The New York herald., 1845-01-25

been klndlcQ on tnlS IeXae question WHICH nOtnlng
can quench. The way in which Governor Wright
was handled is very significant. E
The Repudiatlng States.
Perhaps no public act in this country has excited
more denuncation throughout the civilized world
than the conduct of certain States Of this Union,
in neglectng to provide the means for the payment
of the interest on their public debt, or, in Other
words, practically repudiating the debts which
they have contracted. The dishonor reflected
upon the country by this conduct has been 80
great and 30 abiding, that the two prominent par
ties are endeavoring to cast the odium Of It upoh
each other. This attempt has been very earnestly
made by the two journals which are the leading
representatives. of the democrats and the whigs in
this region of the country-we mean the Morning
Ne,cs and the Daily Tribune. The Tribune en-
deavors to cast the whole of the blame Of this re-
pudiation upon the democratic party, in the various
States where it has obtained foothold. The Nems
labors as hard to fix the accusation upon the whies
wherever they have had the ascendancy. Now,
the truth of the matter may be told in few
words--both parties in the repudiating States ar.
equally to be blamed-both are guilty, to an equal
extent, in bringing this disgrace upon the nation,
and in destroying its fair fame throughout the cvi
lized world.
Let us explain The spirit of internal improve
ment, which first originated in New York. was the
creator Of that great industrial movement conpre
hending canals-railroads-ne towns-banks-
and vast enterprises of all kinds-which from this
great state spread rapidly over the whole country
since the year 1924 to the present day. 1t was ar
excellent and good movement, if it had been al
ways properly conducted, and managed with pru-
duce and discretion. Unfortunately, however, th,
small politicians, attached to both parties, finding
that vast fortunes could be made by the progress
Of these improvements and the expenditure of th'
money, entered into various schemes and confed-
eracies, through which they led many of III,
States, step by step, into enormous debts, beyond
their ability to discharge, pay the interest," and
thus eventually plunged them into the dlshonor
and disgrace of violated public faith. In the State
of New York, during the early stages Of the move
ment, both parties united in increasing the public
debt-in multiplying banks-and in fostering all
sorts of speculative enterprises The same genera
features marked the movement in other States
Both parties in Pennsylvania have contributed I,
swell the debt and disgrace of that State-botl
parties in Maryland-both parties in Mississippi
and in all the other repudiatlng States have don't
the same thing, to greater or lees extent.
The result Of ell these movements thus origina
ted and conducted by both political parties, wat
consummated in 1887, when the whole banking
interest Of the country broke down. and between
two and three hundred thousand persons became
bankrupt. An effort was indeed made to revive
public and private credit by substituting State bonds
in the various States for bank and individual
credits. But after few feeble efforts for a year
H. a.
discredit and extravaganza of the individuals who
set the movement on foot, and now lie covered
with disgrace and dshonor. In all the steps lead
ing to this lamentable result, men Of both parties
participated. Wings and locofocos were equally
culpable Whenever they had the power; and the
men who, under the operation of the recent Bank
rupt Act, obliterated 80 completely debts to the
amount of three hundred millions of dollars,
were the very men Of both parties whose
mad and criminal extravaganza, plunged the States
into Disgrace. No doubt some good mingled with
all this, and that good is still left with US in The
shape Of many meritorious and profitable enter
prses in canals, railroads, and manufacturing esta
blishments, and various other elements Of wealth
and prosperity, which cannot be destroyed The
orgnators Of reputation, whether private or cor
porate, or State, have not been spirits Of unmxed
evil. They had no inconsderable degree of the
good elements in their composition, and those they
have left with the country at large. But unfortu,
nately the evil outweighed the good, and hence
the present dishonor.
But let us, then, hear no more of these frivolous
controversies to who originated Reputation, for
men Of both psrties and of all classes, have that
sin resting ON their heads. New York has indeed
escaped. but more by accident than design Mas
sschusetts- -virginla-South Caroline, and others
of the old States, still retain their unbemished in
tsgrity, because those who guided their destiny,
whether wings or democrats, were mon honorable
and upright, and jealous of the fair name of their
States, and Of the maintenance Of their public faith
ABOLITION MovEMRNrs.-The abolitionists are
now very busy in the northern States. An organi-
cation has commenced in New Jersey, extending
from Jersey city over the whole State A State
Convention has been called al Faneuil Hall. Bos-
ton, ostensibly in opposition to the Texas question:
bat really for the purpose of organizing the whole
State of Massachusetts on anti-savery principles
A day of fasting and prayer has been called for By
the Executive Committee Of this State. Thus in
various ways, both religious and political, the abo-
litlonists and their adheren,s are preparing for
some grand demonstration in the Northern States.
BURNS ANNIvERsARY.--The natives OF Scotland
and the admirers Of Robert Barns hold their meet
inD this evening At Tammany Hall. instead Of at
The usual place Of meeting, in consequence Of the
death Of Mr. Freeman, landlord Of the Blue Bon
net House.