Democratic banner., 1848-07-10
"PLEDGlNG THE CREDIT OF THE
STArE.S

This Is the specious phrase viii. which
lscheming and nnscrhpulous politicians are
ever enticing the people to bankruptcy and
Reputation. Without any thing to lose
themselves, they boldly advocate the most
fsllacious schemes well knowing that some
must be deceived and some caught by the
ldelusive visions their ex'ravsgant declare
ltions cell into being. The game 10 plain,
their situatioR desperate, and they game
with al the hsrdiliood and recklessness Of
the most depraved gambler. But what is
this credit az the State, and hsw 70 It %. be
pledged? The credit Of . State is he de.
gree Of confidence that's placed By capital
ISIS in its promise to pay. This credit is
pledged by depositing with . compsny,
bonds to the amount required and payable
to the State. On these bonds, a COMPANY
raises the money necessary for their pur-I
poses. In a word the State draws the
bonds, depOsites them with the company
the company sells them, and the State is
debtor to the buyer of these bonds to the
amount on their face. Is it not a fine way
to contract a debit The people never feel
it, as this debt is contracted-its friends al.
ways take care Of that-but when the stock
begins to fsll-when the money-brokers and
capitalists get as much stock Of this sort Is
they think will be safe to speculate on, they
put the screws on to sink the credit of the
State, Then when the ~rascally spectators
who have mismsnsged the affairs of the
State and deceived the people in this debt,
find that they cannot borrow money any
longer to pay the interest Of this debt, the
the people find out how they have been be-.
|trayed and sold to the money lenders and
brokers-the harpies who live on mems
necessities. But it is too late-the debt is
contTactsd-they must pay or ~repudiate.
This policy Of Msj. Rollins deserves se.
rious attention. The people should under
stand It. Every citizen, every tax payer,
every man who hopes to make his home in
our State, should look to this matter we'll
Maj. Rollins has covered the dangers and
evils Of his system under fine flowing phrs-
ses. He talks much about prudence and
caution. But the very connection Of such
phrases with this system, is gross perver.
sion Of language. He ss we learn, is even
so bold and INSCRIPTIONS as to pretend to-
be in favor of paying of the State debt
Will not soine democrat before whom he
plays of such shameless ~hypocricy expose
the fraud he is practicihg IN the peoplep-I
The system he supports is the system which
reduced Mississippi to reputation, and
Illinois and Indiana to bankruptcy. Shall
Missouri after such terrible warnings rush
msdly into the vortex in which these States
have made 'hipwreck? Never! Never
And what do these men deserve who would
thus betray the people and the best ints-
rests Of the State to crafty their own appe-
|tite for the spoils of Office? Is there a step|
in the ladder Of political degradation be-
'yond this2 They deserve and win receive
the meet fruit Of their labors-ths game
.hss failed-the power and influence of these
things is all lost in the spasmodic efforts of
wing editors and letter. writers to get upI
some little excitement on the subject. The
people are not in this matter at all. Afew
brokers may be, but the honest, hardwork-
ing, and tsx-psying masses Of our STATE,
have no idea DIGGING in debt to engage inl
wild and impracticable schsmes.-[Metro-
politau.