Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1857-02-07
Sfnte R-pndiptiou.


meeting their liabilities. The arfiola may b.
read with profit, Independently II the a%nstrae'
value of the information it contains. for it FIR
ni.hes a useful lessenlof The Importance to State
as veil as individuals Of keeping tie account oi
annual expenses within the annual revenue. and
shows the dangers and di.tres-es which may
follow from borrowing too freely. -
From tht y Courier and Enquirer.
California has uet fepndiated her debt, neither
viii she. The decision 81 her Supreme Court bus
indeed virtually decided that the greater portion
oft was contracted in oontrnvention Of the State
Constitution which requires that no indebtedness
over aud above three hundred thousand dollars
shall be incurred without a consuming vote from
the people. But tbat decision on the case as
presented did not settle the qnesti N whether
bonds, bearing the official seal and signatures of
the State. not yet due, and in the hands of in
noceut purchasers, nre not legally binding. Even
il il be admitted that all such bonds arc void nb
iaiiio, and If no legal effect whatever, yet the
indebtedness still snbsists, and We have not IA
particle of doubt, will, in due time. be cancelled.
California is an honest State, and it will do what
every honest man would do who, for n valuable
oonsideraiion,had given a note which had proved
10 be defective in some legal essentials; it will pay
according 10 the original intention and subsisiing
moral obligation Of the agreement. 1t has tho
'N'i > ''' INT - ~ NJ - INV
in natural resources. The debt is but a trine
over three millions Of dollars; mud the annual
interest upon this has been met with little diff
Guilty.
Whate'ef ne NE eihfhctero OF the iloating pop
n'a'"n al III" mines There can be no doubt OF
inc honest ul'p's'Ileh 81 Tue merchants OF San
r'upoisoo anu '"e soos'""i'ai residents oil the
9'h'e upon ""'h me taxation inils. Ihey are
not ,windler., nor will they take the position of
sWIndlers before the country. The Sunrpmn
court OF ta,i'''h,a' III lnvalida'ins n portion OF
inc Cute ladeo''"less' mas only dohe what our
o"" 'ou.' Oh NIP'his ava III pfohonnclng ihe Gu
MI oert'heh'es unconstitutional ana void, anu lis
legislature Will d" Just what our own Legislature
d'n' IN promptly 'eklng measures which should
put tho Obligation IN an undoubted legal shhpe.
II cquestion Of confirming the debt will be sub
united TO the p'"pleln conformity with the Con.
s~tlluton' at the next general election IN Septem
bcr' and the volceoi the people then, as J.. the
voice oi the press nov, viii he unanimous III
sustaining til" credit ef ia" STATE. The young
Pacific giant will never blast it, magnificent tu-
iuto by committing AN act which will brand 1t
with lndellhle MANY, and make is lair nalne n
universal by word aud htSslng'
he stain Of positive reputation now adhere.
to bat two Stnt's-MlsslSsipp aud Florida. As
ir mississippi no words can be found sssele
enough 10 characterize her disregard of honar
hiII honesty. Nhe not only pog.ccts, and for the
list twenty years has neglected 10 pay her inter
'-i On u debt "ttwa mia half millions Of dollars
w'ich she oenle-ses, Int poNltt'ely declares that
sh" VIII not Ay c,iiier interest or principal OF
i've million, Issued Ia the Union Bank. the rro-
c.,l- at which, went directly into her treasury,
and the validity # winch hns been sustained by
tN' highest t'huaal IA The Stnte. According to
az cent rriatt I'd tHe secretary of the Treasury,
N,-.lssipld i"Ii- l,al md personal o-tntr 10 the
'a'nh OF t"2 houtfel aud ui'y millions Of dollnrs,