East Saginaw courier. (East Saginaw, Mich.) 1859-18??, 1863-12-30
The Times Advocating Reputation.


The Times Advocating liquidation.
What canthe daily Times be driv-
ing at Its leader oflast Friday was
on elaborate and yenomous assault
upon the credit Of the government,
and il advocated in effect the ultimate
reputation OF tho publicdcbt Can il
be that the stock-jobbing gentlemen il
represents, after having failed in their
assaults upon tho New York Central
road, are inaugufating grand bear
movement for their own private pur-
poses |? or is il Secretary Chase that Is
to be gotout Of the way by discreditine
mis- financial measures -.
We have boon told al along that
the property Of the whole nation was
mortgaged TO pay the national debt ;
but the Times COOS 10 work to provo
this impression to be sad delusion,
1t declares in so many words that no
people can be compelled TO pay moro
than q small percentage Of their prop
erty, and that Republication is ineyita-
BILE when the debt exceeds an amount
difficult to raise by taxation, But 10
show that we do not misstate the
Times, we quote portion Of its mis-
ohievous article. The financial delu-
sion" it wishes to correct
"Consistsin the belief that a nation can
pledge its whole property for the pay
ment of large debt and that such a
pledge is good and substantial sccu-
rity. Nothing has been more com
mon here as we'll as at the South than
to see in point elaborate summings up
of the value of tho whole real and
personal estate Of the citizens of the
United States, followed by an assur-
ance that this was the exact amount
of the fund on which the government
was at liberty TO draw for tho cxpen-
SEES of the war, or of any other under
taking that public Liberty or security
might require" f.,y 20
See how it urges reputation
of any one were to assure us grave
" that if this city, for instance, ever
got so deeply in debt that it could not
meet its bills, the citizens would all
sell their houses and goods, hand over
the proceeds TO the treasurer, and be-
gin Life anew, who would believe himf
Who does not know perfectly well that
they would let the municipality repu-
diatc a dozen times over sooner than
submit to any such surrender of then
property? We sec every day proofs
of the Wilderness of the interval which
separates us from any such heights Of
public spirit. , -
And again pr. rItyy - ~.
'Tho supposition that either single
states or cities, or individuals should
display this nico sencc Of honor would
be natural, simple and ordinary, com
pared with the supposition that a
whole. nation should hand oyer 70 its
creditors even one-quartor of its pos
sessions. But nobody that lends mon
ey to government is ever such a
simpleton as to expect anything of the
kind. The victims Of the hallucina-
ton are generally found, as might be
expected, amongst the more sanguine
and enthusiastic of the borrowers. =
What government is able to pledge
for the redemption of any public debt,
far from being the whole real and
personal estate Of the country, is sim
ply moderate percentage on the an
nual income realized from that real
and personal estate. More than this
is sure, in the long run, to bring bank
ruptcy and repudition on any coun-
try in the world" s
with the following thrust at Mr.,
Chase: t...fl -,r
"ln short every fnancier who issues
notes based, not on what tho nation is
Likely to pay and can pay without ut
terly impoyerishing itself, but on its
whole property or large part of its
property, is eitlor very great sim
pleton or very great knave." ia
Now we venture to assert that all
the ''copperhead" iournalswhich have
been printed since the opening of the
war, never contained anything SO dis
loyal and mischeivous as the above
trade against the credit of the gov
ernment and the honesty of the Amor
lean poople.-UOrM. .r