Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1866-10-16
An English Opinion on the Debts Of the
Southern States.


Among the reserved rights of the sew
eral States forming the American fede-
ration was the right to contract debts.
Among the conditions imposed upon the
Southern States, late in rebellion, before
they can be restored to the Union, is the
rcpudidtion of their debts This is
monstrous, and not to be endured. Con-
gress has no right under the Constitution
to dictate to the individual States what
debts they shall pay or what they shall
not pay. Suppose venerable father
should say to his grown-up sons GU
shall not sit at the paternal board until
you have repudiated your debts" Would
not an honest man rather say to his
spendthrift children (" Pay your debts,
and then come aud sit at my table, with
the happy consciousness that you owe
no man2' SO the Federal Government
should say to the Southern States PAY
all your legal obligations to the uttermost
farthng, and then come into the golden
circle Of the Union without disgrace and
without dishonor. No matter how, or
when or wherefore the debt was
contracted, the obligation is sacred, and
not even Bankrupt Act can wipe IT
out. In this matter Of debt, as III the
laws Of suffrage, marriage, naturallza-
ton, banking, etc, etc, the States. are
entirely independent The Federal Gov
ernment has no right TO interfere with
their local laws or institutions. 1t had
no legal right to interfere with slavery,
aud il has not yet ventured to interfere
with Brigham Youngs beastly insti-
tuition of polygamy. 1t is not only
an injustice, but an insult to the
Southern people to prohibit them from
paying their debts-to compel them
to live in pecuniary dishonor. The
American people, whatever their faults,
hate the very name OF reputation.
Whether the motive be honesty or pride,
they insist that the Government shall
pay all legal debts, if individuals do not.
The old English charge of reputation
against the Pennsylvanians and the Mis-
sissippians is calumny popularized by
the bitter sarcasms of the Rev. Sydney
Smith, who sometimes descended from
his "high calling" to dabble in stocks.
Not single State in America, before
the late civil war, could be branded as
defaulter, and not a single State, either
| North or South, will ever willingly sub
nit to have its promises to pay dishon-
ored on the Bourses of the world, even
though the 'paper" be held by its politi-
cal enemies. As to their ability to pay,
no country in the world is half so rich.
Texas alone can raise cotton enough in
one year TO pay off all the debts of the
late Confederacy. Besides 1t is a mat
Ter of interest, as well as Of honest duty,
to revive the dead paper of the Southern
States. The war is over; an era oil
peace is inaugurated; great improve
ments are in progress, others are IN en-
bryo. The South wants capital to carry
on these works, and to develop its re-
sources 1t must come before the world
as borrower, which it cannot do with
any hope of success with the word de
faulter' branded on its brow. The at
tempt on the part of the Federal Con
gress to prevent the South from being
honest is simply infamous. We are as
founded that any American, pretending
to be statesman, or claiming to be an
honest man, can advocate so monstrou'
a measure; and we are still more as
founded that President johnson car
consent that reputation should be one
of the conditions" of the restoration
Of the Union.-London CssploPo Titan