The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1868-10-08
Governor Seymour-His Message
in 1864 Relative to Gold Pay

When, in April, 1864, the ques-
ton touching the payment of inter
est due upon State bonds arose in
the New York Legislature for the
second time, Gov. Seymour address
ed the following message to the Leg
islature, and subsequently an ap-
peal to bankers and others to pro-
vide means for paying the interest
in coin: F 't+
MESSAGE OF GOV. SEYMOUR. L..
To the Legislature:
My attention has been called to a
concurrent resolution, which has
passed both branches of the in the
following words: WHEREAS, All the
stocks issued by this State were
made payable and negotiable in this
State, therefore ...r.,.-.- ........
Resolued, That no distinction
hould be made between the foreign
and domestic holders of such bonds
as to the currency in which the
principal and interest thereon
should be paid. .--
To the principal laid down in
this resolution, in terms. there can
be no objection offered. All the
creditors Of f.the State, whether they
be of our own people, or foreign,
should be alike paid: paid prompt
ly and in full all that was promised
them. or aa-. ...sa'- le' ~.
The Legislature last year adopted
a concurrent resolution on this sub
ject, in the following words: -
Resolued, That the interest accru
ing on so much Of the State debt or
the first day of April as was on the
first day Of March, 1868, held by
persons out of the United States.
and is still held by them, be paid in
gold or its equivalent. IL 42-
And an appropli :tion was made
for the purchase Of coin to an ex-
tent sufficient to enable the Comp
troller to pay in gold the interes
on the stocks of New Y ork, held by
persons residing abroad; and only
to that extent. Although the reso
luton of last year did not in terms
forbid the payment of the interes
due to our creditors residing in this
country, in coin, yet the absence o1
any appropriation for the purpose
obliged the Comptroller to forge
such payment. In practice, dis
tinction was thus made between tht
non resident creditor and the resi-
dent creditor. We kept faith will
the stranger who trusted us W.
broke faith only with those Of ou
O wn household.
The effect of the resolution Q
this year, in the absence of any ap
preparation, will be, that no part O
the interest will be paid, as it wa
promised to. be paid, to wit, in coin
or its equivalent. When we sough
the markets Of the world with oul
securities, we pledged ourselves t.
redeem in the currency of the worlt
The partial neglect Of plighted faitl
last year is now to be followed by
open refusal to pay any of oui
promises according to their plail
sense. The disgrace of last yea
was limited; now our shame ant
dishonor are to be borne in the fac,
Of the world.
I look upon this matter as Of S,
much moment to the wei are and t.
the cha :acter of New York and tn
people that I feel constrained to asl
you to give the subject a reconsid
Grafton: and to urge you to pass {
concurrent resolution that shall ens
BILE the Comptroller to pay all tn,
interest which may fall due before
the next session of the Legislatur
in coin. In this way your resolu
ton of this year can be carried into
effect consistently with the goo,
credit of the State, and emo distinct
tom will ''be made between foreigl
/ and domestic holder Of the bonds
If you do not do this, let me urg
you to provide, at least, for the in
terest that is due residents OF othe
countries being paid in coin.
The refusal to pay in coin oul
own citizens may justify itself t,
some minds, although not to mine
as a measure of quasi taxation
special, discriminating and unfair
but excused by our present extraor
dinary condition. In dealing wit
our creditors in other countries NJ
such consideration can come il
We have over them no legitimat
power of taxation; these creditors
of ours have no voice nor part i
our political action; we have n,
claim upon them that they shoule
take a share in the misfortunes tina
befa1l us in our career. They ar
not Of our household, nor bound to
take part of our domestic calamitie
upon themselves. The burdens an,
the misfortunes of this war belon;
to us; it is ungenerous to shift an
portion of them upon others VIII
are not part os us These foreig
creditors Of ours are strangers wh'
lent us money when we wanted it
upon no security but our word o1
honor. If yedo not pay them bacl
their money in the strict Letter o
our bargain, we incur a shame tina
can never be removed from us
We deprive New York of an eIe
ment of strength which heretofor
has been wisely used and found
| profitahla fOwit ito uDuJJaetnl
credit. .. .L.--
Principal and policy unite to urg
the action recommend to you. I
is the only way in which the State
can, in truth, fulfill its contracts
1t is the only way in which th
State can keep itself in position
to go into the market hereafter de
Gently as borrower.
The State-is even now in tn
market for money to pay the boun
ties to volunteers, The who'll