East Saginaw courier. (East Saginaw, Mich.) 1859-18??, 1864-05-11
Governor Seymour Protests Against
grufsa State Reputation n-n
Message OF Governor Seymour, Delioored
.tf .f April 30, 1894. ,...,s ssffi.


To the Legislature ~ 90
Ny attention has been called to a
concurrent resolution which has pass
ed both branches of the Legislature
IL the following words
Whereas, All the stocks issued by
this state were made payable and ne
gotiable in this state, therefore,
Resoired, That ne distinction should
be made between the foreign and do
nestle holders of such bonds as 10 the
currency in which the principal and
interest thereon should be paid.
To the principle laid down in this
resolutiod, in terms, there can be no
objection offered. All the creditors
Of the state, whether they be our own
people or foreign, should he alike paid;
paid promptly and in full all that was
promised them.
The Legislature last year adopted a
concurrent resolution on this subject,
in the following words:
Resoired, That the interest accruing
on so much of the state debt on the
first day of April, as was on tho first
day of March, 1868, held by persons
residing out of the United States, and
is still held by them, be paid in gold
or its equivalent.
And IN appropriation was made
for the purchase of coin to an extent
sufficient to enable the comptroller to
pay in gold the interest on the stocks
of New York, held by personsresiding
abroad; and only to that extent.
Although the resolution Of last year
did not in terms forbid the payment
of the interest due to our creditors re-
siding in this country, in coin, yet tho
absence of any aspiration for the pur-
pose, obliged the comptroller to forego
such payment. In practice, a dis
tinction was thus made between the
nonresident creditor and the resident
creditor. We keep faith with the
stranger who had trusted lis; we broke
faith with those of our own household.
The object of tho resolution of this
year, in the absence of any appropria-
ton will be, that no part Of the inter-
est will be paid, as it was promised to
be paid, to wit i: in coin or its eqIiva-
lent When ace sought The markets Of the
rorld nth Our securities, ace pledged our
sches TO redeem them In The currency of
the world! The partial neglect of
plighted faith last year, is now to be
followed by an open refusal to pay to
any Of our promises according to their
plain sense. The disgrace of last year
was limited; it was kept within our
selves; now our shame and dishonor
are To be borne in the face of the
whole world.
/ look upon this matter as Of SO
much moment to tho welfare and to
the character of New York and of its
people, that / feel constrained to ask
you to give the subject q reconsidera-
ton; and to urge you to pass a con-
current resolution that shall enable
the comptroller to pay all the interest
which may fall due before the next
session of the Legislature, in COIN
In this way your resolution of this
year can be carried into effect consist
emily with the good credit of the state,
and no distinction will DO made be-
tween foreign and domestic holders of
the bonds. If you do not do this, let
me urge you to at least provide for
tho interests that is duo residents Of
other countries being paid in coin.
The refusal to pay in coin to our
own citizens may justify itself to some
minds, although not to mine, as a
measure Of quasi taxation--special,
discriminating and unfair, but excused
by our present extraordinary condi-
ton. In dealing with our creditors
in other countries, no such considera-
ton can como in. We have over them
no legitimate powers of taxation; these
creditors of ours have no voice or part
in our political action; we have no
claim upon them that they should
take share in the. misfortunes that
befall us in our career. They are not
of our household, nor bound to take
part of our domestic calamnities upon
themselves. ,
The burdens and the misfortunes
Of this war belong to us; it is ungen-
orous to shift any portion of them up
on others who are not part of US. :
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