Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1846-01-01

Il
endeavored to show the necessity of some decisive
action the part of this Legislature, in reference to
the State debt. Public opinion demands it the hon.
of the State demands 1t and justice to our injur-
ed creditors demands it. The fact, that State
not be sued furnishes additional incentive, if any
necessary, adopt high and elevated standard
Of morals leading to a scrupulous observance of the
faith of engagements If all laws for the collection
of debts repealed, what a sitting of principle
and character would follow Honest men would
comply as far as possible, with their engagements
without the coercion of law, while the dishonest
would disregard their obligations and become degrad
ed Should not sovereign State stand upon the
same elevated ground, which the broad moral sense
of community would require of an individual! If
individual should make bad bargains, or be unsuc-
cessful in business and become unable TO meet his
engagements without Inconvenience and even priva-
tons public sentiment would not exonerate him on
tina: account, from making every exertion in his
power to meet his liabilities far as he able.
Nor is sovereign State less at liberty than an ind-
vidual to disregard Its engagements. May it not be
asked in all seriousness and with due respect to the
public authorities too, with what propriety does the
law making power compel individuals to perform their
obligations, and at the time neglect to provide
the means by which the credit of the State may be
preserved The moral obligation of contracts, pub
lie as well private lies at the very foundation of
society Rejecting men see and feel this and deep
ly deplore the tendency of the circumstances which
surround u.s. to deterioration of moral principle Pri
vate and public virtue must constitute the only
stable foundations of civil and religious liberty, and
republican institutions.
1t is too late to enquire by what means we be-
came so deeply indebted, or at whose door the fault
should be laid Such a course would only be source
of irritation without benefit, and would initiate
against that spirit of amity, Cancellation and
sion so indispensaby necessary to the accomplish
ment of any important object, especially where con-
hcting interests are TO be harmonized. In proper
ton as responsibility is divided, those who share it
feel their portion TO be less. This is the great diff
Guilty to be apprehended in making any arrangement
of the State debt. The responsibility is thrown upon
the State in the aggregate, while each individual,
who is actually debtor to the amount of his due
proportion of the State debt feels that he has but lit
tie concern in the matter This is wrong-individual
obligation is the less because the debt is public.
The State debt naturally suggests to my mind these
propositions The first is to pay the interest punctu-
ally from year 10 year, according TO the terms Of the
loan, and the principal when it falls due This from
ouE mismanagement and the unproductiveness of the
works upon which loans Of money expended
seems hardly to practicable or possible But never
theess, bound, in honor, to do all in pow
er to meet the just claims of our creditors. The
second proposition is, to wipe out the debt at once by
Reputation Believing, as l do, that it would be
gross injustice TO charge the people of Indiana with
such moral turpitude Reputation involves, shall
dismiss this proposition disgraceful and unworthy
of consideration The third, and only practicable and
honorable proposition for adjustment of the State
debt, is compromise with our creditors by means oil
which, their interest and rights will be protected
honor preserved and the way opened for them receive
what able pay What shall be the terms of this
compromise That is for the Legislature, the repre-
sentatyes of the people to say, and is to be hoped
they will consider /; well. AGRICULA.