New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-12-07

tsir. Thousands Of citizens Of whom any hundred
are worth moro than the whole debt and when the
vices Of it, people cost them enough TO pay the
debt twice over every ten years. Indiana Illinois,
Michigan, Mississippi ArkAuias, and Texas h,ve
seyerally dissraoed themselves By defraudns thelr
pubic orediton. The failure TO- pay promptly,
whether principal or interest, il 9 wrong which can
pever be repaired. The State msy resume at some
future day. but meantime hundreds Of tmid or isno
rant or ntcesstous persons have sold out at sac'i
fee and Eeir lGss il never made up TO ihem-a loss
Inflicted on them solely by the States dishonest
insolvency.
The State Of Artansas il preeminent among
these eulprt Very soon after her organization,
Ter ruipg politicians induced her Legislature to
borrow Three Millions Of Dollars and invest it in
two State Banks. The politicians thereupon Dor
rowed the money out Of the Bank. and invested 1t
10 real estate or more perishable fsucies hard
times came %; the borrowers failed, the Banks
failed and the State failed leaving her creditors 70
whistle for their money That was twenty years
sgo, and they are whist[ng Jet.
1t is urged on the part Of Arkansas that the
Banking system is a very bad thing. We do not
see how this plea can be maae available. Arkansas,
through her chosen rulers, saw fit to borrow Three
Millions of Dollars, and her creditors want their
pay The plea that she made Q bad use OF the
morey, set up in bar of demand for payment
would be tolerated BY no Court in Csrlstendom
Her mi.spplcstion, if such it was Of their money,
WAS nowise tie fault Of her creditors.
But sgsin Il is urged that she has collected from
the Assets Of TIE ploded Banba and paid over to
her creditors part Of their dues. That is good
plea 90 far as it goes. All that has thus been paid
over is of course 90 much Of her debt Iiquidstea
But this by no means excuses Der from paying the
residue. She contracted with Der creditors not to
repay them so much Of their losns as the debtors Of
her Banks might see 6t or be compelled TO refund.
bat the full amount Of their losns with interest. II
be owes Dythipg, she owes this amount and her
paying part Of i. is confession Of judgment on the
whole.
Aesin, it 10 urged that tee loans were unsuttor
lied and uDwarranted. But no word OF this wn
whispered at the time they wee made Then uni
versal scquiescencs aud satisfaction prevailed. II
was not till the money hsd been obtained, distributed
aud ,pent that the power to borrow il was serousl,
questioned.
But Arkansss not only empowered and accredited
the men who borrowed the money in her behalf;
che has ,ince rasfed and sanctioned their acts BY
retaining and advancing them in power The
Democratic dynasty which borrowed the Three
Million. and lent it in the States behalf to Banks,
is still continued in power Many of the heaviest
and least trustworthy borrowers from those Banks
have sir ce been and still are her chosen Governors,
sepators, Members of Congress, &C., &c. She
,tl chooses TO be ruled by tbOse who, if the plea
we are considering hiss any force, swindled tas
lenders by borrowing in her name without authority.
Any Court Of Justice must sdjudge her to have
assumed the responsibility o. their acts il she did
not originally authorize them.
The up.hot Of the whole matter is, that Arksusss
Dutt psy her creditors in ful-and pay them
propptly-or rest under cloud of dishonof aud IN
solvency. True policy conc'des with honesty IN
urging her to resume payment at once.