The Norfolk post. [volume] (Norfolk, Va.) 1865-1866, 1865-11-01
THE SOUTHERN WAR DEBT.


propriety, and policy of President John
sons recommendation to the Southern
conventions that they should repudiate
their war debt. 1t thinks he could moi
have carefully considered the dangerous
path he was forcing upon them, and re-
marks that when once a people have
learned this new way to pay old debts
they will not stop to inquire the age o.
their obligations, and that the loss and
destruction of property is no more to b.
compared to honor and fame, than il
the wealth Of 2 woman to her chastity
Now. we dotnot object to the moral OBJ
legation of individuals and States to pay
their just debts but is the debt con-
tracted for an unlawful purpose a legal
obligation, and is it proper to tax the
entire country to pay debt contracted
for the purpose of overthrowing the
Government? Is there a single prece-
dent for such course? Can the Eaqui-
rer point US to an instance in history
where an established government ever
thought itself. bound to pay the expenses
of war waged for its own subversion
We do not think with the Enquirer that
the refusal to pay the Southern debt
will demoralize the debtors, public and
private, of the country, and have a ten
dency to weaken the confidence of the
people in the pledged faith Of the Gov
eminent. It may weaken their conf
dence in rebellion, and that's just what
the President wants to do. He wishes
them to learn in the bitter school OF
experience that 1t 10 not a paying insti-
tuition, in order to deter them from flu.
ture attempts. The people of these
States alone would not be the suf
ferers by law compelling the pay
ment of the debt, but every either
of the country, whether he resides in
Maine, California or Texas, would have
to bear an equal proportion. So init
mate, 80 entwined, are the relations'ex-
isting between the States, that what
effects one is equally felt by the entire
body polite. The debt of Pennsyl.
vania weighs as heavily upon the shout
ders of the people of Texas, as 1t does or
the inhabitants of the Keystone State
and herein consists the absolute ne
cessity for Reputation. The State deb
Of North Carolina was contracted with
out the consent of the people, wht
would be compelled to pay it, and nj
tax can be levied for such purpos'
without that consent. The American
nation repudiated its revolutionary deb
not, it is true, by any public act of Con
gress, but by common consent, for thu
continental money was never redeemed
and it was worth more on the dollar a
the close of the seven years war, thar
the Confederate currency or bonds were
worth, when Richmond fell. 1t is q
we'll known fact that the people, after
the surrender of Lee and johnson, con-
sidered these bonds and notes of so little
value that they either gave them away
or threw them into the street. They
had gradually deprecated, by passing
through so many hands, and each party
received their nominal value in colo. OF
its equivalent until they became entirely
worthless in the hands of the last owners
in the general ruin of the cause; and by
these they were considered of no more
Importance, and had actually cost them
little more than waste paper-about one
cent on the dollar. Would it be just tt
tax the people to pay these notes-belt
perhaps by spectators, who got then
for nothing-at their face? Of what
benefit wouldn't be to the mass of the
people? Would the soldiers who fought
the battles of the Confederacy, or the
widows and orphans of those who fell
receive any benefit from the payment Of
this debt? Would they get one dollar
of their back pay? No. It would alone
benefit the few at the expense of the
maryland these few the men who,
instead of losing money and property
during the war, have grown rich on the
misfortunes of their fellow countrymen.
1t might be different had the currency
of the Confederaoy at the time of the
great collapse stood as fair before the
world as that of the loyal States. Then
its loss would, indeed, have ruined and
impoverished every man in the land.
But you cannot ruin man who possess
es nothing-and Confederate money
was, and had been for year before the
close of the war, as much a representa-
tive of nothing b. blank paper. 1t had
no value IN the hands ofthe masses, and
they threw it away--and why should it
now be made valuable, and the people
who gave itaway be taxed to redeem itat
its par value, and fill the pockets OF
those who never lost a cent by its de-
probation? It is very questionable
whether, had the COpfederacy been
successfhl, the debt, either State OF
general, would have been paid. Rev
debts are. seldom considered
very sacred. The new nationality
pleads poverty. and the people are too