The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1868-10-02

ton, VIII be, that no part oi The inter
est will be paid, rs it was promised to
be paid, to wit, in coin or its equiva-
lent. When We sought the markets
of the world with our securities, We
pledeed ourselves to redeem them i'll
the currency of the world. The par
tial neglect ofplighted faith last year
is now 10 be followed by. an open re
fusal to pay any of our promises ae-
lcording TO their plain sense. The dis
grace Of last year was limited; it was
kept within ourselves now our shame
and dishonor are to be borne in the
face of the world. -u
| look upon this matter as of sc
much moment to the welfare and to
character of New York and of the peo
pie that | feel constrained to ask you
to give the subject a reconsideration
and To urge you to pass concurrent
resolution that shall enable the Com
ptrolIer to pay all the interest which
NAV fall due before the next session o.
the Legislature in coin.- In this way
your resolution of this year may bt
carried into effect consistently Will
the good credit of the State, and "nt
distinction will 'sbe made -betweer
foreign AMI domestic hoklers'' OF thu
bonds. If yon do not do this. let m'
urge you To provide, at least, Tor Tho
interest that is due residents of Other
I'countries being paid in coin.
The refusal to pay III coin to "u1
own citizens may justify itself to some
minds, althou h not To mine, as
measure of quasi taxation-speclal, dis
eliminating and unfair. but excused
lby our present extraordinary condition
In dealing with our creditors In othe
countries no such considerations CA
come in. We have over them no le
: gitimate power of taxation; thes
creditors of ours have no voice no
part in our political action; we hay
4 no clam upon them that they shoul'
s take share with us in the misfortune
that befall us in our career. The,
o are not of our household, nor boun'
Ito take part of our domestic calamltie
+. upon themselves. Tile burdens an
ms ortunes of This wdr belong to us
IL Is ungenerous o shift any portion {.
them upon Others ,chO are not a pd'
ofus. These foreign creditors Of osr
are strangers, ,cho lent us money aohe
Z noe ,rdnted At, upon no security tut Oa,
soord of honor. If we do not pa
= them back their money in the stric
,lletter ofour bargain, we incur sham
that can never be removed from II
1--WE deprive New York of an elemeI
of strength which heretofore has bee
wisely used and which its people hav
found profitable, to wit, its unquestiol
ed credit. ..i..I !;s
, Principal and policy unite to ure
y the action | recommended to you.
q is the only way in which the State Cal
II in truth. fulfill its contracts. 1t is tn
lonI, way in which the State can kee
itself in a position to go into the ma
ket hereafter decently as a borrowe
The State is even now IN the ma
ket for money to pay the bounties
. volunteers. The whole amount of th
appropriation urge upon you will b
L. more than repaid in the first negoti
!. ton the State may make by the e,
81 HANGED price of its securities. w
: shall lose more IN our immedial
transactions than the cost ofprovidin
the coin for this interest. Not on
our future profit but our immedia
Gain will be served by adhering no
9. to the strictest letter OF our contract
The saving proposed by not paying
coin is small aud temporary, white q
e. dishonor is lasting, and the pec,nia
:. :. loss consequent: upon thi' dishOnOr %
'' be in The end enormous.