The Van Buren press., 1877-10-30
:, 4 I Z nj y L

disputed bonds are so far in the
wrong that the State should
not have anything to do
with them. If it is answered
that the State has nothing to 90
with them, and that, ON the plan
proposed the State will only deal
with the holders of the undisputed
debt, il is renlied that that Is true,
but that iheH PROPOSE to recognize
the holders OF the disputed debt,
which can not be permitted, and
that the State shall dictate to her
lust creditors what kinds of COM
pany they shall keep. OF course this
is not a financial proposition at all.
As a moral proposition it amounts
to Il declaration that the State can
not have anything to do with any
one who has anything to do with any
one whose moral attitude the State
does not fully approve. 1t is need
less to say that ii a notion so fas-
tidious were carried out in private
life all human business and inter-
course would be at al end. EX-
cessive refinement and endless
punctillio in such matters would
conduce in the end to injustice: and
it may be doubted whether, after so
long delay to pay anything ON
debt the Justice of which has never
been denied, the world would
give us full credit for an in
vention in morals that would
eclipse the memory OF the
most highly esteemed saint in
the calendar. The proposition, as
we understand it, is that it is more
Just and better for the State to pay
off the bonds admitted to be
legal, and leave the other bonds
outstanding, although they, are all
offered at one and the same price.
1t must be admitted that it is not
easy to answer a manifest paradox.
If one will assert that the half IL
more than the whole, there is very
little more to be said. But there is
probably no plan of settling the
public debt that imagination could
devise that could not be objected to
on some similar or better grounds.
| Where the matter of anything is be-
yond question, it is always possible
to object to the manner; and by OBJ
jecting to matters of detail, or mat
tiers only remotely in question, eve
ry possibility is allyexhausted,
Whether the proposition Of
Messrs. Adams and Redfeld will
be accented by a majority of the
holders of the undisputed debt, is
not knewn,t to- the Beard. 1t is, of
course, known that the Board can
do nothing more than recommend
"A proposition. If the Board had
greater power than this, 1t would
feel no disposition 60 exercise it.
When the proposition of Adams
and Rcdfeld, if acceded to by the
bondholders, is laid before the Leg
islature, it will stand strictly and
only on its intrinsic merits. Nor
does the Board regard itself as pre-
cIuded from recommending any
more favorable proposition, if
such should be submitted. 1t
is distinctly understood that the
proposition of Messrs. Adams and
Redheld will be recommended only
in default Of some better offer. II
any patriotic citizen Of the State
! will undertake to confer with the
bondholders, and will obtain from
a majority of them a more favora-
BILE proposition, he will receive
from the Board every possible en-
couragement, and he will earn the
thanks of the people. II is some
thing of this Kind that is needed;
some practical work, and not mere
empty defamation. Nor do we SEE
why the citizens Of the State should
be willing to devolve the entire
| hnsinnss and resnnnsil,ilitNr ON the