The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-10-02

consistency in the statements that the Mexicans
were willing to cede the CALIFORNIA;, but were OPP
posed determinedly to give an inch of territory
on the other side Of the Nueces. Viewed in
their proper light, these statement not incon-
sisteut with each other II must be borne in
mind that they consented to cede California for a
stipulated price, fifteen or twenty millions of dol
lars, the payment o. which would relieve them
of the suspicion that they were forced into the
transaction; but II must be recollected that it is
ostenslbly to regain the strip of land on the
Nueces that the war was commenced by them.
BY ceding that, they would abandon every
thing, and admit at once their utter helplessness
This their pride will not allow them to do, and
their refusal to do so is in perfect consonance
with Their character.
Tho state D.bt.-The Financial Position OF
each State.
Since the resumpti on OF the payment of inter-
est on the debt of Pennsylvania, and the perfec-
ton OF the arrangements made by the States Of
Maryland, Michigan, Illinois, and Indiana, for
the payment of interest on their debts, there has
not been so much feeling exhibited towards the
repudiating States as heretofore, or SO much
said on this side of the Atlantic as in times past.
The organs of English capitalists in London
frequently growl and grumble about what they,
in their gross ignorance, call reputation; but as
that has very little influence or effect in this
country, we can afford them this innocent amuse
ment, particularly as it appears to be SO exceed
ingly gratifying to them. Reputation, and the
Mexican war, furnish materials for the London
press, and for all those who similarly partial
to our institutions for any attack they may at any
time wish to make upon 1t is fortunate for
them they have something to vent their spleen
upon, when they are irrtated and annoyed at the
rapid progress we are making in the three great
elements of wealth and power; agriculture, man
ufactures and commerce. We are well aware
that the arstocracy of Europe generally, and OF
England particularly, have the most bitter hatred
of this country and we also know as well, that
they fear US the former is the result Of the lat
ter, and both will grow stronger as we increase
in prosperity and power.
1t is not surprising that these feelings should be
entertained by the principal powers of Europe
by the aristocracy and capitalists OF the old
world; we can understand perfectly well why
they look upon our advancement with fear and
trembling. They have become pretty well salts
fed that this republic is fixed fact )" that 1t is
no longer an experiment which they anticipated
would fail, and forever after deter others from
attempting similar political movement They
not only see that the Union still continues, but
they see il becoming consolidated and increas-
ing They see the area of freedom extending
north, south, east, and west; from the Atlantic
TO the Pacific from the St. Lawrence to the 18TH
mus of Panama. They fear, and well they may,
the influence of such great and glorious country
upon the monarchical institutions of their own,
and every effort is made to prevent the promulga-
ton Of such principles profess, within their
own limits All these efforts will be fruitless-
They might as well attempt to stay the wind as to
place boundariess upon the extension of the area
offreedom When the cause of the bitter hate
the leading powers and higher classes of Europe
bear US is 30 plainly to be seen, it becomes
matter of joy and pride with us that it exists,
as il is the best evidence that we are rapidly
reaching that position for which the leaders OF
the revolution sacrificed everything but their
sacred honor.
We have been led astray from the subject we
had in view at the commencement OF this arti-
ole, and must resume it before our space is occu-
pied. The debts of our States have ever been
matter Of great solicitude to our citizens gene
rally, and every effort has been made to make
the financial condition of each as sound and
ing large debts, have met all their engagements
promptly; others having involved themselves
deeper than their resources would permit, have
become delinquent in the payment Of interest,
while two or three have adopted the dishonora-
Bile, disgraceful method Of paying their debts,
interest and all, by rank repudistion, winch is
nothing more or less than swindling, legal
swindling This stain will stick 10 these States
long after they have acknowledged and paid
eve-y fraction of these debts. We believe that
svery cent Of them will eventually be paid, prin-
cpal and interest, for they will feel the infamy
Of reputation grow stronger and stronger, until
II becomes unsupporable.
There are four repudiating States in the Union,
Mississippi, Florida, Michigan and Arkansas.
There are also four delinquent States, Mary
land, Louisiana, Indiana and Illinois, The re-
pudiating States also delinquents, as they re-
pudiate part OF their debts and are delinquents
on the balance. Neither of the four delinquent
States above named have repudiated fraction
OF their debts. They have all made arrange
ments tor speedy resumption of interest we
annex few remarks showing the present posi.
tion OF each State having large debts.
NEW YORK.
The debt OF this State at the close NJ IN. l.. =,
fiscal year, September 80, 1886, was S24. 734 oso.
the revenue for the year $2,s42,5I4, and the
expenditures, $2,Ol5, 004, leaving a surplus Of
SS27, $40. The public works of this State have
been very productive this year compared with
last The NET revenue from tollu In IQsR xv..