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REPUTATION AND ASSUMPTION.


The repudiators pretend that Robert J.
Walker, Calhoun, Buchanan, and all who
oppose the assumption of State debts by the


general e'',rvtr rInIent. are ia favor or repu.
diation. They contend that the principle
of the two measures is the same This is
a more desperate attempt to blind the people
TO the evil Of Reputation, and TO give it the
weight of distinguished names, than their
far fetched parallel between reputation and
the bankrupt law. No two measures ca n
be more unlike The one is constitutional
and legal, the other violates the law of God
and man; the bankrupt gives up all he has
to his creditors. repudiation sends him a
drift empty, and leaves the debtor in the en-


oyment of the very proceeds of the money
loaned the one gives the creditor fair no
tice, and right 10 contest the discharge In
a court ofjustice the other sets up the debt
or as his own judge and jury, and does not
=
low him a hearing the one is claim Of
right under the law of the land, the other is
claim of might at the point of the bayonet.
In other illustrations they are still more un-
fortunate. The leading democrats nave OPP
posed the assumption Of State debts. because
the States themselves are bound to pay them,
and that the general government has no
right to assume their payment. Is this ad-
vocating reputation Is il not rather
saying to the States "pay your debts your
selves. and call not upon others for assist
ance." The bond payers are desirous OF
following their advice. and paying our debts
ourselves. But the doctrine OF reputation
tends directly to the assumption of State
debts They tell the other States that they
will not pay the debt, and if il is paid it
must be done by others. The large com-
marciaI States will not permit their credit
to be destroyed by the conduc; of Mississip-
pi, and as a last resort they will compel
the general government to assume them.
These United States will lose more by the
shock their credit must sustain by the con-
duct OF Mississippi than ten times the a.
mount of her Indebtedness. and if we have
not the honor to foot our own bills. they
will find it to their interest to do il for US.
If we plead the baby act. Uncle Sam will
pay our debts. a. hsnes -es a


The following from the Statesman is ap-
propriate upon this subject:


We copy the following article upon the
"Repudiation of State Debts.n from the "Buf
falo Advertiser" to shew not only the opin-
ion Of The world upon the injustice Of the