Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1873-02-27


movement for the concentration of all
power in the General Government But
it may be successfully answered that
this amendment would confer no rev
OF additional power upon the Federal
Government. That it would be an
encroachment, pro tdaato, lonsSState
sovereignty cannot be denied, but it
must be remembered that it would be
the voluntary, surrender of a power b.
the States, the exercise OF. which has
heretofore In most instances resulted
disastrously Its exercise has bank
rupted some States, dishonored others,
and in lew, if any, have the benefits
conferred been at all commensurate
with the evils entailed. Pennsylvania
and Mississippi, Maryland and Illinois
in the past, and Minnesota, together
With many of the Southern States, in
the present, are prominent witnesses OF
the unwise exercise Of this power. Ii
ever useful or essential, the day for its
exercise in the way Of: estate aid to
public improvement has passed.
Whenever a State steps beyond the
sphere OF is legitimate governmental
duties and enters the domain OF private
enterprise, substantial failure has been
the almost unvarying result. So uni
fof1nly has this been the experience CT
the past that Of late the tid. of public
sentiment has been setting strongly in
the opposite direction, and we find in
corporated in many Of the recently
formed State constitutions an absolute
prohibition from the contraction of any
debt ''except to meet casual deficits in
| the revenue, to redeem previous
liability of the State, to suppress in
surrection, repel invasion or defend tht
State in time of war" Such is the wise
| provision of our State constitution, and
this is about the scope OF the proposed
amendment of the Federal constitution
Had like clause been incorporated Ill
the fundamental law of every Southern
State much of the wrong and disgrace
which has tlanspired in some Of them
would never have occurred, and in mont
of them would the bliyhting curse OF
even partial Reputation obtained any
counteuance. Il, then, the experience
Of both the past and the present unite
in the condemnation of the unlimited
exercise of this power, why not curtai]
it, especially if substantial good can be
accomplished thereby
Ii States have found it necessary and
,Ix,<,
selves, why not extend the sphere o.
its benefcence, ard by the united vol
untary action of all the States make il
the public, the fundamental law Of the
nation? confess to an implicit faith
in the doctrine of estates rights, as
understand it, but [ fail to discover
anything detrimental to the true inter
ests Or sovereign rights of the States in
the voluntary curtailment OF their pow
er to harm themselves. # the adopt
ion Of the amendment proposed tended
to aggrandize the powers of the Fed
eral Government, it might be object
ionable, for if the prevailing latitudina-
rian construction Of these powers cor
|
But it would not 1t would surrender
no useful or necessary power OF the
States AID confer no additional author
ity upon the Federal Government. In
its full scope and meaning it amounts
simply to guaranty that if the States
are relieved from their present burthens
no more Unnecessary debts will be con
tracted in the future. And this guar
anty ought to be given as a protection
not only to the general government,
but to the States themselves. II all the
States voluntarily unite for the purpose
Of liz uidating all their indebtedness
through the agency CT the Federal gov
ernment, then the government, as well
as that Of. each State, should have the
highest assurance that no condition of
affairs could again arise which might
render such action necessary.
have thus briefly noticed the chief
objections which can be urged to the
adoption of the two propositions men
toned, and l trust have demonstrated
that they are not only not insuperable,
but are rather of little serious impor
lance when carefully and dispassionate-
ly examined.
Let us now briefly consider some Of
the advantages which would accrue
from their adoption. The enhance
ment of American credit would be one
Of the most obvious as we'll as most i'm
portant results. Every State bond
holder would probably become nation
al creditor, and the diffusion of the
ownership of the public debt among
the people would enhance its populari-
ty and increase its security and value.
And the day would not be far distant
when our national debt would be own
ed by American citizens just as the
debt of England is owned by English
men:
Why is it that we are paying upon
our national debt rate of interest fully
two per centum higher than English
consuls bear? 1t is not because our
debt is larger or our resources less, for
the truth is, our debt is but little more
than halt, while our resources are SUI
perior to those of England. Besides,
England has reached her maturity
while America is yet in the full vigor
Of youth, annually developing her
strength in wealth and population with
a rapidity never before equalied in the
worlds history. AS have shown, we
demonstrated our ability to successfully
cope with our debt before the nation
mad begun to recuperate from the ex-
haustion Of the most gigantic and de
structive war of modern times, and
that, too, when that debt was larger
than the addition Of the total indebted