, 1875-07-13

trHned nnw houds--thc coupons ot which wnro 10
be receivable for tAxcs-fuf two.ttlras nf tho
amount Of tho old onon, In emu c1lo1 to sd-
Hein 10 her agreement AMI To receive theao
eo,lpuus trum her ta1.1nyrrs. hut ahc can re-.
dnro their ynluo by ta1inE thcm, and shc might
ply dec!ihing to levy taxos. Now, What con- m
folnu foroiHnetB In lilo TACT that. whlle tho Hill
prone Court nf tl.o unitad ststes must pro-
lounce invalid all acts OF States which imnhtr,
or rather nre intended to impair. Tho binding
obligation Of their own contracts, u has
no powot to compel the performance o. thnre
contracts: .hat whi!o no state can mako valid
laws for tho ropualas!on Of Ita obts, there IL no
servanre OF Its faltls. sosorcgu.ies within d
oushs We 10 DO surpslsed that Foreigners
aro perple1ad by t]'iu peculiarly Of our Eo-
G,lsted by tho contradictions and injuatico
TINT result from ~ Tho sovereignty Of
the Station provnnts All enforcement Ut ther OBJ
iBations, and this it waa tint made 10 appropsi-
ato nt,d truthful the ro'nark Of our cminont and
hEL.ninded iurint:
II Is expected that the action Of = sovereign
State will 30 charaeterixod by more scrutnto1is
regard 10 justice, and highor sanso OF morality
;l!an belong to tho ordinary transactions of in-
Tho creditors Of the stntes have nothing to
reiy upo:l for The fuIalltnent Of their obligations
bit their Integrity and their hoBur; tAo1c, there
foro. should bo observed with tho strcteAt r.
deiity,-in sriris and letter. Arc they no OBJ
served, l will not BAY by tho Btates that are pay-
ing nothing pleading inability to pay by reason
OF tho e1ccts OF Tho war upon their resources
an al excuse for not trying to do anything for
their crotlitorH-but Aro they 30 obHcrsud by
States that hayo nu auch etcuYe to olfof2 Lot
ua Zee.
PAYING rnoM1sEa IN TAR.
Reforo tho passage OF thu LegaI. Tender acss.
tie StatoH had aluiusk without execution Leeu
ft7tf ~ A.$ frE
borrowed thos ssuoi tllcir bonds payable in doi-
lars. 1lavc majority OF them made gool. are
tiloy now making Roud, their agreements
Has their treatment Of their creditors
teen chasactorEzed by sctnpuious regard
eeo1 Justice, ald by high sonso OF honosf"
!layo thoy kept faith. arc they now keeping
faith, With tlleir crcditors7 Hayo rl.ey not, on
tho contrary. for years past withhold from them
oo ~. 80 por centa Arc they not now withhold
,lno7 Tboy are paying. it IL trne, Il in what Con-
grcAs has decided to 10 'awfnl money: but
what after oil ts tua money but unfultlIol
pro'ntres, which arc worth Just what they
s9 a9ll tor IN tho market, and no moro3
they certainly arc not tho kind of money which
WAS borrowed BY tho Staten, aud which tho States
agreed to pay III return for tic money thoy boz
towod Aro thcy, III any trun moaning Of the
money promises to pay money, which can only
bo converted into money by tho payment Of q
heavy discount? FACTS nro stubborn things,
which cannot be Ignored; ana tho fact
cannot bo denied that many Of our States arc
only making partial payment to thelr creditors.
Ava!tiug themselves OF q law Tor tho existence
Of which they arc in patt responsible, overy
tiIno they have paid tho interest Oh those boljB
Hiuce the passage OF the Legat-Tondor acta, thcy
thoy have compelled tic holders to take, now q
half. now third, and now a ilfth loss than Was
called for by thoir coutrncts, Suppose there Yero
IN existence great international tribunal, ca.
tabliBhed by tho 1lations for tho settlen1ont of
all questions between uAtlon8 and of tho claims
of citizens sgninst Roveseignues {and such tri-
b:lnal would long since havo been established il
Christianity had done its perfect work}, which
ono OF CUR distinguished lawyers would daro to
70 before that tribunal with tho contention
thhs tho anti-var dahts Of our States could
bc, Will not say morally, but legally,
discharged BY tho teuder OF deprecated
notcs which the Government Of which thoy aro q
part has seen ft, for purposes OF its own, to de-
olaro 70 bo lawful money? II . part OF tho
States arc right in paying in 1egni-teudarB, how
has it happened tuAt Massachusetts,. moro lleayi-
ly indebted than any OF thom in proportion to
population, has always paid her interest III
ooiu7 Are her obligations moro sacred than.
thera9 Massachusetts has dono no moro
thnu hcr legal md moral obligations required
of her but her escutchoon IL clear, she never
ta!tered, her nREno il honosca whoever her
na1no ID known, aud her people have not ouly tho
proud satisfaction OF knowing that thoir State 1T
ioadt has nlwavs nctca fairy witl lor creditors,
but that sho il iocoiyiug in her high credit full
reward for her fidelity. uuou McCuLLocA.