The Columbia herald. [volume] (Columbia, Tenn.) 1850-1873, 1870-01-21
Interest on State Debts.

Governor Hoffman has recommended to
the Legislature of New York that the in
terest on the State debt be again paid in
coin. From this, it appears that under
Fenton's administration the interest was
paid in currency. When Seymour was
Governor, the Legislature adjourned with
out making any provision for the pay
ment of the interest in coin, and he ap-
pealed to capitalists in New York city to
loan the gold until the Legislature should
come together again and make necessary
provisions for the payment.
He kept untarnished the good name OF
the State in this Fenton, and the Re-
publican Legislature acting with him,
have dishonored the State. They have
repudiated its obligations and failed to pay
its debts as agreed, when the State was
able to pay. The act of Congress per-
hitting the payment of interest in curren-
cy did not touch the moral obligations OF
the State 1t had promised to pay coin,
and was able to pay coin. To refuse to
pay it, and compel thes creditors OF the
State to take paper money, worth Dut
seventy or eighty cents on the dollar, was
an act of meanness and dishOnOr for
which Fenton and all men responsible Tor
| IL should be driven from pi6iiOiife.
1t is not alone the Republican party OF
New York which has been guilty OF re-
pudiation while charging it upon others
and condemning it as infamous. That
party in all of the States where it has had
power has paid the interest on State debts,
in currency. About year ago, certain
parties holding Missouri State bonds
caused to be inserted in some prominent
| newspapers in New York notice that the
interest on the bonds would be paid
in gold. This procured for the State
officers of Missouri many complimentary
notices, but it soon transpired that their
virtue was not equal to the task OF paying
a debt as they had promised to pay, when
they could repudiate the payment OF a
part of it by legal technicality.
Where have been the thunders OF the
"loyal" press over the reputation OF
State debtsg When Democrats have pro-
posed to pay the national debt exactly &C
cording to the agreement, they have been
assailed as regulators. Pendleton, for
making such proposition, was denounced
as "a man who talked like villain )" and
the amount of holy horror expressed by
Republican newspapers and politicians at
| the idea of reputation of public debts In
any form has been incalsulable.
The States agreed to pay the interest on
their debts in gold, and have paid in cur
rency. The general government Dor.
rowed deprecated currency, and promised
to pay in the same kind Of money. The
men who repudiate the bargain on the
part of the States now have the audacity
to say that the performance of the bar
gain by the general government would be
q villainy. This, too, when the money
borrowed, and which It is now proposed
to return, is worth much more than when
the government received it.
What credit should be given to politi-
cal party whose professions OF morality
and regard for honor in relation to the
payment of debts are so plainly and open,
I iy contradicted by acts of mesnness and
contemptuous trampling on the pubic
faith?
A few days ago, when Mr.. Munger, OF
Ohio, proposed, in a:speech in Congress, to
repudiate the public debt outright, Re-
pubhcans could find no words severe
enough to answer the proposition. he
proposed nothing worse than the ruling
party has done in the State governments
He proposed nothing worse than Grant
did in suggesting that the Secretary OF
the Treasury 60 to shaving greenbacks:
Let us have fewer moral ideas and
little more honesty in "loyaP' fnanciering.
CHICAGO Times, Jan. B.