The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-09-24
GOV. SEYMOUR.

When, in April, 1864, the question
touching the payment of interest due
upon State bonds arose In the New
York Legislature for the second time,
Gov. Seymour addressed the following
message to the Legislature, and subse-
quentIy the following appeal to bankers
and others:
MESSAGE OF GOV. SEYMOUR.
To the Legislature:
My attention has been called to a
concurrent resolution, which has pass
ed both branches of the Legislature in
the following words:
wHEREAs, All the stocks Issued by this
State were made payable and negotiable In
this state; therefore,
Resolved, That no distinction should be
holders OF such bonds as 10 the currency If
which the principal and interest thereon
should be paid.
To the principle laid down in this
resolution, in Terms, there can be no
objection offered. All the creditors OF
the State, whether they be of our own
people, or foreign, should be alike paid;
paid promptly and in full all that was
promised them.
The Legislature Inst year adopted
concurrent resolution on this subject,
in the following words:
Re1olued, That the interest accruIng on 20
much or the state debt on the first day OF
April as was on the INST day OF March. 1868,
ned by persons residing Gut OF The United
States, aud IL still held by them, be paid in
gold or It's equivalent
And.an appropriation was made for the
purchase of coin to an extent sufficient
TO enable the Comptroller to pay in gold
the interest on the stocks of New
York, held by persons residing abroad;
and only 10 that extent. Although the
resolution of last year did not in terms
forbid the payment of the interest due
to our creditors residing in this coun-
try, in coin, yet the absence of any ap.
preparation for the purpose obliged the
Comptroller 10 forego such payment.
In practice, n distinction was thus made
between the nonresident creditor and
the resident creditor We kept faith
with the stranger who had trusted us;
wo broke faith only with those of our
own household.
The effect of the resolution of this
year, in the absence of an approprin
lion, will be, that no part of lie inter
est Will be paid, as It WAS promised to
be paid, TO wit, in coin or its equivalent.
When are sought the markets OF the I1orId
NTH our SuretieS, t1e pledged ourselves
TO Tedean them in tho currency of the
IO0rld. The partial neglect of blighted
faith Last year is now ~ be followed by
an open refusal 10 pay any of our pro-
misses according to their plain sense.
The disgrace of last year was limited;
il was kept within ourselves; now our
shame and dishonor are to be torne in
the face of the world.
L look upon this matter as OF so much
moment to the welfare and to the char
acter of New York and OF ths people
that feel constrained to ask you to
give the subject reconsideration; and
to urge you TO pass concurrent resolu-
ton that shall enable the Comptroller
60 1t 1t. al
due before the next session OF the Legis-
lature in coin. In this way your reso.
luton of this year can be carried into
effect consistently with the good credit
of the State, and mo distinction" will
'be made between foreign and domes.
tic holders" of the bonds. If you do
not do this, let me urge you to provide,
ut least, for the interest that Is due
residents of other countries being paid
in coin.
The refusal to pay in coin 10 our own
citizens may justify itself to some
minds, although not TO mine, AS meas.
ure of quasi taxation-special, discrimi-
mating and unfair, but excused by our
present extraordinary condition. In
dealing with our creditors in other
countries no such considerations can
come in. We have oyer them no legiIi-
mate power of taxation; these creditors
of ours have no voice nor part in our
them that they should take a share in
the misfortunes that befalI US in our
career. They are not of our household,
nor bound to take part OF our domes-
tic calamities upon themselves. The
burdens and the aniSfortuneS of this tUdT
belong to US; IL is tta0enerons to SHIFT any
portion of them upon others iUho are not
part Of as. These foreign creditors of
ours are strangers t0fo lent us their mo
1ley t1he1l IRE todnted IL, upon no security
but our apoTd of honor. If we do not
pay them back their money in the strict
letter of our bargain. we incur a shame
that can never be removed from u.s.
We deprive New York OF an element OF
strength which heretofore has been
wisely used and which its people have
found profitable, to wit, its unquestion-
ed credit.
Principle and policy unite 10 urge
the action i recommend to you, It is
the only way in which the State eau, in
truth, fulfill its contracts. It is the only
way in which the State can keep itself
in position to go into the market here
after decently as a borrower. 800
The State Is even now in the market
for money to pay the bounties to vol
unteers. The whole amount of the ap-
preparation / urge upon you will be
more than repaid in the first negotia-
tion the State may make by the en-
HANGED price of its securities. We shall
lose more IN our lmneOlato TRANSACT
lions than the cost of providing the coin
for this interest. Not onfy our future
profit but our immediate gain will be
served by adhering now to the strictest
letter of four contracts. The saving pro-
posed 6y not paying IN coin is small and
temporary, a0hiLe the dishonor Is lasting,
and The PecunidTy loss consequent upon
LftS dtshoTloT tDiiL be IN The end enormous.
Bad faith on the part of New York,
the leading member OF our Confeder-
acy, must inevitably weaken very
greatly, II 1t do not destroy the credit
of our Government securities in foreign
markets.. Compared with the import
ance of this State action In its effect
upon the credit of the Government, the
cost of paying our interest in coin is
insignificant. Aside from the consider
alton of interest or policy, ourdutys in
my judgment, was plain. 1t is 70 pay
the debts of the State; to pay them in
precisely the mode in which they were
promised to be paid; 10 be paidi to keep
the honor of the State unsullIedi and
to this plain duty we should betrue,
cost what It may.
HoRATIo SExNoUR.
CIRCULAR.