The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-02-17

In 1885, and Addressed, BY order o. NiobsAs as sush
-Hghn,ss Tor thor. PERU aorirg the embassy OF
try 70 Trad ner prestige TO that susters Calvin.
Isl wfoee motto as eipiomatst was nasa
-ca brstsima, Hos much this virsuou. man
course in the spanish mar rsges Alter the fail Of
Louis Philippe Madame de L,even removed her dtpo
ave ofiCs 70 Brussels 70 which oily n aui.ot, by way
Of reCpfocafipg Madame do Leven's London journey.
paid wish Hut neither the French Ambassador nor
the Russian AmbAssadress could accomplish their res
sna We 40 snor ;nn the "0ra
The system OF employing women In affairs OF state Il an
exclusively Russian system. and u Ia every way
man houses Of wurtembsrg Strez and OIdenburg, and
daughters Of the Czax Nicholas himself, have been oil
spss Cd IN these squivocal tran'sosons N WHEN 'oey
bloom and Inn Of the female character are entirely
destroyed. We trust We have seen me iast OF these
Naasne do ueven vss . woman Of aoOom p'ishmea,,
attain ment and ssrit; good ngust. IN excellent musl
csp good h'storian-she possessed talents and aaa
ments which In the humtlest station must have raised
herto Importance.
The California Repudiaton-In Effect on
American CIodit I'm EuroPo.
IFiom the London Tines (ciy Artcis) Jan 80 .
may be hoped that the news Of the st.te debt Of
California having boon declNed unconstitutional and void
viii bsget sope extra caution on the part OF the English
public with regard TO Investments In American securities
10 exceptional and the, no sweeping conclusion TO be
drawn from anything that may happen In that State.
But The event which has just occurred merely repe
tticu Of past experience. Missn.pp Michigan, Arkau
sas and Florida adopted simar course nearly twenty
years ago. AMI have maintained II ever since. Yet
the svo former are among Inc mon pfospSrc 9S
more striking since while owing to the one being .
souths m and the other Northern Stats, they are
policy they exhibit perfect vnAnimiy the question Of
repudiaon. Again, although Illinois and Indiana have
hesated 70 follow these examples and nave peen lor
spectacle and paying States, must not be forgotten
thrt Illinois merely discharges portion OF her interest
promise the threat that they must be content with
that nothing These matters Of history, and is
due to New York pennsylvania Ohio and all the other
states that properly nulnl their Obligations, no less than
to these persons on ibis side who may be dis
posed 70 seek American insestments, that they
should be Kept d Constantly !, n, more 1s
honest sa,es II Ia necessary 10 poin. out that although
these Saes no. 70 be made responsible for the acts
Of their neighbour over whose domestic standardization
they have no control England has that Of
rance there stDtsIe reasons why the warning afforded
BY the iapie that have occurred should DO held In some
degree 10 Apply 10 all American securities The public
opinion Of the whole or the States has controlling In
huence on the aPpo nent of ministers under the fede
psst four years Of the hghsst and most powerful
ohices In the Cabinet at Washington has been Oiled
by The leading advocate OF Mississippi reputation,
wthou. feeling being expressed In any quarter
that spoh views should operate in tho slightest degree
as dn qualification, IL Is impossible not to sec thai
there Il part Of the country the financial reputation
of which is no< weakened by the circumstance Setting
aside, however ali arguments oil this description there
10 pa amount reason for the constant exercise OF pru
depcs which should always be kept In mind by invest
ors, but of which nine tenihs OF ,hem are wholly ig
norant This consists In the fact that each State has
seps ate constitution, and thai many OF those cou
si,u,ions contain conditions In some oAses dts
tinct, and In others vague, limiting the borrow
ing powers both OF the executive and the legislative
authorities In the prn epsl countries OF Europe the
idea either OF . written uuwntsn consttu aon
berg brought forward to effect the evasion OF
q DEBT vbi ii had received the sanction OF ali the
riro bodi foY m would
derea ectoDable 10 be entertained but In the
United States where the several constitutions are %
COMPS bring their technical peouarit,es within
kpo led &c Of mnst persons. different feeling has
up In the state Of New York no loan oan be con-
I.O,ed re,opd f2oo coo without special vote Of the
people In Iowa the lInit is 10000, In California
geo teo, and In kasksppi there are certain othe'
dehlie restrictions. 10 hoU many cases do We Fog.
money upon state bonds At the Recommendation Of
AGENT, rake the trouble 10 become acquainted With
the letter ., n'ss sonsasn,iGnA rerosps w0n,a
the borrowing States themselves when The mania Tor
speculation and for raising money going %, there ia
somsrines similar neglect and Amer aan purchasers arc
thus occasionally ceuded In the present California case
marked By lne judges OF the So oreme Court 10
rsshe. peculiar phssssosy. that there seemed fos
the sbjtct OF the existing restrctonf tho 20 by "
Moreover, the vAroas constitutions are consant liable
10 ah'rAseu; and hence 40 eonon printed In one
year may be essentially different from that OF the
Lext IN future. therefore, VII be we'll for our
people TO understand toe rsks o. this sor, 70 oe en-
70 borrow money through its executive and lesisla
tive bodies, and then to fall back or the clauses OF
. cop,trton they In the posou Of persons msKihg
loans 10 corpo aoc who enusi their common seal TO
directors, managers, and secretaries, and who when
these persons have borrowed money FOR their beoedt
turn roaod and say that under their decd o eto
ment they had right borrow shilllog and that
sasettly thsy must decline 10 pay There IN, 10
short oe sstoty for lend where ANYTHING exists
hat oserite the simple fact Of loaa nsvns besn
made In good faith under certain open ard avovet
coDdtiors Within The cosnlzsuce Of the whole com
muniV. II even q vote OF the people be oo.
talneo, how ean reliance be felt toat u may
net be upset BY The Plea tba, some Of the ligsl
forms for taxing we're neglected. IL With fuu
knowec OF sucn risks capitalists choose to part with
u chr money, there be objection All that urg
cd Is that ey should 10. be los, sight OF The major
ty OF persons vl be dspossd to believe that ~ CARDS
New York and many other SatJs OF the Unoa they maj
heays rely ths the equitable view wil prevail over the
legal technical ono ana IA not necessary 10 sccx 70
disturb ,hs impression II csrnot, however, Do other
wise than beneficial 10 tho sodiv and permancuce OF
the financial relations OF tbe two couuuiee that every
element OF those relations should from time 70 tlme when
OCCASION calls be iemperateiy revio Tcd, cspecaiy ~
the ssty which prevails bere With regard 70 tue legal
Questions tecuax state bonds carried 10 much great
with respsc, 70 those OF Of les add railway com
psnes