The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1884-07-23

eminent, which has full power in the
premises and which can act promptly
through simple majority of congress, at
once take steps to assume and arrange
for the settlement Of the debts of the de-
linquent states on some basis equitable to
all concerned. As matter of fact, q
comparatively small amount of money or
obligations would make q satisfactory dis
position of the whole business. So
long as it fails to do 80, and furnishes
no means of redress through its courts,
the provision of the constitution that it
was created, among other things, to estab-
lish Justice, is mis-statement, and carries
a reproach that should be removed" He
claims that the general government has
been party--almost particeps criminis
to reputation in several states, es-
pecially in Virginia-the president, sena-
tors and representatives of non-defaulting
states for political purposes freely giving
their patronage and countenance in behalf
of the repudiating movement. Mr.. Hume
comes to the following conclusion:
"The question is whether the government
of the United States, in this matter OF repudi-
ated state obligations, will do anything for the
honor of the nation, for 1t Is something that
involves the honor of the whole people: II a
number of our states will pursue toward their
creditors, whose fair dealing Is undisputed,
course more shameless than that of Turkey or
Egypt, and the general government Is 80 pow
erless that through its courts and other agen-
cies it can do nothing to bring them to justice,
or 80 Indifferent that, with an overlooking
treasury and ample power, 1t makes no effort
| to remedy this wrong; II the president and
senators, and other public functionaries will
use the government patronage to strengthen
the hands of the regulators, instead OF taking
| the part of the innocent victims OF their dis
honesty; il our political parties will cater to
the wishes and ambitions of the wrong-doers,
| In the hope of securing their support for par
tisan measures and interests, particularly that
party whose representatives have created the
| whole of the defaulted state bonds which are
most peremptory discarded. and which has
protested to be especially Jealous in behalf OF
| all forms OF public credit il the great body Of
our people can look upon such things with I'M
| concern, virtually giving them their sanction,
and making no effort to compel their rulers
and legislators to respect the public faith and
maintain the public honor, then the inevitable
| and Just verdict of the civilized world will be
that we are nation of rascals."
A merchant with large stock of goods
bought on credit goes into bankruptcy,
repudiates, or scales down his obligations,
makes money out of the operation and
grows rich on the increase of his ill-gotten
capital. 1t is rather gnarled morals that
would require the people among whom
the bankrupt lives to tax themselves to
pay their dishonest neighbours debts, or be
branded as community of rascsls. And
this, substantially, is the relation of the
non-repudiating states to the regulators.
The repudiating states have grown rich
by dishonor, as we'll as by the enhancement
of their material wealth. Their debts,
especially those contracted since the war,
were for the building of railways, and for
other internal improvements that have
contributed immensely to their prosperity.
A few months ago New Orleans paper
showed, from statistics furnished by the
governors of the states in question, that in
the last four years they have added to
their wealth the enormous sum of nearly
six hundred aud fifty million dollars
more than twice the aggregate bonded
debt repudiated. Virginia's entire debt
is only about ten per cent of the assessed
value of her taxable property as reported
by the late census. A yearly tax of two
thirds of one per cent would pay the inter-
est on her debt and the entire state ex.
peuses. Mr.. Hume demands of the gen.
eral government law enforcing the obi
cation of states to pay their debts. The
demand is a reasonable one. States are
an aggregation of individuals, and why
should they not be subject to the same
legal means of enforcing payment of clearly
established pecuniary obligations as single
individuals are, enjoying the same rights
and privileges, having the same claim to
leniency or abatement as is accorded to en-
barrassed or unfortunate individual cred
itors? And if states do not understand
that "honesty is the best policy" the gen.
eral government, by its legislature and
judiciary, should enforce the lesson. 1t is
the rankest kind of injustice that denies
an individual creditor redress against a
state powerful and wealthy, but unwilling
to keep her plighted faith.
Condition OF the COlOred People.
Professor Greener," saws the indie.