The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-01-27

prOGress OF Eradual Improvement The revenue
ported to be in condition to meet the annual claim and
she expected to regular payment of the inter
est in july lsa7 and fund the Remaining outstanding
rears.
Illinois failed to pay in January ls42 She contracted
her debts for canals and railroads. of which are
ines number of her creditors srrsed in is4s to Lend
her additional money to complete the large canal from
Lake Michigan to the Illinois River, which S. 900 900
had already been expended, and which 10 certainly
work of great importance. She has now commenced
taxation to pay part of the interest, and if she perse
her condition At present the taxes realizu but small
amount but j. something to have made beginning
Indiana failed in July, ls4l She in difficulty from
undertaking works far beyond her MEANS and she was
defauded by parties she negotiate her loans
to the extent 600 0OO chiefly by the Morris Canal
Company She Ia now making arrangement with her
creditors and proposes to tax the interest on half
of the debt The measures for h; purpose are now un
Michigan failed in January, Is42. She contracted
debt to the extent OF 000 and after receiving pay
ment for rather more than 600, she sold the
the United States Bank and Morris Canal Compa.
ny upon credit. The bonds were by agreement deiv.
the State TO be paid by instamens of fixed amounts
every three months Those companies both failed when
long before their failure they had borrowed money
the whole Of them in Europe The lenders knew nothing
Of the terms upon which the bonds had been obtained
that they had not been fully paid for and they advanced
money 10 the extent Of 80 per cent upon them II il
clear that those companies had full right thus to dis
pose of them but Michigan now asserts that she IL nat
bound acknowledge than she has received money
for and has also set the most extraordinary
that she has right to deduct from what she received
Is per cent upon the sum remaining due from the com
panes and to deduct this amount (about $3.50 Oo0 from
the claims Of the bondhoders Setting aside all the con
siderations Of the engagements which her bonds contain
she passed an act to offer now bonds for the reduced
amount paid in this arbitrary and extraordinary msnusr
and last year passe further act to soil the State rail-
road and to receive in ymen the bonds with their ar
of interest, at 40 per cent Such attempt 10 vi
oate her faith pledged under the seal of the State can
Mississippi failed in May 154l This State has the dis
tnction Of having first set the example OF reputation
and Of more fragrant dishonesty has existed
The debt of the State 81 000 OF this 50 600 is
70 the States subsc ripon for her portion OF the capital
of the Planters Bank. After attempt ON tho part Of
few to deny this debt 1t has been acknowedg not
the smallest attempt has been made pay any portion
Of it, The other So 600 600 of debt were Contracted
for the States portion Of the capital of the Union Bank
The pretences upon which the reputation OF bonds
has been carried without the slightest foundation in
any principles Of law or justice. Mississippi acknow
appointed by herself but pretends that some foraties
OF the law not observed in issuing them and this
after the bonds had been more than two years in crcu
stance OF better nature in this State s that there are
some of her citizens who have always put themselves
forward to urge the payment Of the debt and who have
exposed the unprincipled conduct of the repudiaors
They unfortunately the minority
was contracted for the establishment of banks The
State took mortgages upon the estates of planters who
to uLte to form banks and granted them char
ters issuing to them bonds Of the State to the
the mortgages which II held security. The planters
each received on loan half the amount of their mort
and tho other half Of the produce of the bonds
formed the working capital Of the banks Two of these
banks failed in December 1884, namely the Citizens,
Bank for which 900 were issued the Consol
dated Association OF Planters, for which the bonds
amounted to 100000 All these bonds have the direct
and absolute pledges Of the State of LO usiana for pay
mont The bondholders claim 10 in way conditional
upon the sovency Of the banks The State il distinctly
boun to the bondhoder and 1t holds the mortgage It's
own counter security But Louisiana has utterly neg.
lected to redeem its faith and has made effort what
TO pay the smallest portion Of the direct and clear
claim OF the boudholders All has done is to pass law
enabling the debtors the bank TO take advantage of the
dscredt which the bad faith of Louisiana has cast upon
the bonds The suspension of payment of interest has
deprecated the bonds Many of the holders have been
obliged, by Distress to sell them for what they could
get aud thus the debtors, by buying them at reduced
rates, have been enabled to make large profits in deliv
erng them at their full nominal rate of both principal
and interest due in discharge of their debts.
Florida has set up the pretcnces Mississippi
orrepudiatng her debt Her case is altogether without
excuse or mitigation in her course of dishonesty.
The result Of this statement is that of twenv.,even
States OF the American Republic, eight still delin
qusnt II then, the hand it il true that all
are to BIO condemned since the greater number have
kept their faith is it not true, the other hand that
this large proportion Of their number (about three
Of the whole and just half of those which have con
racted debts is sufficient to justify the general discred
which attaches to all American securities and to show
we may justly demand OF q nation which pretends to
take high ground in character What attempt has
there been made BY the better States give an express
sion OF public opinion to influence the others pursue
better course OF all that have failed Mary alone
show that she has made real endesvors to
her station The i'll disposed portion of that State has
retarded till now the Accomplishment Of this object
ard though the credit is the greater for her good ct
who have persevered in their exerons the delay
nfics too snvere suffering for her to escape censure
and she Is still clsssed among the wrongdoers in every
of the other delinquent states the evil is without
mitigation. Not Of them but could before this have
done something il not all that was wanting but they
have done nothing; while in such cases as Mississippi
Florida and Michigan the facts show glazing want of
honesty
It in truth also be stated that evil has been OK
hbited on great scale by corporations which not
included in the above list of State denquences The
United States Bank the Morris Canal and Banking
pany the North American Trust and Banking Company,
and many others were conducted upon largo scsle,
American society Their history shows how many per.
sons entirely wanting in right principles, able TO
get into situations Of great trust and responsibility The
losses Of individuals In this country, who
mended to trust them amount to several millions
ng and they have spread ruin far and wide. Can it,
character must suffer from this cause alone With
hese cnses and with the large number of the States
name Of America should escape dscredit7
Inere ~ moreover one circumstance which has been
frequently mentonedas proof that the American nation
maintaining high respect for s character Florida ha,
behaved IN regard to her debt s ill as issssipp and
into the Union, in ls4s, without an observston on ,h
subject With this moral faint upon her cbsrar,.r
was aomuted 70 o. RANK with the rest among when are
always shown true sense of right and wrong am not
aware that any defence has been atempted for This
but fear that II has been matter Of Indifference to The
whole republic. ] am, sir your obsdient servant Wv
Fashions for January.
Dresses Of dsmas with wresths sstinsss noires an.
tiques, broch6 mervcles and various other ricb mate
rails are equally fashionable for soees visiting dress
es according as the colours are light dark; email
bouquets of feathers are used to ornament the MORE
brooches In gold silver zach confined by an ornament
Of precious Stones for dresses of greater simplicity feu
ges Of ibbon insrmixed with bouillonnes Of tulle
black and white lace IL universally worn In deep
founces for young ladies' tanetas dresses trimmed
with Grape hounces pinked; many nine put on
N tiers 81 hree and three end form pretty light well
as boufane trimming.
In evening dresses the skirts offer more variety than