New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-11-22
PUBLIC AND PRIVATE pRoB1rY.

PUBLIC AND PRIVATE PROBITY. ~
Reputation is not q commercial sug-
gestion, and yet the Bulletin, which pre-
tends to be commercial organ, is con-
stantly insisting that the Southern States
ought to repudiate the liabilities which
their legitimate agents have created.
What would be thought Of merchant or
banker who should propose to dishonor
the engagements which his duly accred-
tied correspondents had entered into on
his behalf? States and municipalities are
governed by the same laws that regulate
private Individuals; and their contracts
and obligations have just the same force
that the engagement of the banker or
the merchant has. South Carolina has
gone deeply in debt but she has done
this through her own improvident Off
GERS, and now it is her duty to bear the
burden which she put upon herself Any
proposition to repudiate single legiti-
mate debt which her Legislature legally
contracted is as dishonest and discred-
table as if first class bank should deny
its responsibility for the certificate which
its president had issued In fact, the
liability of the State is of higher order
than that of the individual, because in
almost every instance it has derived some
advantage from the debts which it pur-
poses to repudiate, and it never couples
the idea of refusing to pay its obligations
with the offer to return the benefit.
The Bulletin is unfortunately more am
bilious to be considered political ad-
wiser than it is to fill the part of con-
sistent commercial organ, and in this I'M
happy inclination may be discovered the
reason of it's unsoundness in either re-
spect. Commerce demands absolute pro-
bity in all financial transactions, and so
does politics, but merchants have fallen
into the belief that the rule which applies
to their own business relations does not
apply to measures of public concern, and
small politicians fall into the error of be-
lieving that trade can be carried on with
the same uncertainty of action and loose
ness of promise that passes current in the
ordinary course of legislative proceedings.
The Bulletin is demoralized with these
two errors, and it applies to the State the
fearful rule that would ruin any mer-
chant and it delivers the trader to a pol
icy that would ruin the State. That is to
say, it breaches the reputation by the
State of an honestly contracted debt, un-
mindful that such suggestion is just as
applicable to private as it is to public
contracts, and that the community which
plunges into dishonesty en- masse can
hardly hope to escape the application of
he principle in detail. If the whole COM
nunity consents to the reputation of its
egal engagements why may not each in
lividual in the community do the same
hing?
The people of Louisiana are aware that
heir bonds are cast out of the markets
# Europe, and are sold at disgraceful
discount even at home. They even COM
'lain Of the facts, and are continually ask
ng for explanations why the notes that
re issued by the almost bankrupt gov
of Spain, Austria and France
ommand better price in Europe than
heir own we'll Protected bonds? Did
hey ever consider that their own threats
D repudiate their own notes might have
be effect to prejudice their credit abroad?
hey are the source of power, and it is
'ithin their reach to overthrow in a single
ear every obligation which they have is
ned. Capitalists know this fact, and they
re moved to apprehension that in some
lad hour this very thing might be done,
ther to crafty feeling of malice, a
brit prejudice, Or dishonest impulse.
nd since even the commercial community
self, which only subsists upon probity
I'D good faith, supports an organ that
constantly intimating a desire and a
xed design to repudiate the debt which
he State has unfortunately contracted
trough unfaithful or irresponsible Off
RS, what right has the people to COM
ain if honester people refuse to invest ]
paper which its own maker is solemnly
to dishoncr? For it is Just as
'plicable to our own case that We en-
'urage reputation in South Carolina as
is that we support the same measure at l
,me. Dishonest advice to our neigh :
'rs shows dishonest disposition, and 4
sponsible parties never trust those who
always prating about the propriety Of t
nying an honest obligation because
ere was some weakness in its crea-
N.