The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-11-12

uonsportAxten OF aouu0nnl
were about twenty thousand dollars at charge Of
ab nut two dollars per ton
The value of merchandise imported into Philadelphia
during he year ending June soh Isas was as anne xed
COMMERCE on PHiLADELrsIA-isi5 AND isas
,.,. Imports. Duties.
oe JAY 70 70 p sss' SID, Ed
AZ f 81 ;Ss H jsasa d. d. ssas s
Total. ...................S7,sse 800 $a.<s2.2 oi
The duies average about thirty three per cent upon
tho aggregate importation. The whole import trade OF
Philadelphia for year. is about equal to that Of this port
for month.
As the legislatures of the respective States convene
about this of the year review the internal con-
d'ion Of their affairs is proper to remind the delin
qusnt States Of their obligations to their own characters
the common character Of their country, and above all
their obligations those unfortunate lenders who have
been impoverished by confdng confidence in their
honor and ability.
Illinois and Indiana making arrangements which
may make partial indemnity for the wrongs they
have perpetra,sd thousands of needy bond holders
Whose Only fault to have put too high estimate
the character and means of those States.
Michigan has added greatly to her means by the sale
of her railroads But with the single exception of the
admission acknowledged bonds in pay ofthese
roas her general course in respect to her debts has
position than that of almost any other State in the Union
with single exception Hitherto she has neither made
any effort 10 meet the interest her debt
nor has she avowed her willingness stand up to her
legal and moral obligations when she shall have tho DOW
er to do go
Here isthe case of Michigan, portion Of her deb
she acknowledges but does pay or attempt to nav
even the interest Another portion, her bonds made
payable to bearer which have passed into circulation
which she sold in part credit she openly repudiaes
because the party to which she Sold failed to meet ali
Its obligations to the State Can there be more bare
IA ed attempt fraud than this2 Michigan sold portion
her bonds to the late United States Bank then and for
some time after in good credit, and made them
payable to bearer, both prn cipal and interest for
certain obligations of the bank pay amount of the
bonds received from Michigan in regular nstalme ns
falling due, as the State presumed to want the mo.
uey The bonds State being pay able to
are necessarily good in the hands of the hode
The bank pToceedsto pay the instruments as they fall
d'e and in the time dspsses Of the bonds of the
ate to third parties. But before all the nstaments are
paid, the bank supends payment with large indebted.
mss still Standing In the account with Michigan
The State of Michigan unwilling to await the final set
h,ment Of the banks eafars, to receive its proper
ton of the ultimate assets Of that institution turns
und and Tepudates her bonds in tho hands OF those
VINO have taken them in good faith their full value
I'd with full reliance the character and resources
of hat great and growing State peopled from the most
moral parts of the country The holders of bonds
ofhe State Of Michigan, could know nothing of the un
paid obligations the bank the State They natu rally
looked only to the face of the bonds, and tina
character and sole ability of the State by which they
had been issued to the public. For the State now to
cavil about the obligation TO pay these bonds, is un
worthy ofany State not sunk in the lowest abyss of mo-
raj ccradation and rIarnr dshouestv