The logical remedy is the repeal of the eleventh amendment, but unfortunately there is no hope of that. The defaulting states are too numerous; and there is further some doubt whether the rest of us are honest enough to approve such a reform. Representatives in legislatures and in Congress are liable to be influenced by a set of considerations which have no proper relation to the matter. It is affirmed that the states were wronged by their officers in the issue of the bonds; that the bonds are now held by men who bought them for a small part of their face value; and that to pay them is to honor the rascalities which gave them birth, and reward speculators in unreasonable measure. If the subject is pressed upon our attention, we shall be told, and have no reason to disbelieve it, that the speculators are spending money through a lobby, and that the road to honor lies through more filth than is piled up in the path of dishonor. The evil, we shall be told, is done, and is irremediable. We can not reach the persons who were really wronged. They have parted with their property at an almost total sacrifice; the present holders have no _moral_ rights whatever. All this has been plentifully said, and it has lulled many consciences to sleep. Another moral opiate is the _fact_ that the creditors had due notice that the states could not be sued at law, and therefore can not complain of this defect in our constitution. But this is a two-edged argument and might well rouse a sleepy conscience. These state debts are for this very reason debts of honor, such as honest men pay before all other debts. And yet, it is true, and pity ’tis ’tis true, no hope exists that the unfortunate amendment can be repealed. It is perfectly just to say that it would be proper to accompany the repeal with any legislation which might be required to enable courts to take account of all the equities in each case, even to require that original holders of bonds, or their heirs be found, and that any reduction from par in the original sales be allowed to the state. It would, in short, be possible to do justice as exactly as men can do justice in transactions of this complicated character, and to secure the tax-payers of the states in default against any oppression. But the great public is not going to be convinced. It will be said that the remedial measure is for the relief of idle rich men in Wall street, and Congressmen and legislators will be warned not to sign their death warrants. In the course of such a campaign so much immorality will be taught, so many men now decent in life will be manufactured into rascals, that it may be wiser not to attempt to repeal the eleventh amendment. It is a disagreeable conclusion to reach, but we reach it frankly: We are a dishonest nation. There is no reasonable hope, rather no shadow of hope, that we can purge ourselves in the matter of dishonored state bonds. There are not enough honest voters to redeem our reputation. We may