The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-08-26

~ OoA0 ~ AOI O0 H0n .ChOuBA AOA JOu
to let US know what is the meaning of
'not otherwise appropriately and whe-
ther the public ought not to know when
an appropriation is exhausted, exactly
how it is exhausted-by what 'leetle
bee]e?'"
Southern State Debts-NyilI they be
Assumed by the Federal Government!
A Washington despatch to the New
York Times, the leading Grant organ OF
the North, says: "The representation is
made that the next Congress will be
asked to assume the entire State indebt-
edncss OF tho Southern States, and that
Northern Congressman of prominence
have already promised their support to
the measure" The Washington cores.
pondent OF the Cincinnati Commercial
also telegraphs that there is no doubt
that q scheme will be introduced in the
next Congress, contemplating the as.
sumption by the General Government
OF the indebtedness of the Southern
States. John W. Forney and General
Butler, Of Northern Republicans, are
already represented to be committed to
this scheme. The New York Times,
editorially commenting upon the scheme,
says:
The proposition is, in effect, to add o
sum variously estimated at from $780,
100000 to Sl75. 000. 900. to the Fedora
debt, unless, indeed, creditors ore to
be invited to accept 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 burdens not Of their own max
ing, it would be we'll to sugar.coat it by
assuming the entiro Indebtedness of all
the States. which in 1870 amounted to
$3.50. 600. 900. and then nobody could
complain. But it is evident that such a
proposition would have more apparent
than real fairness. Many OF the States
shave paid as they went" and have but
trifing indebtedness; others, like the
great commonwealth Of New York.
Pennsylvania, Massachusetts,, Illinois.
Ohio, &C., have debts which are com.
paratively triiiing burdens upon their
resources and people, and which will be
ultimately entirely pnid of. This class
OF States have acted 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 objection to the
plan. it could hardly be considered inst
to them to load them with burdens for
which they have received no benefit.
before any such ''pooling" plan were
adopted. it would be well to know how
future State indebtedness is to be ma.
naged. 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? II
the latter, how much prudence is likely
to be observed in the contraction OF
State debts, and what is to be the limit
OF Government responsibility? People
tired OF carrying local burdens might
thlnk that while amiable Uncle Sam was
Swapping such queor burden upon his
back, he might as we'll add CITY, town
snip and ail other forms Of indebted
ness. Tor in some peoples eyes there is
no hinlt to his carrying capacities.
This, together with the State Indebted.
ness, only amounted to the triac of
about $3.50, 000,0 900 in 1870, and perhans
does not exceed $1,000, ,OOO. 600 now
The people who think that o national
debt is q national blessing, would hail
this addition to our burden with thank.
fulness; but thon il would require tha
neat little sum OF $50, 900, 600 annually
to moot tho interest at five per cent
which would swallow up the sinking
fund about twice over. Assuming, how.
ever, that the sole object ia the assump-
tion OF tho debts of the lately rebellious
States, we can easily imagine tho line of
argument that is likoly to be used in its
favor. That these States arc stapger
ing under great burdens, for Which
they have received very Inadequate
benefits, is clear enough. It is equally
manifest that. since immigration shuns
tax-burdened communities, until the
finances Of these States are in better
order, they cannot compete with their
prosperous Western neighbors. It is
hardly possible to doubt that as a ''pcace
Offering" the lifting of their burdens
from tho Uerrin ~ aipfaroD ,,o,,1J g.. -