The New York Journal, And Weekly Register

One of our Albany correspondents remarks, that the creditors of the State never had a fairer prospect of payment at any time since the peace, than they have at the present moment; the debt has ever been small when compared to the funds that might be applied to its redemption, and had they been judiciously managed, the public credit of this state might have been established in such a manner, that it would not have been degraded by a comparison with that of any other government whatever. We may yet retrieve our character if our rulers are disposed to act uprightly. Let them render justice to those from whom it has so long been withheld, which may be easily done by making a proper use of the resources of the state without burdening the citizens. The late land-purchases made from the Indians by his Excellency the Governor, are amply sufficient, supposing them to be sold at the reduced price of two shillings per acre, to discharge the whole of the debt: and the peculiar advantage which this state derives from the regular payment of the requisitions of Congress, leaves the legislature free from every incumbrance that can possibly retard the fulfilment of their engagements. The debt due on the first of January last, for securities loaned, as appears from the treasurer's report, was about 697,000l. of which sum it is certain 200,000l. will be redeemed by the expiration of the present year; and although the various other securities for which the state is answerable is said to be 150,000l. yet from the very few that appear in circulation, we may reasonably conclude, that not more than half that sum will ever make its appearance. It must be a painful reflection to every person capable of feeling for the honor and reputation of his country, to think that so little faith hath hitherto been placed in the promises of our legislature, that the debt which was contracted in support of a glorious cause, is reduced to one fifth of its real value, merely for the want of exertions on the part of government to inspire confidence and ensure ability.