Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1859-03-09
And yet here are the last London quota

Do do - "a
Neuy York & rar cam,s '''-.''--''''' o. 90
Pennsylvania per cents, IS
Tennessee per cents. .................. 80
INDIANA per cent ,.-- --..-.-.-.. --........ ~
Virginia per cents Observation-Disclosures. 70
Alabama pcr cents, Observation-Disclosures. 10
This, we must confess is rather a mortfy
ing exhibit. Russian, Danish. Brazilian. and
even Peruvian securities standing much high
er than those of some of our wealthiest and
most solvent Statesl And this, too, as the
writer remarks, not because of any deficiency
in our resources" but simply because there
is want of faith in our integrity" which
the conduct of our repudi ating States has
produced.
New York and Ohio stocks stand well, be-
cause they have always met their obligations
with punctuality. Massachusetts, per cents,
the writer adds, are quoted at l03-higher
than those of any State in the Union.
The writer says:
If our defaulting States will only pay up,
American stocks will soon stand higher than
any in the world; and the present compiled
tions on the continent will certainly turn at
tention to Us, il we only act honorably Let
as, Mr.. Editor. take the lead. and hope that
Michigan, Mississippi, Florida and Arkansas
will follow. / know my native State, Penn
sylvana, and my country, is the greatest in
the world, aud l want to see her the most
honorable.
In connection with the foregoing we give
below an article on the same subject from
late number of the leading journal OF Eu-
rope
From the London Times1
In the Intelligence from America by the
Fulton ii is mentioned that the Governor of
Michigan. in his annual message, announces
the finances of that State To be in n satisfac-
tory condition. that her entire debt has been
reduced to ESQ 600 aud that the progress of
prosperity is such rs to render il desirable
that the whole amount should he speedily paid
off. This will. perhaps. strike some youth
tnl persons as q favorable symptom, calculat-
ed tn assist the value Of American securities
in general. To prevent any such delasion
the duty must be performed of pointing out
that there il no State OF the Union that de-
serves lower position than Michigan. She
rcpudiated large portion Of her public debt
nearly twenty years ago. and has never taken
the slightest step towards reform or atone
ment.
But each Governor of .he State yearly
seizes the opportunity to put forth flourish
that the interest on all her obligations has
been paid with the usual regularity. and that
a large surplus remains to be appropriated 10
Il sinking fund. He merely means that the
interest has been paid on the portion not re-
pudiated. aud his congratulations to the
Michigan community are just such as might
be addressed 20 the people of England. if the
government we're Ia sponge out that half of
the national debt which consists OF consols,
and 10 refer with pride TO the punctual pay
ment of the dividends on the new three per
cents. and reduced. The patriots who frame
these documents evidently rely that by con
SANITY ignoring the existence Of their victims
they will at last induce the world to believe
their assertions OF Integrity; aud the fact that
the New York and other journals usually
publish their statements without a word to
expose or condemn their falsehood Is calcu-
lated to strengthen them in that hope. The
holders Of the ropudiated bonds airs mostly
in Europe.
la connection with the above facts the Ell
ropean pnhlic should hear in mind that of the
thiriy-three States OF the Union there are
four which still repudiate their obligations,
aud two that have compelled their creditors
TO accept cOmprumls 5. The repudiaIing
States are Michigan, Mississippi, Florida aud
Arkansas; and these that have paid Only
part are Indiana and Illinois. Thus six
States, or nearly one iiilh OF the entire body,
occupy n situation OF disgrace. They serm
however, ~ lie reminded of Il much lgss
ircquently than might b. desired or expected
by expressions ot opinion from the honest
States who have the misfortune To be politi-
caliy bound up With item. Thcir Represen-
tatiyes appear TO enjoy equal eoasld ration
in Congress, with thOse OF anstained eon-
sttaenciss. and al very n cent period one of
the most prominent advocates ol repadialion
occupied q |. aiding post IN the Cabinet at
Washington. THIS eondliioa OF affairs has
now prevailed Tor 10 yeauS But with re-
gard 10 Florida Il should be mentioned that
the default tarns upon a dispnte between the
State aud the , deral Gpsernm nj. Tue
debt was contracted when Florida was a
..territory. land she Insists that tls authorities
at Washington are al, reiore liable. The
Federal Government deny this. and neither
party Is In any hurry to settle the question.
Each repels tue charge OF repudiaiioa. aasil the
British bon lholder stands between them
waiting fOf his disidcnda-