New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-04
FINANCIAL DISCUSSION.
HONOR AMONG SOVEREIGN STATES.
A DIRECT IssUK BETWEEN HONESTY AND DisHoN-
EsTY-PUBIIC SERVICES OF THE HON. REvERDf

HONOR AMONG SOVEREIGN STATES.
A DIRECT ISSUE BETWEEN HONESTY AND DIsHoN-
xsTY-PUBILC SERVICES OF THE HON. REvERDY
JOHNSON AND Ex-sECRETAEY HcULLoCH.
TO tAs Editor Of the Tribune.
SIR am regular reader OF The TRIBUNE,
and APPRECIATE the good ser direct point and vgor OF
its articles The prominent questions OF the time-i
mean the currency question and the question Oh good
faith In contracs-receive constant attention and earn
est treatment in your columns And herein you sho"
clear as to the Issue which is to make OF mar
the promise of the United States az great nation your
national career has been surprise to your own peope
and the world, and 1t has opened up new hopes ana
visions to millions Of men who have never set foot your
soil 1t seems only yesterday that the great struggle
was between Freedom and Slavery BY terrDio war oI
blood and this has been settled and the heros OF
both parties to that dreadful contest has commanded the
admiration world Now, however the Indications
OF struggle between-let MS say 1t franky-ohesy
and Dishonesty. Who can doubt where the true iohcy
lies in such case II there is to be sound and honest
commerce. there must be sound and honest measure OF
values. And this cannot be had with an exceptional
and nuctuatng currency The eminently wise men VINO
founded the nation made contracts sacred ana hSioaDe'
No legislation OF States Congress can impair the obi
CATION OF contracts. They saw, as every Thought
full man must see, that without THIS rs u
foundation no national superstrucurc could be raised
No service can be patriotic, none more imperh-
lively required at this junctue. than that of resisting
the tendency TO regard creditors natural enemies
The agators and demagogues who are working Ill this
direction are the very Catncs OF the Republic can
readily believe what you say aug. 10, that le"
things are more dishear,enng to sincere Republican
than the readiness which certain class of the rural
population exhibit to profit by any device which may DO
eecal to defraud the creditors OF their counties or
townships out of the money they have lent them lhs
is dishcartcnng indeed for its extension and prevalence
would be the ruin OF the Republic. States ana
nations must be built and maintained ON honesty ana
good faith they cannot be built aud maintained at all
What be said by OF fair and direct answer 10
the letter Of Mr.. Revery Johnson on the currency re-
Gently published in your columnsl Nothing. appre-
bend that would considered worthy OF any serious
heed by any thoughtful man outside the whirlpool OF III
aon exeitement And hen tose cain ana hS a o
statcs-what rational reply can be given to mem NJ
How happens IT," asks Mr. McCnloG1, INT re
national credit is not higher than t lsi WY Is II not
as ought TO he, higher than that OF any European M
toni" And he AYERS that TINS ~ SO lny oscf TS
the states have not kept faith Win their dhe
failure OF railroad corporations ne SAYS Is Din enomg,
and very damaging to credit hnt scn ard tbnushtn
men no dstrust " AM ricar credit comnraDc WIN nat
which Is created by the bad fah OF s0yt hna and
guidance of his fellow countrymcn at home icic Is no
done to national credit 10y the bad ailh OF states ana
the natural tendency OF fore sn rapalt - 10 Jee ,e
natural When important nat ona financial measure
was under discussion some time ago IN the Uhed stts
way carriage in Canada he might have overheard con
yersaion in which it aYCr1ed that Senator VINO
took eadin. Part Ia TIE disc ION lar" not IN Ills own
State propOse TO pay % cents on mo dollar OF us
lawful debit The constituency VINO sent tie senator 10
Washington wOnli not pay thclr Staie ucp,, YET
there they were, represented in him, shaping
Inc fnanria legislation Of the United states. The anu
SON was 10 Senator MerrmUn Of North Carolina. state
which has recently published an act passed ny Its iast
Isgislature its public debt, when II the
most Extraordinary piece OF financial legislation perhaps
aver producrd by "A civilized State For the greater part
Of It's debt acknowledge d lawful ana honest IL pro
post as understood to give new bonds, bearing TWO
pr cent interest And this condition of the creditors
srrendcrmg S4OO principal and SIX years accrued cr
est-aout SI4OfOr 800. This 500 bond Is 10 give the
creditor income Of - per annum Tor whle tnen
little more until IL reaches maximum interest OF hVe
oJitv For viii observe that II oilers the cIcGtOr as
nearly MI ~ legislative ingenuity could devise. .
Mr. McCullOch aiudas 10 the eases OF Nlfgini, lnn,
ana and Minnesota Current newspapers, however, tel
~ that at large meeting held unite Lately III one OF the
r,inia counties there formal and emphatic con-
dean alton Of Reputation In every form IN Wcn IL NAV
lie lrooscd as Unconstitutional and dishonest" May we
IA 10 that this is the sign OF tie awakening OF new
moral life in this ancient State-the mOtiier OF Ife,
dents will North Carolina sister STATE OF the O
il on, dshonor her ancient renOwn Whth INC nae OF
s new life sets Gre ltors Will deal Justly and gen
ern,y with States in their cNrcmitles iiut states as
ven as individuals amcnaDe to The laws OF justice
and honor. aud they must also bear III nhi mat thec
mr., two parties contract and TINT both parties
must he consulted III the settlement 80 assured NAT ihe
friends OF popular government everywhere look WIN
anxious interest your present struggle rs between
States They will not they cannot believe that the pc0-
pie Of the American Union will allow themselves To DO
LED iy igtItUrs and demagegucs 10 national dsHOnOr
uOHiredi Aug. 20, 1870. CANADIAN