Towanda daily review. [volume] (Towanda, Pa.) 1879-1921, 1880-01-31
Pennsylvania Never Repudiated.

The State in August, 1881, ana at sever
al subsequent dates, found herself without
sufficient money in the Treasury to pay
interest At that period, as those well
read in the subject are aware, and those
old enough may remember, there was an
universal suspension Of specie payments
in the United States, and great financial
stringency. The interest due August |
to foreign loanholders was not paid until
December, but it was then paid, with
four months interest added. Some of
these payments were made i'll sterling
bills of exchange, at premium OF eleven
and half to twelve per cent. The home
holders of the loans were paid in scrip or
other paper, the whole of which was re-
deemed. The state was short of money
again in both February and August, 1888,
and possibly at other dates, when the
interest was paid in State scrip or notes
issued by the state banks, all of which
was paid off in time. 1t was case of
lack Of money when interest day came
around, nothing else. These money
troubles continued in Pennsylvania until
l942, as they did in all the states, and
interest was paid by all of them, except
Massachusetts, in notes issued by the
state banks. There was not taint of
reputation about it. Pennsylvania never
repudated, and never 'trefused" the pay
ment of her debts.
In the year 1912 meeting of repudia-
tors was held in Philadelphia by num-
ber of men who carried no more influence
with them than the Communists and Nj
hiliSts do, who get together occasionally
in New York and elsewhere, to preach
their destructive doctrines. These men
sent memorial on the subject to the
Legislature, advocating Reputation. That
was the act of few irresponsible individ-
uals, but only the Legislature could speak
the will of the state and what the Legis-
laturc said in that year, 1912, on the sub
iect of Reputation, we have before us.
The answer made then to the petition of
the repudiatorS is the reply to the petition
of the charge now, and will be found in
the following resolutions, unanimously
adopted by the General Assembly of
Pennsylvania of 1912:
''Let the strict observance Of the plight
ed faith of Pennsylvania be the watch
word of her citizens, and let our children
be taught to regard it as the best inheri-
tancc of their fathers.
"Your committee recommend the fol-
lowing resolutions:
'ResOlUed, That the State stock issued
by virtue of the laws of this Common
wealth is constitutionally correct, and
that the citizens of the State are legally
and morally bound to pay and redeem the
same.
"ReSolced. That the faith and credit of
the State does remain, as heretofore un-
broken, and that the property of the citi-
zens is legitimatelY the iect of taxa
ton for the full and entire payment Of all
just demands on the treasury thereof
"ReS0lved, That the doctrine of repudi-
alton of the liabilities of this Common
wealth is obnoxious in it's tendencies and
calculated to be destructive of the free
principles on which the Government is
based, and that every good citizen is
bound by all moral as well as legal con-
sideration to cheerfully contribute his
share towards the liquidation Of the State
debt. Phil0delphi0 Ledger.