Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1868-08-20
THE STA TIE CREDIT BELoWPAR

THE STA TIE CREDIT BELOWPA
Why is the credit of the State of Delaware
below par?
State bonds sell at &c cents on the dollar.
Why not at one hundred cents?
Since the debt of the State was created
the credit of Delaware has gone down, and
instead of our securities being worth their
nominal value, they have to seek buyers at a
discount.
Why, gentlemen, whya
The bonds of Wilmington City sell at one
hundred cents on the dollar and sometimes
more. They are worth what they profess TO
he. Investors have confidence in their value
and pernanence. Capitalists believe that
their money will be repaid them. The
promise to pay of Wilmington City, is at
par.
Now, we ask, why Should the people OF
J Delaware be thus dishonored? Why do not
those who lend money have confidence in
us?
1t is calm, simple, question, and ought
to be readily explained. We think we can
explain it, by the recitation OF a few facts.
In the first place, the gentlemen at the
head of affairs in this State, saddled the peo-
pie with heavy debt, estimated at this time
to amount to a million and quarter of dol
lars, nearly fifty per cent. greater for each
inhabitant than the public debt of Pennsyl.
Yania. To pay the interest upon this ant
reduce the principal, a special tax upor
railroads was levied, the proceeds of which
were solemnly set apart for the purpose.
But the management of the finances la:
been so bad, in host of different ways which
we shall hereafter fully indicate, that in or
der to pay the various State office-holders
who of course want their salary regularly
even if the public credit does suffer- that th
railroad fund has been used to pay tn,
ordinary expenses, IN utter disregard Q
the tdV. This is one reason. Everybod,
who is conversant with the fact, sees tina
tine State Administration either cares moth
ing or knows nothing about financial pru
4 dence, that they pay themselves before the.
pay the public obligations, and that the.
!, even set aside and disregard the laws Of til
Legislature, whenever they see fit so to do
! No State can preserve her reputation
e she acts thus loosely and carelessly. Thi
0 everybody can readily understand. If III
e truth were fully known, how careessly, il
efficiently and miserably the State finance
have been managed, it may be doubtfl
whether our bonds would bring &c cents q
: 100, or whether they could he sold at u
Nobody cares TO trust their earnings in Il
hands of incompetent trustees, yet incomp
tency is a soft and palliative word for IL
II operations Of the State government Of Dell
ware, for the last several years. Peep
more severe in their judgments than VEGA
it recklessness, extravaganza and publ
plumber We do not say that that they Al
: right or wrong we do say that there
:. something affecting the State credit Thu
very little OF information is eve
given the public, concerning the finances
that everything is controlled bya lit
! Ring Of politicians. who do not seem TO
: pinched by poverty; that many OF their b,
7 and reckless proceedings are known, al
:. others inferred that they admit disfegar
If 10 several instances, Of the revenue Law
r passed BY tile Legislature; and in cons
;" quence Of this higsledy-piggledy, upsid
m down, confused mass Of incompetcncy, if II
Ill Of corruption, the credit Of Delaware is i
low par, and nobody desiring to invest.
1. What's the matter, gentlemen, VIVA
n wrong
CT We recommend the people to inquire
Mt themselves, and We will aid them to the c
t; tent Of our knowledge.