Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1861-08-28

sure 10 slip off again by some new quibble.
Holders and buyers of Iowa Stat, COZ n
ty or city Bonds may therefore have to
wait upon their interest until doomsday.
But, on the other hand, they have the great
satisfaction to know thai the bonds are
pledged upon the good faith Of people
the most law abiding in the world.
One WHO KNOWS.
The above comes to us from a most re-
sponsible source; from party, too, entitled
to speak feelingly, as a sufferer, from the
bad faith of the PEOPLE of Iowa, whose
Commonwealth will apply in this mark st,
on Saturday next, for 100000, ostensi-
bly, for War purposes, which by strained
construction OF the Constitution, is assum-
ed to be authorized by tia: instrument to
s'repel INVASION We feel bound to say in
all candor that there is no safety in subscrib-
ING for one dollar of this Loan. There
night haze been, had the people, in their
county and corporate relations, kept faith
lenders, as in the emergency Of our civil
war, the separate expenditures of Iowa in
advance of the appropriations OF the Gener-
al Government or to meet contingencies
and expenses of an extraordinary ch'uac-
ter, would have been deemed a sacred debt,
not subject to the technical construction Of
the fundamental law OF the State. As il is,
we now know that the General Govern
ment will promptly provide for or re-lm-
burse all these expenditures, and the occa-
sion is not such as to call to risk on the
part of private capitalists in advancing
money to the State of Iowa. the repayment
of which will rest upon the financial integ-
rity Of her people, already grossly violated
in the instances pointed out by our cores
pendent.
Although we have made the interview
with our New York capitalist an magma
~ one, there is more reality about il than
imagination. While the U. s. Govern
ment and all Of the Northern States are
throwing their bonds upon the New York
market in immense amounts, capitalists
can afford to be gery particular as TO the
character oftheir snVestnentS, and to give
The cold shoulder to what in other eircum-
stances they might be glad to purchase.
From my experience in the New York
market, l am well satisfied that after our
law had been amended so as to make it
entirely unobjectionable to the New York
capitalists, our bonds could not have been
sold at a higher rate than the first cash
payment received from our own banks, and
as a citizen OF Wisconsin, am exceedingly
happy that we have been saved the pain
and modification Of having our State snnb-
bed and held up to the contempt Of tie
community by the press OF great metrop-
oils, in the manner they have assaulted our
neighbors across the river.
lit be true hot OH Bonds aoould not
sell for their face IN Nev York market,
Should Mey be received ia tie Baaktng
Department.
This is an important question, and
should be considered candidiy. l am not
aware that there has ever been sbond IS
sued by the State OF Wisconsin, offered in
the New York market, nor can | see any
reason why there should be one offered
there--except in the manner shall here
after Suggestion the next 20 or 80 years,
unless We should be obliged to contract a
large State debt. Our bonds thus far are
all held by our own citizens, and all we now
have in existence, or may hereafter Issue,
may continue TO be thus held at home.
AS we are not obliged to sell them in New
York, and thus have value fixed upon
them there, arbitrarily, what as their real
udlue acken zoe, aUho haze issued them, are
to settle Tie question.
We have population ofnearly 100000
people, and property worth at least three
millions Of dollars, with large eypanse Of
territory, with immense resources which
have scarcely begun to be developer. This
east amoum Of property, and al the re-
sources ofthis great State, and the good
faith of these 100000 people, are all
pledged for the prompt payment Of the
principal and interest of these bonds, and
tie lar levying the tar to pay both the
pricipal and interest as non on oar stat
ute book, aud BY oar constitution, as made
irrepedlabte.
If these Bonds are not worth their face,
what can be? What Is our State debt,
compared with our resources? If man
has given his note for hundred dollars
and knows that be has fifty thousand dol
lars Of available property with which to
pay it, and has given q mortgage upon the
whole Of his property to secure it, and
knows al the same time that he intends to
pay it the moment it becomes due, can you
convince that man that his note is not good
that it is not worth par? What if it
should 50 happen that the note should be
offered in some distantcity, where he was
not well known, and no one would give
more than 10 cents on the dollar for it.
would that affect its salue in reality, or in
his estimation? Is there any reason why
the people OF Wisconsin, individually, or
officially through the action OF any Of her
State Departments. should declare to the
world that her Bonds are not worth their
face? Suppose the State, for some wise
purpose, should loan some other Bonds'to
a railroad corporation, to college, orfor
any other purpose, without receiving any
thig in return, would that prove that the
Bonds were Of no value? Or. suppose she
Sbonld sal thpn for reasons Of public pol