The Placer herald., 1856-12-20
AUBURN, DECEMBER 20. 1856.
The State Debt and Reputation.

ct al the question Of remedy or no remedy;
for the unfortunate position in which that
decision places the bulk of our public debt
has been much discussed by the press of this
State If we would repudae the entire of
our moneyed obligations except $3OO,OOO
we have but to remain silent and the work
is done, but if on the contrary we would make
the sums good to our creditors we must take
a vote of the People and sanction the debt.
We are much gratitied to find that the press,
with rare exceptions, advocate a faithful com
pliance with all its obligations 1t is too
late now to sorrow over the dishonesty and
infatuation that has brought this necessity
about. Our promises to pay are in the hands
Of the public, they have been placed there
by the chosen agents of the State The
Legislative body and the Executives of the
State have in most cases made this indebted
ness necessary, either by culpabIe ignorance
and stupidity, or from motives yet more cen
surable. 1t has been well said that if the
members of the Supreme Court had mani
tested as much active zeal on behalf of the
State in this matter, as they have done in an
other affair, the people would have been
made acquainted with this startling fact and
would have provided against the evil long
since.
The decision Of the Court is manifest!y
correct, but if there had been doubts in the
minds Of the public agents upon the question,
it was certaiuly the duty of those agents, to
have by some MEANS ruling of the Supreme
Cours. This could easily have been effected,
and all doubts set at rest. However, the
evil is upon us, and has been produced by
the chosen officers and representatives Of the
people. No one Legislature, or any one set
Of officers, can be made responsible for the
aggregate debt. The agents have exceeded
the Constitutional limits, and the people in
many instances have affirmed their acts, by
promoting them still higher. Thus, to all
the world, the people stand implicated in this
great error. If however all parties for the
past four years were less culpable than it is
manifest they are, the masses more by negli-
gence than intention.) we would be in favor
of maintaining the responsibility of the State
for every dollar placed in circulation by the
agents of the people.
We must maintain the credit of the State
in tact. In reasoning upon this subject we
may not adopt the rules of traders and shop
men. individuals obtain credit on account
Of their property, thereby evincng a capacity
TO paw. Courts are established to settle the
amounts oweng, and means provided to
force the unwilling to comply with their con-
tracts. When States are trusted it is upon
their honor, and sovereignty is above the de-
crees of Courts or process of execution. A
sovereign State is above all law, save the
moral character which her acts elicit from
the world. No State can run counter to this
moral power and maintain the respect of the
world. The very exemption which a State
has from the ordinary rules that obtain be-
tween individuals in society in matters of
business, produces the necessity to conform
to more exalted code. The credit of a
State is her honor To retain the latter she
must pay her debts. 1t is not permitted to
outside parties to NEEDLE with our internal
affairs, and therefore third parties cannot be
expected to know how, or by what authority
the scrip of the State is placed in market.
The capitalist finds it OH change, and relying
npon the pride and good faith of the State,
invests his money in such securities. When
pay day comes it is not consistent with our
dignity to quibble as a money grinding bro
ker. That kind of reasoning upon question
of this nature, which would be considered
prudent and ordinarily honest between indi
yiduals, would be considered dishonest and
degrade the character of State. No one
should be allowed to question the motives of
a State, but like Caesars wife she should be
above suspicion.
1t is the best interest of California to cul
tivate among her people lofty sense Of ma
tional pride; make her name respected abroad
and you will have done much to accomplish
this work. Upon the whole, it must be ap-
parent that every honorable incentive, every
well settled motive of policy and dictate of
true interest is directly opposed to rep"d'a-
hea. For one we'll none Of it.
CoeRrspoSpENrs.- is declined,