New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-05-03
CIRCULAR FROM GOV. SEYMOUR
To TIERCEANTs AND BANKERS.

EXECUTIVE DEPARTMENT. ALBANY, April %, lr6i.
SIR: The Legislature having made 10 proyl-
sou for the payment Of the interest on the state pcot
as ii should be paid in COIN and DE Controller having
no funds which he can apply the purchase Of coin for
the purpose last resort appeal 10 tho men OF capl'
tai the bankers the merchants ana others OF the people
Of or great State who have its honor at heart TO pro-
vide means by voluntary contribution whereby at least
so much Of the interest belongs 10 NONRESIDENT crc
tors if uo the whole, may be paid promptly IN gold or
Unless this be done the honor Of New.Yorb is lost
In wealth. and Numbers in the ability 10 pay, New
York stands fr above every other state IN the Union.
Other States inferior in means do not find the oblga'
tons ~ Tie hour too gsoat fV an honest performance
II Ncw.V falters now, il can claim no ndulgent
opon OF the worlG-le state brands IiseA Win dis
honesty.
Tor The purpose Of showing the history Of our lecisa
tive action upon this question append the messages
sent by TO the Legislature last year and al It's pres
ent session. you who identified IL the minds Of
4 commercial world with The character and credit Of
our noble State whom the honor Of New-l oTk must
be a. your own appeal that you save the state from
tIs lasting disgrace. ask ne bankers and merchants
of great metropolis 20 act IN ts matter II Is due
to their future credit and their future pride that they
advance the money which is needed 20 this end.
In TIE hnds OF the active ano energetic men oil New
York, whose spAnt is always prompt 10 noble undcf-
taEiugs. ;lc l0nCr Of our state is BOW lcft.
Let the stranger WHO trusted 10 our honor be paid TO
the last penny OF or bargain.
have faith that whatever money may be so contrib.
utcd will be only lent Better c0unses viii prevail
among our Legislators, and the state viii repay what Is
now advanced HoEAno SEYMOUR.
We do not consider the above u fair, candid
statement Of the matter to which it pertains.
So Ear as our State debt is owned abroad, not
having been exported with a view to the con-
tingency which has arisen, we think the interest
accruing thereon ought to be paid in coin; and
we are more than willing to be taxed or assessed
so to pay it. But, so far as that debt is held by
our State Banks Gas a very large proportion OF
it VIGOROUSLY is), We do not think it just
that those Banks should pay their debts to
the People in Legal Tender, and at the same
time require the People to pay their debts to
the Banks, or a part Of them, in specie.
1 Now, if Gov. Seymour had seen fit to respect
this obvious distinction, and call for help to
make up the interest payable to foreign bond
holders TO the full equivalent in coin, we should
have most heartily given our voice and vote for
sustaining his appeal. But if the Banks are to
contribute the means Of making up to hcmsQ1eS
the interest on their state Stocks in coin, and
then call upon the People pezt Winter to be
taxed for the difference thus paid by the Banks
70 themselves, we rcall cannot see the magma
nimity or public spirit eyinced in the operation.
And We think the GoreTnOr should have called
first for the amount needed to make the interest
payable to our Grcign bondholders equal to
specie, and left che question of the payment TO
domestic creditors to be acted on separately.
Paying the Banks ten per cent on the debt
owed them by the State, while they pay but
six or seven on that owed by them to the State
or its citizens, is not the fair thing.