New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-10-30
SS6.sS7.MO

The debt of Arkansas was never denied. VARIOUS
attempts have been made to create tax sufficient to
pay the aunua interest, all of which have been IN
suceessfu. The annual interest of six per cent upon
the accumulated principal and interest now duel,
would be ess than $500 OOO or about 81 30 per head
Yet with taxable property valued Tor assessed) OF
$40 600 900 in 1885, now worth over $50 900 600,
serious exertions are made to indemnify the bond
bodere The State of Arkansas entitled, by tnelaw
Of June 1885, to 1882 1886 cut Of the surplus fund the
General Government. The Treasury of the United
States now holds S46 900 of the five per cent funded
debt of the State invested out OF the sacred fund tor
the "Chiskaaaw Orphans This is suspended
debt Of the sovereign State of Arkansss-a cebt
originally created by the dominant Democratic party;
and no provision to this date mace by that party to
indemnify the holders Of this portion of the re4ader
Of the debt No plea of 'usury' has been urged 10
lhi. case es in that Of Mississippi.
Another instance we can mention when the Dem
"oc,atie party has Sorl been Arrays debt-psyiog
"party' is that Of mississippi. OF this debt SAIL,
OC0 as principal has never been denied. The other
S. GEO. 900 has been disputed and denied up to this
date upon the special plea of Usury 1t is not denied
by the advocates frepudaon that the State realized
every dollar out Of the five millions. The whole
amount was paid over by the Pennsylvania Bank OF
the United States but provisional arrangement
between the State authorities and MIR. BIDDLE, to the
effect that the avas might lie in the bank a few
weeks without interest, was Interpreted as
ssurious transaction. The case was, however,
fairly brought before her Courts, and in Angus,
1853, the High Court of Errors unanimously con-
fmed the decision Of the lower Court in favor OF the
boudhOders. Yet the annual interest is not paid
the debt is scc,mulatng largely year after year, aud
there is prospect of indemnity to the creditors.
Mississippi had in 1850 taxable property assessed at
1928 900 900, at a minimum value. This property now
probably amounts to $3.50 900 900. Her population is
about 40 OOO equal 10 that of Maryland her exports
are fully 600 per year. yet the annual interest
ION the principal, $436,OOO and on the accumulated
principal and interest 5000 OO0 might be paid by
tax of 81 per head of quarter of one per cent
year.
third instance may mention wherein " the
Democratic party has Iso1l always been debt
"psyipg party" is that of Michigan. Her bonds were
Issued in good faith and purchased in good faith yet
the holders were compelled to submit to q compromise
whereby one half Of their debt released. 1t is
true that the State now pays her interest punctusy
the Contingent Remainder and that the six per
cert bonds are now quoted in the market at 80 PSI.
The debt of Florida is peculiar one. 1t was ere
ated under the laws of the Territory for legitimate
purpose. The State has tince had the sole benefit of
the expenditures The Constitution Of the State ex
pressy forbids the State to this debt and 1T
HAS NEVER BEEN PROVIDED FOR TO THIS DAY. fes
email tax levied upon the taxable property would
soon the creditors for their losses by rPu
di0fiOH in Florida.
The territorial deb. Of Florida also the creation
Of the bank mania times Of 1859, az follows:
Territorial Bones issued for capital of :he Union 800 40
Ban, ~ ., & Insurance and ria.; OOoc
i,do,.smsnt of RAM of Pensacola Bonds.... 500 600
ebSVVVV
Mr.. VAN buren, is as deceptive when he claims the
credit of the extinction of the public debt of the United
States under Democratic Administrations, VIZ by Mr.
JEFFERSON. Gen. JACKSON aud Mr.. PIERCE Ii Is
were true that these quidstons actually took place a.
stated few rejecting minds would claim Tor the tx
ecutive any credit for its accomplishment su' l. Is
not true. The public debt was not discharged under
MI JEFrrRsoS's Administrs,ion-but this is no dis
credit to him. Upon bis be ,Oming President, IN io"i
inS osG h "SVcS
Aho ~ us "si year tS's...........''..'' '''''''V
DneTenee...... .,.....................s$ '~o'~o
This reduction was the result Of peace during Sc
ries of years.
As to that OF Gen. JACKsos it was the result Of the
peaceful measures adop'ed during Mr.. ADAsss time
1926 to 1920 wien tie debt vas redrced from $685.
COO 600 TO 600 900 about 80 per cent followed ty
final liquidation in 1886. Tue refererce 20 this De-
nod is a noe. III fortunate one, however. for the
speaker. The Democratic policy o. 1885 sc ie5 70
lie vsst expansion Of tie barking sJs.sn, aod decrease