs. is applicable "uuiprtunaiely, al an u%nguarded mo-
meni, the SIT" was allured from the path of wisdom and
economy by the seductive pint of speculation, and the
wild fury OF popular delusion, which spread over every
part Of The Union. and induced TO embark IN m expensive
system Of internal improvements, at a period when the
country was literally deluged with an inflated circulating
medium. which gave the Scmblance OF surcesS To- the
most visionary aud chimeucal enterprise. But both
these States have immense natural resources, and a rapid
" Increasing population fully capahle OF developing themi
aud they must become wealthy. At present. we believe,
It is not in their power TO comply with their engage
ments. .
w have thus taken \ rapid view sc the condition Of
tie public debt of those States which have not compiled
with their obligations. We find three distinct cases:
States which are so deeply involved IN debt, that it Is out
Of their power at present to perform their engagements;
States whose res urccs and means of payments are am
pIe. aud who have never questioned the binding force Of
their contracts aud States, able 10 pay, hut refusing, up
on rle ground HAT they are not bound to pay Each has
lis duties and is dangers. The duty of those first uamcd
is clear. Their excuse for not paving Is Their inability
This excuse. of course, relieves them from "o'hins "h''h
they can do II may be a sufficient reason Tor not nj
e once paving in full II i no reason why they should not
pay something; and that something should be enough 10
] include all they possibly effect. To do less Than tins IS
r 10 avail themselves. Tor their OWN benefit, of the ml>ior-
+ tunes whirh have fallen alike upon themselves and their
creditors; II l.. in fact. TO commit a fraud How much
they can do, and ~ WHAT WAYS II can Oc>t he zone me
= people of those States are themselves the most competent
" io decide II i 10 be earnestly hoped, that. ~ making
e The derision. they will not forget that theIr own honor
{ and the honor of the country y deeply involved IN H.
Their danger l., that they may postpone 'aeir measure
y too long. The great accumulation uf interest l. adding
e much every wear TO their burden. Every year they are
becoming more and more accustomed Ia look upon the
load rs too heavy 10 be carried. and, therefore, To believe
5. thai no aiirmpt ought To be made to lift any part of IT
% Such a feeling should bc thrown oil al once, and n mani
yigor. such as the Western people are known TO possess
,r should now be cxerted.
The lule and its limits arc equally clear: "Ifthe otsa
Gle be real. time must be given, Tor no ore IS bound TO an
! impo-s bilry-Nattel, !. 4, S 81.
y N, IN ultra oblisari in qlantum faceIe po'est ot, an pos
set. pe.m tteudun alte,iu> piincipis, qua boni VIII, aTbitiio
-Byuk, c. J. P, |, ,, c. 10.