The Democratic press. (Eaton, Preble County, Ohio) 1860-1865, 1864-05-05
sEYMOURS MESSAGE TO
TIE NEW-YORK LEGISLATURE.


Vhyeas, All the stocks iasued by this
state we're made isayableAiamd pcgoliableiis
this state, therefore,
Resolved, That no distinction should be
made between the foreign and domestic hold.
ers of such bends as tU the currency in which
the principal and interest thereon should be
paid.
To the princi pie laid down in this rcsolu.
tiou, in terms, there can be no objection of
fered. All tie creditors Of the state whe-
ther they be OF our own people or for
eign, Should be alike paid paid prompt-
y and in full all that was promised them,
The Legislature, last year, adopted CT nj
current resolution on tkiS subject, iu the fol-
lowing words
Resolved, Tha! the interest acrruingon so
much of tic state ucbt on the first day OF
April as was ontho LIST day of March, eighteen
hundred and sixty three, held Oy persons re.
siding cut Of the United States, and held by
them DC paid in gold or its equivalent
And ali appropriation was ma C for the
purchase of coin to an cX'cnt aulliciJnt to
enable he comptroller to pay in gold the in.
terest on the stocks Of NcwY ork, held by
persons residing abroad; and on Y to that
extent Although the resolution otast year
did not in terrs forbid the payment of the
interest due to Our creditors residing in this
country, in coin, yetthe absence OF any ap.
preparation for the purpose, obliged the
comptroller to fJrego such payment In
practice, distietion was thus made between
the nonresident cleditor and the res dent
creditor. Wekept faith with the stranger
who had trusted us; we broke faith only with
those Of our owu household.
The effect of the resolution of this wear.
in the alb ence OF any appropriation will be,
that no part Of tie interest will be paid, as
il was promised to be pad, to wit, in coin or
its equivalent When wc sought tile mqyk.
cts Of TIE r0rid Wtth orr securities, ace pleIy-
ed Om'selrcS to redeem, them in Tie cMYeRcy
Of the worid The partial neglect of plight,
ed faith last year IS ROW to be followed By an
open refusal to pay any Of our promises ac-
cordipg to their plain sense. The disgrace
Of last year was limited: it was kept with
in ourselves now our shame and dshonor
are to be borne in the face Of TIE world
| lock upon this matter as OF So much mo
ment to the welfare and to the character Of
New York and CT its people that feel con-
strained to ash you to give the subject re
consideration; and to urge you to concurrent
resolution that shall enable the COMPTROLLER
to pay all the interest which may fall due Lel
fore the next session Of the Legislature in
coin. In this way your resolution of this
year can be carried into effect consistently
with the good credit Of the state, and 'no
distinction" will 'be made between foreign
and domestic holders Of the bonds. ifyOu
do not do this, let me urge You to provide,
at least, for the interest that is due residents
of other countries beng paid in coin
The refusal to pay in coin to our own
citizens may Justify itself to some minds, al
though not to nnne' aJ a measure of quasi
taxation-spccial, discriminating and un-
fair but excused by Cur present extvaordnal
ry condition. In dealing With our creditors
in other countries, no srch considerations
can come iu. We have over them no cgitiI
mate power of taxation; these creditors Of
ours have no voice nor part of our political
action; we havd no claim upon them that they
should take share in the misfortunes that
betall us in our career. They are not o.
our household, nor bound to taYc part Of do
mcstc calamittes upon themselves. The
burdens and the misfortunts of this war be-
long to us; it is ungenerouS to shift any
portion of them upon others who are not a
part ofus. These foreign creditors of ours
are strangers who lent us the'r money when
we wanted ii; upon no security but our word
of honor. If we do not pay them back their
money to the strict letter Of our bargain, we
incur a shame that can never be removed
from us We deprive New-York of On ele.
mcnt of strength which heretofore has been
wisely used and which its people have found
Dreitable, to wit, its unquesIiOnablc credit.
Principle aud policy unite to urge the ac-
ion recommend to you. 1t is the only
way in which the state can, in truth, fulfill |
ts contracts. 1t is the only way in which !
he state can keep itself in a position to 90
nto the market Hereafter dcscehty as IL Dor
over. The state is even now in the market
or money to pay it, bOunties to volunteers
The whole amount of the appropriation |
rye upou yon will be more than repaip in the
rst negotiation the state may make. bv
he enhanced price its securities We oball
lsc more in our immediate transactions
nan the cost of providing the coin for this
lterest, Not only our future profit but our
gain will be served by adhcriug
ow to the strictest letter Of onr contracts
The saving proposed by not paying in coin
small and temporary, while the ashonor
lasting, and the pecuuiary loss, consequent
pom this diShono-, will be in The end cnorl
ous
Bad faith on the part of New York, tie
aiding member Of our contcdcracy, must in
'itably weaked very greatly, if it do not
'stroy, the credit OF our government sccur,
rs IL foreign markets. Compared with The :
lPortance OF This state action in its effect n
'on the creditoftho government, the cost .
paying our interest in crin is insigniil
Mt, Aside from thec sidcration ofin.er. v