During Van Buren's administration the standard of public honesty, which had been lowering with frightful rapidity ever since, with Adams, the men of high moral tone had gone out of power, went almost as far down as it could go; although things certainly did not change for the better under Tyler and Polk. Not only was there the most impudent and unblushing rascality among the public servants of the nation, but the people themselves, through their representatives in the state legislatures, went to work to swindle their honest creditors. Many states, in the rage for public improvements, had contracted debts which they now refused to pay; in many cases they were unable, or at least so professed themselves, even to pay the annual interest. The debts of the states were largely held abroad; they had been converted into stock and held in shares, which had gone into a great number of hands, and now, of course, became greatly depreciated in value. It is a painful and shameful page in our history; and every man connected with the repudiation of the states' debts ought, if remembered at all, to be remembered only with scorn and contempt. However, time has gradually shrouded from our sight both the names of the leaders in the repudiation and the names of the victims whom they swindled. Two alone, one in each class, will always be kept in mind. Before Jefferson Davis took his place among the arch-traitors in our annals he had already long been known as one of the chief repudiators; it was not unnatural that to dishonesty towards the creditors of the public he should afterwards add treachery towards the public itself. The one most prominent victim was described by Benton himself: "The Reverend Sydney Smith, of witty memory, but amiable withal, was accustomed to lose all his amiability, but no part of his wit, when he spoke of his Pennsylvania bonds--which, in fact, was very often."