The republic. [volume] (Washington [D.C.]) 1849-1853, 1850-01-26
FLom fhx Nro York Commercial Aduertisr.
Repudiation In England.

ShNSAAs SSat ~
ZION IT, Ns0 York Commercial Aduerii.~.
Repudiation In England.
We suppose that no more startling or at least
surprising words than these could be adopted as
the sign board to leading article for an American
newspaper Considering the extremity Of aversion,
not tosay detestaton not TO horror, with which
the American sin Of Reputation has been stigma
tized, denounced, cxecrated, for considerable
number of years. by public writers and speakers of
all sorts, from grave members Of Parliament to
witty Prebend's Of St. Paul's--from magniloquent
editors of sieading journals To comical writers for
Punch, John Bull and the Satirist-considering,
we say, how the very name of Reputation has been
used BY all those, and many more, as a standing
theme for illustration of yankee dishonesty," it
may well be accepted surprising, startling, al
most incredible, that even the English mind-al-
ties. and habitually given to believe that new
thing must of neccssity be bad or at least USE
less thingis at length beginning seriously TO con-
slider whether "repudiation," that mOnstrum hor-
rerdx of the presentage, may not after all be just
in its nature and necessary in its application Yet
such is the TACT. KS IS .E9F3tE tsfA
Let US be understood, however, in order that we
may not seem TO do injustice. When we speak Of
+" repudiations in this reference, we do not mean
the base. mercenary, dishonest denial Of q debt,
prompted merely BY unwillingness to discharge it
because Of Inconvenience, or even by extreme dill
fculty; we do not mean the reputation Of solemn
undertaking TO repay money that has been fairly
advanced, under pretext Of usury or of any other
merely conventional and technical claim TO be dis
charged from its obligation; we mean the grave
and rational calling up Of the great, vital, and
most important question, whether one generation,
by itself or by the government which j entrusts
with power, has a right to impose burdens upon
succeeding generations, for series Of years or in
perpetuity Itself receiving and enjoying, or vast
burdens and leaving TO the succeeding generations
only the losses and inconvenience, without any
portion Of the benefits. For example,. whether the
English people of the last century had any right,
and could confer any right on their then king,
lords and commons to saddle upon the English
people of this century, and the centuries yet to
come, valid debt of some hundreds Of millions, to
pay the annually accruing interest OF which, to say
nothing of the monstrous principal. imposes on the
industry of those subsequent centuries load OF cf
fort under which it can stagger onward only at the
cost of infinite privation, misery, and almost de-
spair. 81 5se4@ .sfti.
This great queston--next to that of society's
whole duty to the helpless and depraved portions Of
its members, the greatest that be mooted in the
whole range of political economy-s fairly placed
before the British people for consideration and de-
termination; notonly in the speeches of politicians,
but in the deliberate inevitable form of at least
volume, which already engages the profound at
tention Of the periodical press. MI. Miner Glib
son, member Of Parliament for Manchester, and
not long since member of the cabinet, has dis
tinctly preached II in recent speech-of which
the spirit is clearly indicated by the following
brief extract. Speaking of the annual drain upon
the revenue OF Great Britain, Tor the payment OF
interest on the national debt, Mr.. Gibson said:
"He did not think that any contracts, although
they might be settled by act Of Parliament, were
permanent if they were not rightly settled. He
believed that the government should only have as
much money given to it would pay for the SER
vices to be rendered. If they adopted such prin-
ciple that, it would make a tremendous sweep"
If any doubt could exist with regard to Mr.. Glib
sons meaning, il would be soon cleared away by
reference to the volume TO which we have referred
"a volume deliberately noticed in the London Spec
tafor of December Is, with the amplest acknowl-
edgments of its "prccise logic and lofty tone, and
OF It's authors "unquestionable integrity, high
prations and great requirements" The title is
ssOn the constitutional and moral Right or Wrong
of our National Debt" The author is announced
as "Francis w. Newman, formerly Fellow of Ba
lol College, Oxford"
Mr. Newman takes the broadcast ground in denial
of the right of an existing Parliament 10 create OBJ
legations binding upon future Parliaments and
constituencies. We shall take early opportuni-
ty to copy the Spectators notice Of his work; con-
fning ourselves, at present, TO the mere recogni
ton Of the fact that first blow is struck at the
tional debt of England, and that blow Of such
force must compel discussion, leading, perhaps,
10 most momentous action.