, 1875-07-13
BAD FAITH Of STATES.
Lettcr from Ex.Secrctary 11cCul-
lOcl,.
Why the Credit Of the Nation Abroad
Is Not Higher than II Il.
Mainly Because tllc States Hare Not Kcpt
Faith With Their Creditors,

~. rpa ~ 'uo 1'AsotS u any cuun"y. uAo
e'ot' 'oso Bseat aeefee, surpf'seo ano military
inot' nnd tho statesmen Of Europe. Al the nia''-
ner in which onr great army vss dsbanaed At
h,a 4. III N.. .,,.,..,a.l r.. .,,,rt-s.
.ae " s"eh an oa!on'' ". eunlsa1ooo 10 ~u.Aaa
Hoh OF hef hhahclorb hs tho con'''oacen'on - s'u
poralatcnt reduction OF our n"tlonaldobt. That
had beon lnnr enough In tho acld to acquire
In" ~ .,.,,,.n, H. .,o,,d r.,a,, ,,,a,r ,.orL
~. W .sat n.ea;', .,eo. ,"r,' ,IsI. All,
naa ocon n'sloa 90 n"ek ' ~ 'no'f ne.nss VIII.
violcnce or disturbance, 70 resume their former
occ,,,.t;onz that ation,innovnrishod, fer
th,nt wo haro unv co,oo n A ro,,;z,n1 acrao ~
49,. .n."@ .,'s. ~" ..ie.S ~ .,. -,
not. for fouf years. be engaged In aub-
duing and tlovAstating tho other third, without
being impoverished. no mattor what stimu},,s
ilo War MIGHT have niycn lo rn,ny hrsncbcs of
'noas!fs' oF "has apparent prosperity might
| haYo beon creatou BY a redundant currency
TINT nation+ impoverished By ono OF tho seyor-
est, ploodicst, and mast oxpenstyo coutcsts tl,at
'S,. a@e "ss1' A'"'o't oo'o'e tu'
smoke had boon lifted from tF' batt|o-
| Geld, begin tl,a payment Of it's debt, aro
facts that have excited, ~ I havo said The
military men, statosmcu md tlnancters through.
out E11roue Ia mt theso facts tnd,reto thn ~.
collopeo Of Hcpmbjiean ;na,it,tion. sna NJ ,,o
powor, tue up1igttnops, and tho nrae.icni uona
crcat Rcnwhi,a fo III, n,u VIA W., ~! .o
llobolton lax bean anhdred Wbnt viii . ,ono ..oo
pIo, every man Of whom in n vntor ~ do I'll, TIT
;hoir vast debt wion lilo u,,ostion Of tasa.
woro oncsrna ,,iIcI' nro w ,,;,,i,t Sousoa.eaf @
aakedEtaultinaly by our anon,ics d",h,TmIiv Iiv
by our frcndsin n',tarr muiit,csi uptnay aud tua.y
cial European oirclcp III to npripe @ Of ''lts Ill.,
sworei: tho other il in 5a;r av 1iy ~ hoyy ~ ~
Thc nr,nv NJ ~" 1tod T. at.,o III WY ot ootg 60
fotco, suf1iciont mereIr m 40 to Ito" tn poco
ttot OF tho froptlar anit,cmenta ".tla. H.
cnrfons cxistcnro In ,bn Wmsta- In n'rs nnsa pre-
police fo1co bcarcaly mnrc ,nmo,oma ~ "1no,,e
s;Yo than that NJ tn s;,a,o Ttv ~ - o,,'o
The dcl,t--tllToe ti,ouHa,d m,long ~ ,,nja -" H.
coury. The q, "as xtouS;n @ srn,y
in thn tpiio1t a. sias n'sIa. ,.e.1 ~ n1n9G nsts
oyctywiIero Loneful In rcrnr,l H. ti'o In. IN.
raei:y Of nen for se]f.royernncpt and >"H co,,sea
millions in Europo 10 Idol, ncrose tho sca for
refuge agai1,st subfcction to nltary s,,,ty W.
wlio tho etnaty rc}rc;ion NJ tho "otinSo1 @ 9bt
faari,, eo'o'o eon"'sae0 AZ 'no Aa''ona' 'n-
's' TIE sr,su. q, n1puDrAr,os.
Tho aueation then nrjsoa' FTov i,onnona ~ that
tho nationai credit il not hiehor than # '.'1 ,a5
OF auy other nntion ? 49, A'sA'' 'A''D 'DAs
1anBwar, it is mainly bccuuso tho States havo
which, in tho last two yearv. have beon s,,atsfna
cd by European Investors through TIC fa;aro i or
railroad companies in tho Untei statna havn
beou enormous and distressing, aud priyato
as on tho othor NJ far III ~ NJ W YET
any Of onr nrivnin cnmnares u. uo'htune hHrn tnat
tempted to repudato tha,r deh,a NY - t,nr
bad tho depositj0n to do m thav conid NY ny;
Thev can bo reached through Tia conrts' end
}t,o+n Ia 1,,.r .,r !, IL. ~ -