The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1880-11-10
Northern Reputation.


The New York World takes up the
defence of the South as against the
North in the discussion of the alleged
reputation of State debts. 1t shows
that while large part of the debts at
tributed to the Southern States were
unmitigated swindles perpetrated by the
alien governments without consent of
the people, some of the Northern States
have, without such a defence for repu-
diation, struck deadly blows at the pub
lie faith. especially Minnesota. Other
States and Kingdoms on both sides of
the Atlantic have defaulted on their in
terest under the pressure of great calam-
tiles, or of a sharp financial crisis, and
other States have sought to compound
With their creditors But Minnesota
stands alone as an example of rich and
prosperous Commonwealth which has
deliberately defaulted on the principal
as well as the interest of bonds which it
admits that it guaranteed. Minnesota
stands alone too as an example of an
American State which has shirked its
own solemn obligation under cover of
the proposition that States cannot be
made defendants in a suit by private
parties. The Secretary of State, Mr..
Evarts, as counsel for the creditors of
this dishonored State, summed up the
situation in July, 1871, in these en-
phatic and crushing words
''No man acquainted with legal princi-
| piles or susceptib lie To moral impression can
/ dwell up the features Of this scandalous his
/ tory of debt repudiated the trusts betrayed
by the State of Minnesota without indigna-
tion. The maxim that State will do JUS
tice to its own obligations and will submit
to no coercion of courts and process as
| rejection upon its honor seems to be put to
an open shame by this great and prosper
Gus State. Confessedly, the only obstacle
to the collection of these bonds from the
State of Minnesota, whose direct obligations
they are, is the privilege of sovereignty
which it enjoys not to be justicable in any
court. To the additional responsibility for
the application on these obligations of the
trust securities lodged with it, in that con-
sideration and for that purpose, the State
makes the same defence that it is not justi-
cable for trust any more than for debt.
And yet the disappointed and insulted cred
ltOrs and cestui que trust see the State in its
sovereign capacity and its people in their
public interests reaping the results to which
the pledge of its public faith and the as
sumption of its public trust induced the
contributions of the money of these credi-
tors"
AN era of comparative prosperity
even if it is caused by abundant crops
in this country and failures in foreign
lands, creating a demand at renumera-
tive prices, is not favorable time for
changing administrations. People are
apt to be content with the party in
power, even if prosperity comes to them
in spite of official mismanagement and
corruption. Besides, the finances OF
the country are in a comparatively good
condition, through the agency mainly
of the Democratic party. 1t has pre-
vented contraction of the circulating
medium by partially remonetizing sill
yer and by defeating the scheme to de
stroy the Greenback currency amount
ing to 1916, 900, 900. Deprive the coun
try of that amount of currency and the
f nearly 100000, 900 that have been
added to the money of the country by
the act remonetizing silver, and
throughout all its industrial depart
ments it would feel the depressing and
paralyzing effect of a deficient circulating
medium Notwithstanding the abundant
crops and the European demand for
them at high prices. The Democratic
party was not successful in the late
election, but the country is reaping the
fruits of the wise and benefcent meas
ures which it originated, and which it
accomplished by the aid of limited
number of Republicans who were driven
to their support by the force of public
opinion.