Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1847-08-10
STATE DEBTS.

the language OF Lord Palmers!on cahne' y
perly construed into a threat against Inc n'"'
paying States Of this Union. Tue, Lo'u
Bentynol, confined himself 10 the reP"u'a"'s
Spanish Sta,es-but Lord Palmcrstoh WEN VS.
Of his way, 10 make graluous assam.
the United States. In one passage lie ie'e'' :,
name 10 the "Norlh American States, anu "'"~
''sain upon their national character io' ~, ~
ing their debis and, farther on, nc MANI,
sweeping charge on "foreisn governments -
general, OF course including The States u wv
Union previously alluded to. Anolher PasS"s
OF his speech is as comprehensive as Il ~e''
could be:
"Bu, this is a question OF eSpediency, anu mol
oupslion NJ mower; therefore lei no jore'gn
country who has done wrong 10 British SUBJECTS
deceive itself by a false impression, eilher 'hai
the British nation or The British Parliament WIN
forever remain patient acquesccnts IN liie ~ioms,
or that, il called upon to enforce the rights oil 'he
people of England The government OF England
will no! have ample power and means al us
command 10 obtain justice OF them. Lou1
cheers from all sides OF the Housed
This construction OF Lord P.'s remarks IS cor
rohora!ed By the commentary Of MIR. Hume, VINO
followed him.
"He approved highly Of The sentiments us' de-
| ivcred To The House; for he had always lhoughl
that il foreign states became debtors 10 BRUSH
subjects, those subjects had perfect right 10
| claim The protection Of The British Government
lie trusted The terms used by The noble Nlscounl
would have their proper effect on some oil THE
STATES cr TnE NORTH AMERICAN UNION, VINO
were indebted 10 This country. lie bad always
taken deep interest in The United States VI
America. lie thought he perceived in them 4
rising prosperity from The policy oil vase anu
honest Governments; but he was sorry 10 observe
in latter years that, Notwithstanding al ihe
means which they had 10 satisfy all their cfeail-
oIs. they had allowed their claims 10 tall INTO ar
! rear. The United States had thus lost The hugh
character which they once held; but he trusted
the sentiments Of The noble lord would feach
them, and that ere long their credit would be re-
deemed."
We shall not again examine The absurd, i'm
pudcn. ana mschevous views put forth by me
"noble' but imPeuous and HotsPur lord. We
may now look for torrents Of vituperation IRON
the English journals, which will mol tail 10 iol-
| low The high example sci for them. But The u.
States will view with cool conlcmp, all such va
polines They will not be moved, as The BALI
more American says by the earnings or Inc
aypliass Of the whole British Empire.
We have referred 10 This subject al The present
lime, in order 10 introduce portion OF letter in
the New York Commercial Advertiser, which
gives his ordship some lille necdIul information
respecting the debts Of The States OF The Union
The rcbukc is we'll mcrited
81 brseech you 10 make yourself familiar with
the fac! that, in the first place, Of The $50 000, 900
Of pounds sterling Tor seven hundred and fifty
millions Of dollaIs) which you say "aie due 10
| England, and on which neres; is mol paid,
there are not al this lime Two millions oi pounds
sterling due by The 'balol-box" States, on which
interest is suspended, and OF this sum consider
able portion was obtained Of said States fraudulent
| IL, known 10 be so by The takers. That III no case
has there been an act OF reputation exceptso lar
as to test the fact Of fraud upon The States, and IN
the mean time efforts unparalleled in The history
Of nations are now made 10 meet every indebted
ness--which efforts would not be likelyto receive
impetus BY your imprudenl boast and threats, but
which trust will continue in disregard aud IN
spite OF The vanity AMI empty Cabling ol VS.
| count Pamerston. II, however, on The contrary,
those who are struggling through sacrifices and
personal sell-denial, 10 pay debts unwsely con-
lracted by their predecessors, should be induced
10 regard your threats in different iiShi, anu ue-
mand a reeanlalion, or challenge you 10 Inc cx-
ercise Of Your overwhelming power, and me
creditor he indefinitely delayed, he may thank
you, nv lord ior The wisdom, the prudence, the
ealantry and high tone you manifested amid The
3chccrs" aud shears" of the House Of Commons
on the evening OF the 81 Of July, A. d., lSi7.
al really do not know which oil the three quail
tiles thai distinctly mark you in this debate stands
oIlh mos! eonsPenousllyr uu5nce. In regard to
The FIST, leave the English holders ol unpaid
bonds 10 determine As TO The next, The evi'
dence Of lis existence is loo manifest 10 need H.
lus.ration. You evidently were profoundly igno
rant Of the question oil Indebtedness, so lar as re-
CARDS this country, about which you were speak
ing. II you intended 10 convey an idea that this
Government, was in default, you were grossly II
error, and should know better; if you intended Il
imply liability on The part OF this Governnlen
10 pay a State debt, then lie! me Tell yon where
and how you may make capital speculation FOL
me-if Won will engage that the government o
her majesty Queen Victoria shall promptly pay
the bonds issued many years ago, by The cities Of
Edinburgh, Glasgow, Liverpool, and some others
could mention, and on some OF which not one
cent Of interest ever has been pain, will engage
that every Stale bond issued BY a "ballot box
Stale, which may be in default, shallbe asprompt
" paid, provided you allow me short and rea-
sonabe time 10 60 over and buy up your own re.
pudialed securities alluded TO above.
awhile inform your lordship that The United
States Government owes nothing, and has never
been in default since its organization, allow me
TO add also that il never yet has been called on 10
resort 10 an income tax 10 pay its debs-lhat last
adro cloak OF repudialiun-lh bright example.
SC, by England, might easily have been adopted
by any OF our States, had their notions OF honesty
squared with that OF England.-In plain English,
my lord if hold yonr bond, paying live per cent,
interest, and you tax me three per cent you rea-
Oily perceive how much more conveniently you
can pay your debt TO me than you can escape
from The mputalion Of direct and absolute repu-
diation-and this is the true character Of what
you call an income tax.