The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-09-23
Pubic Debts OF the sratrs-Oslin quency vs..
ReDudl In ION

beOtn oh Ssateu-OoAu4uehCy w.
Republication.
The efforts made within the past two years by
those States having large debts, the interest on
which has for many years been IN arrears, TO re-
sume payment and place their financial affairs in
prosperous condition, have tailed to meet with
that response from those interested rs bondhold-
ers which they deserve, and under the clrcum-
stances are entitled to- There is large class
of foreign bondholders who encourage the mos,
gross attacks upon those States which have par
TALLY resumed the payment of interest on their
debts, who imagine that these attacks have been
the prime cause of the resumption, far as it
goes, and who believe that if they are kept up,
and the cry ofrepudiaton continually kept ring
ing in our ears, a more speedy resumption of the
full payment will follow. English papers are feed
by English capitalists holding these bonds, to
continually harp on reputation, believing that it
advances their interests, and will speedily bring
about resumption of payment, and an acknow-
ledgment of all the claims against the States.
They will be most awfully mistaken in this mat
ter. These attacks have already produced a
feeling in opposition to these movements; and
in every instance where it can be made available,
efforts will be made to put off the day of pay
ment, rather than to hasten it. We have seen
this feeling exhibited in the State of Illinois, In
the convention recently held for the revisal OF
the constitution. A tax of two mills on every
dollar OF taxable property has been authorised
for the pay ent Of the principal of the internal
Improvement debt, leaving the canal debt, which
is held mostly by foreigners, to take its chance
with the canal and canal property. This distinc-
ton was made principally account of the
course pursued by the trustees OF the foreign
bondholders in relation TO the progress OF the
canal, and the speeches in the British Parliament
about using coercive measures to bring about
thu payment of debts due British subjects from
tn States OF this Union. The foreign bond
holders have obtained all they will from these
r-pudlatng States, as their organs choose to call
them.
the laws passed enforcing taxes will be car
RED out as strictly as possible, the payments pro
missed in the way OF interest will be made as
promptly as the receipts will permit, and all laws
rel ting TO their public debts will be carried out
TO the letter. but nothing more. Even in the event
OF full resumption being within their means,
much sooner than anticipated, we do not believe
any efforts would be made to carry il into effect
The disposition manifested by the Leglsla-
lures OF Illinois and Indiana, to make satisfac.
tory arrangements with their creditors, have
been msconstrued by the foreign portion of the
bondholders; and such remarks have been made
by their organs, and such the course pursued, in
reference to the former State, by their agents
here, that all anxiety to do anything more has
been removed, and feeling just the reverse ia
ken its place Since the arrangements referred
to have been perfected, these States have been
accused OF repudisting portion of their debts,
q tim never applied to them before. fter
having uiv mn thetr tands 10 hal ,r>J,tox.
placed their canals in the hands of trustees,
appointed by the very bondholders making this
charge, after having placed the arrears Of inter-
est IN d tangible shape, to draw interest after
certain period, after, in fact, acknowledging
every farming Of their debts, principal and in
ierrst, and secured them by pledging all their
available property, after increasing the taxes for
the purpose of raising revenue TO meet promptly
the payments of interest, they are met with the
charge ofrepudi alton, and accused Of swindlng
their creditors, by forcing them to accept the
terms proposed within certain period, or lose
their claims against the State.
There are undoubtedly many innocent parties
injured by the bad policy pursued by those who
are no better Judges OF the character of our peo-
PIE ihan to suppose that they are to be intimi-
DATED by any OF their threats or forced into mea-
surss oy their sneers, which would not willingly
DC done otherwise; but such is always the case,
and we regret IT is 30. The character of our
people, particularly those Of the western States.
will be understood, perhaps, when i, is too la,e
to do these foreigners any good. it !, well
enough for them to know that they will qanverv
little by the course they now pursuing.
VALUE or AMERICAN SKIPPING. The intrins;c
value of the shipping (not including steamships,
STEAMBOATS,, nor schooners) belonging to the U nj.