The home journal. (Winchester, Tenn.) 1858-188?, 1866-10-20
English Opinion Of the Debts of the
Southern States.

Among the reserved rights of the
several States forming the American
federation was the rights to contract
debts. Among the conditions imposed
upon the Southern States, late in re.
bellion, before they can be restored to
the Union, is the repud'ations Of their
debts? This is monstrous, and not to
be endured Congress has no right
under the constitution to dictate to the
individual States what debt they shall
not pay. Suppose venerable father
should say to his grown up sons: You
shall not sit at the paternal board until
you have repudiated your debts ?
Would not an honest man rather say
to his spendthrilt children: Pay your
debts and then come and sit ut my ia
bic, with happy conscienccs that you
owe no man? SO the Fedelal Govern.
ment should say to the Southern States
Pay all your legal obligations to the
uttermost farthing, 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 even bankrupt act cannot
wipe it out. In this matter of debt, as
to the laws of suffrage, naturalization,
banking, etc, the States are entirely in
dependent. The Federal Government
has no right to interfere with their To-
cal laws or institutions. 1t had no lc-
gal right to interfere with slavery, and
it has not yet ventured to interfere with
Brigham Young's bcastly institution 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 pecunary dis
honor. The American people, what
ever their faults, hate the very name of
reputation. Whether the motive he
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 Penn,
sylvanians and the Missssippians is Il
calumny..popularzcd in the bitter sar-
casms of the Rev. Sidney Smith, who
sometimes descended from his "high
calling" to dabble in stocks. Not a
single State in America, before the late
Civil war, could be branded rs de-
faulter, and not q single State, either
North or South, will ever willingly sub
nit to have its promises to pay dishon-
nrnI fhp RnnrSnS nf fbn ull
though the "papcr" be held by its po-
litical 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 Contedcracy. Besides.
it is matter ofintcrcst, as well as Of
honest duty, to receive the dead paper
of the Southern States. The war is
over; an era of peace is inaUgurated;
great improvements are in progress,
Others ere in embryo. The South wants
capital to carry on these works, and to
develop its resources. 1t must come
before the world as Il borrower, which
it cannot do with any hope Of success
with the word "Dcfaulter' branded on
its brow. The attempt on the part Of
the Federal Congress to prevent States
fro n being honest is simply Infamous
We are astounded that any American,
retending to be q statesman, or claim
ing to be II man, can advocate SO mon
strous a measure and we are still more
astoundcd that reputation should be
one Of the conditions Of the rcstora-
ton of the union.-London Cosmopoli-
TIM