The Caucasian. (Shreveport, La.) 1900-192?, 1905-01-08
REPUDIATED BONDS
Their Collection Suggested by Drastic
Treatment of Southern States.

they were doubtless suggested by other
motives than a desire to secure the best
solution of the problem. The suggestion
made in the public press at one time that
States guilty Of reputation be deprived
of their representation in Congress, be-
longs to this category. In the first place
this remedy could not be applied unless
an entire change be made in our funda-
mental law and in the nature Of Our cen
trail government. In the second place it
might not remedy the evil if it were ap-
piled. Unless other measures giving the
Federal government entire control of
the machinery of the State for taxation
purposes should accompany it, it would
not secure the payment of the repudiat-
ed debt i'll the future
The second remedy referred to was
suggested by John Quincy Adams, in
IS43, in the following resolutions which
he proposed as substitute for those
presented by committee of the House
of Representatives of which he was a
member. and to which had been re-
fcrred a plan for the assumption of the
State debts:
Resolved That the reputation by any
State of this Union of any debt 10 for
eigners, contracted by authority of the
Legislature Of said State, is a violation
of the Constitution of the United States,
III the first paragraph of the tenth sec
ton of the FIST article. which provides
that no State shall pass any law impair
ing the obligations of contracts.
Resolved, That if any State of this
Union by or in consequence Of this re-
pudiation, involve itself in war with any
foreign power, the Congress of the
United States has no power to involve
them Of any other of the States Of this
Union or the people thereof, in such
war.
Resolved, That in the event of such
4 war. the State involving herself there
in will cease thereby to be a State of
this Union and will have no right to aid
in her defense, from the United States
Of any one of them.
These resolutions disclose an anomaly
in ottr public law which deserves care
FIJI attention in this connection. Our
Constitution places the power Of peace
and war with the Federal government
and also imposes upon it the duty OF
the States of the Union III
:ase of foreign invasion. At the same
lime it leaves States free to contract
lebts either at home OF abroad and free
% repudiate them if they so DESIRE In
his freedom is involved the possibility
If foreign war. The law Of nations
Hearty recognizes, the right of State |
O foreib1y seize Upon the property eof
mother State or to make war against |
ler simply for lt1ie purpose of enforcing |
he payment OF an unsatisfed debt held |
" herself or any Of her citizens.
The resolutions Of John Quincy Al
ms were very likely intended to bring
rp for discussion and remedy in Con
,ress, the anomaly ii our public law
which has been noticed As a remedy
or reputation they are open to the
erious objection OF substituting the
,reater for the lesser evil. II would I'M
be better for us as al ma
ion to undertake the settlement Of a
ase Of regulating State, even though
hat might involve the use Of o,ir. army
nd navy, than to lose her from the
Union. We have thought 1t worth
While to fight bloody and costly war
j order to preserve our Union intact,
nd no one would be so silly as to pro-
ose that we permit it to fall apart on
ceount Of slight defect in Our eonsti-
ltiof1al law.
The scheme which carried with it the
lost weight and which received the adj
eretee of the largest number of per-
ons in the earlier part Of our history
'as that which proposed the assnnp-
on BY the Federal government of the
ebts Of the States.
A fourth remedy for Reputation was s
iggested in 1883 By Mr.. Moore Of Ten
essee. He introduced bill into Con
ress which provided for the repeal Of
lie eleventh amendment to the Consti-I
ltion and for the granting to Congress
power to provide by appropriate leg
1ation for the legal enforcement of
entered into by any Of the
tates of the Union
Mr.. Moofe's bill attracted very little
tention in Congress and never became i,
law. but it is worthy OF serious con-
deration in this connection. The re-
al Of the eleventh amendment would !,
store that article Of the Constitution !.
f,ich provides that States may be sued
| individuals in the United States ,
,ttrts. Creditors could certainly ask /
# no better regulation than this fer :
curing judgment concerning the le- :
llity Of their bo11ds. But having Sc
Ired favorable judgment. how could !,
ey enforce the payment OF the debts !,
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