Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1864-10-14
Lastly, thore comes up the question of


debt. What shall be done with the ma
tional debt ? There are five possible
answers. Let the nation assume the
debt of the Union only; or the debt OF
the confederacy only or let each party
pay its own; or let the nation pay both ;
Or let it repudiate both. Look at these
in the reverse order. Let now, such a
convention as is proposed, propose to the
Northern people to repudiate the whole
national debt--every note, bond and bill
of the national currency, and stocks shall
become worthless, from the capital in the
safes of the bankers to the money in ev-
cry mans purse, and the small bonds
rule the men of small means, the widows
and orphans have laid up for the times
of need--a howl of grief and indignation
will roll up from every city, town and
hamlet. No such proposition will be
ratified at the North. Could it in the
South, except first they come TO believe
they are hopelessly beaten 2 1t will be
submitted to by force, but in 10 other
way.
If such convention propose to pay
Lot., ITo.on arI aoncada-ata Iahfu IA a 4
then Their debt is doubtless larger
than ours nominally; of course they
will submit to no percentage of payment
unless We did, however little theirs may
be worth. Put, then, the whole together
say $4,000,000,000, with the interest
at 7 per cent, S26O,000,000 annually,
and then propose to collect revenue
that will pay the interest, and create a
sinking fund for the principal, and also
pay the current expenses of the nation F;
then, having by assuming the Southern
debt acknowledged the right of secession,
attempt to collect OF Massachusetts her
one-tenth, or S50,000,000
annually S220,000,000 is a small al
Iowance for the expenses of government
and a sinking fund.- land what will be
the result? Massachusetts will say, we
never approved this compromise--we
never voted for it--you admit the right
of secession-we don't like your fedora
tion--we can live cheaper and better
we will not pay tive will set up for
ourselves. Then will follow State after
State. Not a single annual revenue will
be collected, nor an instalment of inter-
est paid. The attempt will lead to swift
anarchy.
Besides, there will be the question of
he support of soldiers families and,
worse yet, of pensions. Think of two
soldiers meeting, each manned and a
oensioner upon the bounty of the same
government. What a paternal govern
nent to pay its citizens for fighting and
killing each other How glorious in the
years to come to gather the old pension
ers around the monument at Gettys-
burg to utter patriotic orations in COM
memoration of their brave deeds on that
ground, hallowed by their blood to
what liberty 2--no, to compromise--to
slavery, rebellion and national shame -
Let each party pay its own debt. This
will be no healing Of the strife. 1t will
demand separate tariffs, and laws, and
officers, and courts, and legislatures. 1t
will be real separation.
Let the nation pay the confederate
debt only. How the loyal men will
scorn such proposition. How ridicu-
lous, the very suggestion, our readers
will say. But remember the confeder-
ate leaders and subjects will just so scorn
the other proposition to pay the Union
debt only, till subjugated to law and orr
der yes, that is the word, subjugated
to law, order and the constitution. And
this is the only compromise that is at all
practicable or possible, when
the real difficulties are examined. This,
too, is the way of righteousness, peace
and prosperity, and there is no other.