The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-07-09


Civ Treasurer would pretend to take any such
stem without the counsel and appreciation OF the
coordinate municipal authorities, nor that the
Attorney General of the State would presume to
counenance the act unless he perfectly understood
that it would receive the support of the leading
dignitares of the State. 1t is public and not a
private measure-an act of the State of Pennsyl-
vania and not that of an individual True to
her old instincts, she takes the first opportunity
of repudiating the debt of her principal city. She
begins by repudiating that portion of it only
which is due to those private individuals whose
opinions do not happen to harmonic with those
OF her own more righteous citizens. When she
hnds that the few millions which she SO gener-
ously appropriated as a free will offering to the
Central Government for the purpose of forcing
other people into her way of thinking, have only
served to aggravale the troubles of The country,
and heap upon her an enormous debt, and that it
| is announcement TO provide for the payment even
of her interest, she will end probably by repu-
dating the whole.
| The Convention now in session in the State of
| Virginia, after warmly discussed debate, deter
mined, henceforth, TO pay the interest on its cou-
pom bonds in the city of Richmond with the ex-
ception of those held in England, and to suspend,
for the present, the payment of interest on all
bonds held by the United States or any State or
citizens of State, now at war with the State of
Virginia. The republic having been dismembered;
Virginia, claiming to be a sovereign State having
united herself with her sister Southern States and
having declared that state of war existed between
the two sections of the country, Richmond was
selected as the place for payment of the coupons,
as the city most convenient of access for those bond
| holders who were members of the Southern Con-
federacy. Care was taken at the same time to
provide for the payment of such coupons as were
| held by England, that there should he no suG-
ferers except those State; citizens OF States ho
were in actual hostility with the South. There
was, Hever, q very decided vote of the Conven
ton which urged the payment Of the coupons ever
to this class of creditors at all hazards and at any
! cost; to enemies as well friends, stoutly main
tanning that the faith of the State stood pied ged
and should be upheld. The act was passed as
a matter of policy, it being viewed as 6
temporary contribution, levied by a sovereign
State on hostile government and its citizens
during state of war, and as perfectly jusfablt
by the law Of nations.
With the State of Pennsylvania the case is diff
ferent. She does not admit that the Republic il
disrupted; but asserts, on the contrary, that &
portion only of the citizens of the Southern States
are in state of rebellion; a large portion of ih
population being still true and loyal to the ole
| government. She claims to be a portion of {
Federal Government, composed of States whcl
have no separate sovereign rights; and still sh
undertakes, through one of her high officers
sanctioned by the action of one of the chief func
tlonaries of her principal city, without awaiting
the action of either Legislature or Convention
not only to assume powers which belong exclu
sively 10 the sovereign power but also to discrim
mate between citizens whom she herself &C
knowledges as members of the same Re
public of which she forms a part Or
the part of the city of Philadelphia this actor
is still more reprehensible, as she certainly La
still less right than the State of Pennsylvania Il
assume powers which belong solely TO the Genera
| Government A state Of war might authoriz
such proceeding on the part of the State o
Pennsylvania, who might claim her rights as
sovereign State on the same ground on which
| Virginia has claimed hers, and levy a contribu
ton on an enemy. A state of rebellion il
a particular district could never authoriz
AM act by which loyal and dsloyal citizens
were made TO suffer indiscriminateIy. Neithe
could authorize it in the city of Philadelphia
Besides which, it is not to be supposed that either
the Southern Confederacy or any of the Southern
States have invested any of their funds in Phila
delphia bonds, and if any are held by Southern
ers, it is precisely those Southerners who ar
most interested in Northern securities who ar,
most likely to be Union men. The amount, a
all events, cannot be large, and is no doubt prin
cipaly held by parties who have intermarriet
with Philadelphia families. The policy is a mos
knavish one, and has not even the credit of ben
a wise one. Ii is, on the contrary, most foolish
and the smaness of the amount which the city {
Philadelphia will manage 10 keep in her almos
empty Golfers by this nearious transaction is ius
sufficient TO make it he more pitifulIy mean, am
to hold up both State and City, as they we'll de
serve to be, to the just contempt of all honest men