PENNSYLVANIA'S DEBTS.
[To the Editor of the SPECTATOR.] Sin,—My citation from Sydney Smith's ebullition (Letters on American Debts) was merely supplementary to a larger com- munication published in a previous number of the Spectator and dealing with the general subject of " America's debt to England." It has been lately stated, I think in Truth, if not elsewhere, that several of the American States were still under considerable financial obligations to this country, incurred like those of Pennsylvania about a century ago. Of these we shall probably hear more. As contemporary evidence, Sydney Smith's racy and truculent reflections are correct as statements of existing fact. With the nature and utility of the investment he was not concerned. The indebtedness, which began " along about 1830," did not (your correspondent tells us) reach its climax till 1840. In " approximately fifteen years " the debt of " something over forty million dollars " was reduced to two million, and later on was paid off entirely.
In these subsequent proceedings Sydney Smith could scarcely • be expected to show much interest, seeing that he died in 1845, before (a Pennsylvanian himself informs us) either the spirit of retrenchment set in or the " Sinking Fund
Commission " was appointed. He was therefore not behind- hand but beforehand with some points of his indictment.
If from 1838 to 1853 the State owed several millions it could not or would not pay, it is scarcely material to point out that " for many years " (of the nineteenth and twentieth centuries ?) " it was not indebted at all."—I am, Sir, &c., G. H. P.
P.S.—Further evidence of the general interest in the subject may be found in the famous lay of the " Snapping Turtle " (Bon Gaultier Ballads, 1st Ed., 1845) :—
" Since you've dragged the 'tarnal crittur From the bottom of the ponds, Here's the hundred dollars due you, All in Pennsylvania Bonds."
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