Grand River times. [volume] (Grand Haven, Mich.) 1851-18??, 1852-06-09
MICHIGAN STATE BONDS.

Dexed able ana prosperous artlcie from the Lam
sing State Journal, OH the subject Of our State
liabilities, and the gratifying prospect Of their
speedy retirement" under the auspices of our
present faithful and energetic State Administra-
tion: Free Press.
In our last weeks paper we published To-
tice of the Auditor General, that under the act
of the Legislature, approved April l, ls4S, the
additional sum of 100000 of Michigan State
Bonds, would be redeemed upon presentation
mt the State Treasury, and that interest on said
bonds would cease at the expiration of two
months from the time of such first publication.
The notice will be found in this weeks paper.
Previous to this, notice had been published that
the sum of 100000, and also the sum of $780,
900 would be redeemed upon like presentation
at the Treasury. Upon the bonds included in
tho first notice of 100000, interest ceased on
the first day of March last. Under the second
notice of $4,000, interest ceased on the Sd day
of May. The whole amount noticed for redemp-
ton at the State Treasury is $4,000.
The first announcement that these amounts
of bonds would be redeemed at the Treasury
was pronounced, by the Detroit Tribune, a mere
larce-a political trick-a skillful maneuvre to
make political capital, instead of manly and
honest financial policy, to redeem the State from
debt, and the people from paying interest and
suffering continued taxation. Not so with the
holders Of the bonds, nor with those who had
deeper interest in their payment than in political
jugglery. These men, living in our State and
at the east, relied with confidence upon the abil-
ity of the State to pay, and the disposition OF
the financial officers of the State to preserve the
credit of the State and save the people from
paying out of the hard earnings of their labor, a
burthensome unnecessary and constantly accu-
mulsting load of interest, arising from the un-
fortunate early policy of the State, in contract
ing loan, which has ever since proved the on
poets of the State of Michigan. 1t has been the
wish of the people, at the earliest possible peri
cd, to sink this indebtedness; and the Legisla-
ture, to carry out their will, made provisions for
that purpose. Upon careful consideration of
the financial condition and ability of the State,
and in accordance with what they deemed to be
not only measure based upon the highest prin-
ciples of justice and sound public policy, but al
so as the expressed will of the people, the finan-
cia officers of the State took the first steps to-
wards the liquidation of the State debt, by issu-
ing the notices specified as above. Their action
has already received the appreciation and sane
ton Of the people. 1t is policy which is their
own, which they will sustain, and will not per-
NIT to be abandoned. The earliest extinguish-
ment of the State debt, the soonest possible
stop that can be put upon the payment of accu-
mulating interest on that debt, is cardinal doc
trine of the Democratic party. And while diff
ferences of opinion may be supposed to exist, in
relation to the perpetuation of the public debt
as a basis for banking purposes in all time to
come, we do not hesitate boldly to express our
own opinion, that any system of banking based
upon evidence of Indebtedness, either of the gen.
eral government or of the States, will be found
in the end to be fallacous, impolitic, and against
the best interests of the people.
This, however, is not question which at the
present time of necessity arises in relation to
the redemption of State Bonds. The policy of
redemption lays behind it, and that policy, as we
have before said, is to extinguish the debt-to
pay what we owe-and what we should and
would have paid before, if we had been able
and to save the people from taxation to keep up
and pay interest on the debt. 1t is the policy
which governs the individual who meets with
success in business, and who regards his fnan-
cial honor, and it is equally sound when applied
to the State. The condition of the State is
highly prosperous and cheering. And it is so, in
fact, and not in name. The State of Michigan
is able, and stands ready to redeem, at its Treas
ury, 100000 of it's debt 1t has the means of
supporting its local government, conducted with
due regard to economy; it has the means of
doing equal and exact justice to its citizens who
hold obligations. 1t has, within few weeks,
by the successful management of the funds it
holds in trust for the most sacred purposes, dis
trihuted over 100000 dollars for the benefit of
primary schools and the means of education ;
and it is no more than the truth will warrant, to
say that no State in the Union, of its age, Grip
Piled as it has been by early imprudence and the
fault of the times, stands upon more solid
footing of permanent prosperity and eventful
wealth. Its specific taxes are increasing, its
mines are developing, its forests are falling be-
fore the axe of the pioneer in its distant and
newer portions. These bear evidence of them
selves, that cannot be gainsayed; and this pros
porous condition will continue while the people
themselves will remain anxious that the State
should fulfill its high obligations, and place the
broad seal of their appreciation on the acts Of
their public officers who look to their interests
with fidelity and care.
OLE BULL.-The special object of the coming
of Ole Bull to this country was to make arrange
ments for the procurement Of lands in the West
ern States for his emigrant countrymen, where
they may enjoy the blessings of political free
dom, guaranteed to all who shelter themselves
beneath our flag. In his recent visit to Wash