Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1851-08-16
Reputation and Redemption.

The Rev. Sidney Smith showed more wit
than sagacty in his famous diatribe against Penn
sylvania and the other States that, at the time,
had failed to meet the interest on their bonds
Had he studied the resources ofthese States, and
known the real character of their people, he
would have been spared the pecuniary sacrifice
which so keenly sharpened his satire. Penn
sylyania has now proved that her obligations will
all unquestionaby be faithfully redeemed, and if
the caustic divine had foreseen it, he might have
saved his own losses and those of many who
trusted his representations.
Amongst the embarrassed States, none has
more honourbly acquitted itself than Maryland
At one time, her insolvency seemed almost hope
less; but she has nobly weathered the Storm
and her credit is amply indicated before the
world.
That chary meter out of any praise that be-
longs to any thing American, the London Times
renders the Safe of Maryland the following
well earned tribute
further illustration of the good faith ofhe State of
Maryland, which was those who suspended after
the crisis which led to the failure OF the Bank OF the
United States, has just been furnished In lS47, when
she resumed the payment OF ner dlVdenQS sue capIta
Zed the four and halt years due TO the bond
holders by issuing new securities al par, bearing per
cent interest, and redeemable at the pleasure OF the
Stale. Within two years certain number OF these
bonds, equal 10 IS per OF the entire amount, were
paid off, in the year the proportion cancelled was
net less than 564 per cent, and during the present
month the remaining 49, per cent has been discharged
The extinction OF the whole, with interest at the full
legal rate, has therefore now been effected
Instances ofthis kind should not only give confidence
to the creditors OF the few States whose comparative
remotepess from he action of public opinion has de-
layed return TO honor, but they should also induce all
persons who may refer 10 transatlantic defacaons
fully to discriminate the real parties. The existing list
consists simply OF Mississippi Michigan, Arkansas and
Florida. Indiana, unlike Maryland and Pennsylva-
MA has dlsgraced herself by compromise but there
no doubt to her future puncuaiy and Illinois, al
though she has shown culpable degree of inde-
renee, has partially resumed payment, and has never
attempted to question her liability When it is recol.
cted that the aggregate population OF the four repu
dating States is not equal to five per cent of the actual
population of the Union, and that the condemnation
heaped upon them by the majority, who suffered from
the connection, is unsparing and ncessant, it will be
seen that the period arrive when they will
find their position to be intolerabe.
The remark of the T@es as to the confidence
which creditors should have in the ultimate pay
ment of all the repudiated debts will, we have
no doubt, be confirmed as to nearly every delin-
quent. In Mississippi and Florida, reputation
is sustained on the plausible pretext that the Le-
gislature palpably had no authority to pledge as
it did the faith OF the State, or Territory, and that
of this the creditors must have been advised
How long this excuse may be deemed sufficient
by majority of the people cannot be predicted;
but we believe they WILL in the end, be shamed
into freeing themselves of all suspicion of bad
faith, In simply financial view, it must be-
come evidentto those States, that it would be
cheaper for them to wipe out their old debts than
to remain in bad credit before the world.