, 1866-09-02
SUNDAY. SEPTEMBER 2, 1888.


aken dQAncln4 view ct the natter and une 1 {
hat is fully warranted by the fhcts.s!::k.:
1t will be remembered that the rebel States
ave not, In any legal form repudtated their ,
ebel debt. On the contrary, that debt still
xists; and, being held largely By themselves,
he people Of 1he rebel States cling to IT with :
fidelity that knows no 1imit..'.a .:=c. ,
They assert that the rebellion itself Was a
ust aud holy cause, which has lost none Of
Is virtue By It's failure; tliast those who en-
zaged init deserve the gratitude and honors
II the people, and thosc who refused to aid !
I, they Insist, shall be. held in public exc.
ration forever The debt contracted in that |
xar they hold to be debt which cannot be
.epudiatcd without dishonor, and they; as,
Individuals, as political parties, and as States,
lec1arc the5 will listen to no terms which in:
sol1ed them In, q -sacri1ca or honor. This ISL
clearly shown IN the aelion Of the people OF
North Ceroliua. The Constitution amended
by the Insertion Of a. provision repudlating
The rebel debt has just been rejected by the
people. =. 4,
The wisdom Of Congress .lu providing for:
The Reputation Of that debt by an amend
mcnt In the Constitution OF the Icitcd
States Is now manifest What has been done
in North Carolina, may be and nuquestion-I
ably will be done In the other rebel States
Any action, therefore, having for its purpose
the dcieat Of this constitutional amendment,
has natural tendency to adynnce the price
Of the rebel bonds. If any. person wishes to;
test this, let him place, himself. in the posi-.
lion Of holder Of these bonds. He. will at
once discover that the adoption Of that
amendment annihilates the value of those
T.. MI H. Err
its purpose the defeat Of that amendment
and leaving the subject: of. :. payment
open for the chances Of the future,
will be regarded as enhancing the
value of 'those bonds: The action
Of the Philadelphia Convention was Of itself
Of hut little importance, but as the action Of
that Convention has been adopted BY the
President, and as he proposes to enforce the
policy Of that, Convention even to the cx-
tEm1it ct -88ff7FeeIolntion, The proceedings of the
/body have : rare Significance which other
wise. they would not possess.
The Convention, It may be said, declared
that the debt Of the rebellion should be re-,
pudiated, The Convention did no such thing.
In the eighth resolution it said:
..wht1e We regard = utterly ;inrslid and never
MestIons II % Incurred ~ Of undeTtaEen IN making var
AGAINST lie United States, we hold The debt 81 the
nation TO be sacred and inriolabie." /" &C.. ~
That is ali the Convention said on that SUBJ
5ect, and tie holder Of oniederate or rebel
States bonds, viii find in 1t inst the action
he needs. The whole debt Of the rebellion
isIu1alid, hnd must rcma In 50 until 1t is
assumed By somebody, This declaration Is
against ii assumption by the United States !;
but It Ii declaration against the policy Of
doing SO at this time, and; taken In connec-
tion with the other resolution protesting
sgainst tue adoption Of the Constitutional
amendment repudiating that debt, 1t
amounts to i declaration that while they
hold-that debt to ba invalid until its pay
ment is assumed, and while 1t Is impolftic to
sssumeit nov, there should be NO irrepea1able
prohibition. of its assumption, either by the
United States or By any of.the States, when.
ever hereafter that course might be deemed
advisable, This is the let alone policy, and
and that Is the policy Of the holders Of the
rebel bonds. Admit North Carolina, Georgia
and Mississippi to representation In Congress,
without requiring OF them an Ir1eparahle re
pndiatfon Of the rebel debt, and what is *
prevent. their. assuming :that'debt instantly
That. debt Is in the hands of the people o
the Eouth, OF in the hands of their friend
= in--Europe.: It Is "a; debt Of "honor-'
Tha rebel States purchased . medicine
for their sick munitions of - va
and arms With which to repel the Yankee in
vasiou, and for them gave Southern bond.
Southern honor, which delights In recount
Ing how long and successfully It rcsiate
National power; which has enrolled as II
national martyrs the men who fell. on tt
battle field, clothed In the uniform Of tra
tors which c1aims the fslon as this social az
moral superior Of the Southern man who q
he1ed to his, ,country,s flag aud which know
no honortoo great or exnltcd for tho Sur,
y1pp ,chicltaiuso Of the .insurrcctlop, VI
promptly. avail itself Of the first opportuni
to. assume the debt Of the rebellion. I'll
this will be done Is beyond ali doubt; 1t
the universal sentiment of the Sonthc
prtss, aud It Il The universal sentiment OF t
rcbe1nopulation. Once admit these Stat
to Representation In Congress, once .rcsto
them to the political privileges they abs
vauntingly assume every dollar OF the rel
- debt. ~ :: si-,e,.
-well1may the holders Of rebel oonds-sts
and Copfaderate-re{olce at,the action Of
Philadelphia Convention, when that actor
=. so ~ ~. - s:,.;a. s..,s
ss' 0e aotea 1nHr s..,...E., ~ -,
.a;.s lAs.e " ~ ~ 49,, ss,', 49, b.
ns4oa =. -, -. y. .. .,'.a ~ ~ a,,a
ioen. mnInnros 49, ~. saa,,' snat
4eus suAn " ~. 80 49,, w
9n Ns!' ana |.,ns ~ =. 49,. 1s,'s 49, -.
Aos ~ .ts 49,. .~... .ss .s,.sI.sa H
10 Iesaso .ae!t oon9e, noS "o'lnle.s,
naShG q pfospecuse 'aius wholly une1ps
ca. anu ~MSh. u Inc; action o.; congress
aaoptees "lAe *nouy. impossioAe. ,
1ne agca1 H tne AssocNtso 81
SENDS oFef me Tlfes gratniens anu Vol
lazy statement 70 tne e4est Ina! tAe 90
y nose Vaiue Aas pcen iuc!caseu, nta,
bot. ns Asueo nelo.e Lug WIT. 1he IT,.
why 1ne zen" teoe. oosus ,u, vac un.a a.s:
says, is:; tos&9e .l<sase. - 1ne ees.n ~ ~
cubonAs Het AaY io1ge1 .aen
bonds" a. ~ Honlo :oa'e' snoTa .ne Nel
tiuu:But t s'e Telegram rs secc'sea Is COT
The action d 1ne fnuaue99pnta Gonseu
could in no wnS anect tncva1ac o1 INC 80
EN- bonds fssued ee'ore t1e var: iAe
stitutional. .auendn,, ent aoes not PEopos
repndiste them. and Il Aae posstDie a4s9ml
Of tho rebel debt woalt,, , haSe 1enoene
deprecsate their value. bat, Inc "aol
&ion at atRhiladelphia and TIL saosoaaeu
tlon Of the President, Is dtrcc. Gu asasns !,
Constitutional amendment, whis repoo
the1ebcl bon3s. .Itis tho rebel ! Nonos
.whose value. Is 10 be Increased or >est'
by the success or defeat of: the plan Il
.gress.. The adoption Of the ameudmcn.N
dcrs that whole debt in every shape,
manently and utterly worthless. The dc
Of .ttst amendment leaves that: debt.
The claim for slaves lost and cmancins