The Cleveland leader. [volume] (Cleveland [Ohio]) 1865-1865, 1865-08-16
DAILY LEADER,
DAILY, TRI-wEEKLY & WEEKLY,
PUBLISHED By THE
CLEVELAND LEADER COMPANY.
WEDNESDAY, AUGUST I6, 1865.

WEDNESDAY, AUGUST I6, 1866.
me Danger Of tue HOur-PrOhaBIe
Attempt 10 Kepudinte the National
Debt.
At the present time our people have 8
credit so great that the Government has
only TO express its need, and hundreds Of
mfiiiOns Of dollars arc ofor1d fOr ats bonds.
The value of these bonds are predicated
on the good faith and honor of the govern
ment backed by the pledge of the people
that the interest shall be paid pHnctuslly
and the pricipal be met promptly at ms,
turity. This credit is just as necessary at
times to the government IS 8 credit can
possibly be to 8 banking or commercial
house. Let the least doubt exist of the in
tention of the government to meet its OBJ
l~igstions-let a whisper be made that our
debt will be repudiated-let an attempt,
no matter how futile, be made to intro
duce g bill into Congress formally refusing
to pay our great but honest debt, and our
National credit will receive a shock which
would be felt greatly for years. Our Sc.
curities would depreciate in value by the
hundreds of millions. Should our govern
ment wish to raise any more money for
the purpose of carrying o. any future
wars, or for the purpose of taking up ma.
turing stocks, it will hsve to sell its bonds
at q vastly greater sacrifice than it ever
did before. Our securities now held in
Europe will be rushed home for the pur-
pose of being converted into gold, which,
Of course, will cause a greater flow than
ever Of that precious commodity out of the
country. This, consequently, will create q
stringency in our money market which
will react against any attempts which the
Government may make to keep up its
credit Such will be the result of any eff
fort that may be made by spOliticsl party
in favor of Reputation.
Our great country is now in imminent
danger of being disgrsced by the exist
enee of a pro-repudistion party. This
statement may startlemsny who have fond
ly Rugged the idea that reputation by the
Government Of its just debt is morally i'm
possible. We do not think-in fact have
no fesr-that reputation will ever sue
coed. But a party led by demagogues
who have led the rebel armies or snesked
out their sympsthies for the csuse OF seces-
sion in the North, can infict almost IRE.
parable injury upon cur national credit. A
gentleman, n C q resident of q Southern
city, informs us that while on q recent visit
to his former home he met many of his old
acquaintAnces, lately prominent rebels, who
signfied their intention, now that the re-
bsllion is ~efectually squelched, to submit
implicitly to the new state of things, obey
the laws of the land, and conduct them
selves ~pesoesbly. But they said they
were intending, as soon as possible, to re-
cover their representation in Congress- and
then they would use all thepowerthey may
have, joined with that of the opposition
meaning the cOpPerheads) of the North,
to prevent the Government from paying
the interest or principal of the national
debt. They declared that, inssmuch as
the Confederate debt was r~epudisted, they
were determined that the national debt
shall be tresLed in the same way, and that
they will resist, by all means possible, its
payment the more so because it was Gre
ated fer the purpose of subjugating and
e~onquering themselves.
Judging by the past course of the lead
ers of the c%opperhesd party, we know that
the Vsllandighams,t the Seymours, the, Odds,
the Woods, the Sammy Ooxss, and sl
other copperhead politicians, will obey
the mandates of their Southern masters,
as of old, and raise the cry OF Reputation.
This feeling prevails through the whole
South. The leading rebels know that they
can stab the Government by this course
more effectively than they ever could by
rebelling, and by so doing crafty their
feelings of revenge.
1t will not do for the Government and
the patriotic men of the North to close
their eyes to tbs danger of this state of
Should they allow themselves to
in fancied security they will wake to q
realizing sense of their situation when they
find 8 minority, and not a contemplate
one either, in Congress clsmoring for re-
pudiation. If the present policy of the
President be carried out in re. constructing
The South, it will be q very short time be-
fore every rebel Stats will have q full rep
resentstion in Congress, giving them some
70 votes in the House and "A votes in the
This, added to the Oopperhead
vote, whatever it may be- would be
say the least 3 formidable minority
sufficient by opposing the payment of the
national debt TO CAUSE almost q perfect
want of confidence in the good faith of the
especially among foreign
,ond holders.
Now the question is what must be done
o guard against the danger of this
tate of things. How shall we con-
rol this tactious minority, and pre-.
er7e cur national credit intact. There
resbut three policies we can pursue to
'rotect our credit. beyond p~eradventure,
gainst the danger of attack that may be
lAde upon 1t.
LIST. We must keep the States lately in
from being represented in Con-
ress until their people are thoroughly
Inionized and lOyElizsd-even if we have
keep them out for fifty years.
I'd. We must add an amendment to the
constitution fOrbiddng the discussion Of
10 subjectof reputation in Congress, and
nding the payment of the national debt
Jon the people. y
Sd. We must see that all the truly loyal
'ople of the South, ~irTespeetiUe of color, :
we the exclusive political control of their |
States, whenever they are ad-
TIED again into the Union; and while
use States srs being kept out of the ;
mon, no time should be lost TO improve c
condition, both physicallv and mental. L