Thank you for visiting SNEWPapers!
Sign up free
The New Hampshire Gazette And General Advertiser
Portsmouth, Rockingham County, New Hampshire
What is this article about?
Boston commentary highlights the precarious situation of state government creditors due to federal use of impost revenues, arguing that state debts should be placed on a continental establishment as local funds are insufficient, with growing support across the Union.
Clipping
OCR Quality
Full Text
PUBLIC CREDITORS.
The Creditors of the State Governments appear to be placed in a very ineligible situation in consequence of the appropriation of the Impost to the purposes of the Union-for it is very evident that if the Excise and Impost united, were not more than adequate to discharging the interest of State Securities-the funds now left to the individual governments, must fall greatly short of that object.
The debts of the respective States ought therefore to be placed upon a continental establishment-and as there does not appear to be any other feasible plan of doing justice to this class of creditors, as meritorious as any in the United States, it must be pleasing to every honest citizen to find that the sentiment is becoming very general in various parts of the Union.
Should the creditors of the separate States, be left to the mercy of local systems, and financiering committees of State Legislatures, with only the excise to depend upon, it is pretty evident, that while Continental Securities are rapidly appreciating, those of the States will as rapidly verge towards annihilation.
[United States Gazette.]
What sub-type of article is it?
What keywords are associated?
Where did it happen?
Domestic News Details
Primary Location
Boston
Event Date
Dec. 3.
Outcome
sentiment becoming general in various parts of the union to place state debts on continental establishment; state securities risk annihilation while continental ones appreciate.
Event Details
Creditors of state governments face difficulties due to federal appropriation of impost for Union purposes, leaving states with insufficient funds from excise alone to pay interest on securities. Advocates placing state debts on continental establishment as the only feasible way to do justice to these meritorious creditors. Warns that reliance on local systems would lead to rapid decline of state securities compared to appreciating continental ones.