The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1873-09-10
Misrellaneous.
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SOUTHERN SrATE DEHTS---
VILE THEY RE ASSUMED
BY THE FEDERAL GOVERN.
MENT.
A Washington despatch to the
New York Times, the leading
Grant organ Of the North. says:
"Thc representation is made that
the next Congress will be asked to
assume the entire State indebted
ness Of the Southern States, and
that Northern Congressman Of
prominence have already promised
their support to the measure. -
The Washington correspondent OF
the Cincinnati Commercial also tel
egraphs that there is no doubt
that u scheme will be introduced
in the next Congress, contempla-
ting assumption by the General
Government of the indebtedness
Of tho Southern States. John W.
Forney and General Butler, Of
Northern republicans, are already
represented to be committed to
this scheme. The New York
Times, cdito1ialIy commenting up
on the scheme, says:
The PROPOSITION is, in effect, to
add q sum varionsly estimated at
from s150,00O,000, to SITS, 100000,
to the Federal debt, unless, indeed,
creditors are to be invited to ac-
cept less than the face Of their
debt in consideration of the first
class security they are TO get; but,
as the movement is. presumably
made by them or in their interest,
that consideration is not likely to
be very prominent. When this
matter was informally talked over,
last winter, some Of the. friends of
the proposition thought that as it
might be unpalatable in States
that were asked to assume bur-
dcns not of their own making, it
would be well to sugar-coat it by
assuming the entire Indebtedness
of all the States, which in 1870
amounted to 50,000,000, and
then nobody could complain. But
it is evident that such a PROPOSE
ton. would have more apparent
than real fairness. Many Of the
States "have paid as they went" "
and have but trifiing Indebtedness
others, like the great common
wcalths of New York, Pennsylva-
mia, Massachusetts, Illinois, Ohio,
&C., have debts which are compar-
ativcly trifing burdens upon their
resources and people, and which
will be ultimately entirely paid
off. This class of States have act
ed with foresight and economy ;
have pretty generally got their
,. moneys worth for all the debts
that they have contracted and
even if there were no other objec-
tion to the plan, it could hardly be
considered just to them to load
them with burdens for which they
have received no benefit. Before
any such "pooling" plan were
adopted, it would be we'll to know
how future State Indebtedness is
to bo managed. States cannot be
prohibited from contracting debts,
and is Uncle Sam to wipe the
sponge over them only this once,
or as frequently as anybody may
have anything to gain by il? If
the latter, how much prudence is
likely to be observed in the con-
traction Of State debts, and what
: IS TO be the limit Of Government
responsibility? People tired OF
carrying 10 cal burdens might
think that while amiablo Uncle
Sam was strapping such queer
burden upon his back, he might as
we'll add city, township and all
= other forms Of Indebtedness, tol
in some peoples eyes there is NO
limit to his carrying capacities.
This, together with the State in.
debtcdness. only amounted to the
trifc of about sS65,OO0,000 in
1870, and perhaps does not exceed
S1,O0O,OOO,G00 now. The people
who think that a nationol debt
is q national blessing, would hail
this addition to our burden with
thankfulness; but then it would
, require the neat little sum Of s5O,
100000 annually 10 meet the inte
, rest at five per cent, which would
g swallow up the sinking fund about
twice over. Assuming, however
-, that the sole object is the assump
-. ton of the debts Of the lately re-
bellious States, We can easily
imagine the line of argument thai
is likely to be used in its favor
That these States are staggering
under great burdens, for which
: they have received very made
:, quate benefits, is clear enough. Il
! ! is equally manifest that, since i'm
I migration shuns tax-burdcnec
; communities, until the finances O.
! these are in better order, they can
5 5 not compete with their prosper
4 Gus Western neighbors. 1t is hard
ly possible to doubt that as
ssneann offerinun the liftino o