Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-03-19
REPUTATION.
Views Of the President on the
Subject.
He Declares the BODYBUILDING Oil
garohy to be as Objectionable
as the 5laveholding Oil
garohY.

garchy.
From the New York Citizen. March sth.l
President johnson has been giving
expression to some OF his opinions OF late
to a personal friend in private way.
He compares the oligarchy of Northern
bondholders to the oligarchy of Southern
shareholders, and predicts that the same
fate awaits the former as has overtaKen
the latter. We give some extracts from
this remarkable conversation. The
Presidents hint of future reputation is
worthy of special consideration;
But what do we now fnd2 The aris-
tocracy based on $4,000, 900, 900 of prop
erty in slaves south of Mason and Dixon's
line, has disappeared; but an aristocracy
based on over 81, 500, 900, 900 Of National
securities has arisen in the Northern
States to assume that political control,
which the consolidation of great fnan-
cial with political interests formerly gave
to the slave oligarchy of the lately rebel
States. The aristocracy based on negro
property disappears at the southern end
Of the line, but only to reappear in an
oligarchy Of bonds and National securi-
ties in the States which suppressed the
rebellion.
We have all read history; and is it
not certain that of all aristocracies that
of mere wealth is the most edious, rapa-
cious and tyrannicsl? 1t goes for the
last dollar the poor and helpless have
got and with such vast machine as
this Government under its control, that
dollar will be fetched. 1t is an aristoc-
racy that can see in the people only a
prev for extortion. 1t has no political
or military relations with them, such as
the old feudal system created between
liege.lord and vassal; it has no intimate
social and domestic ties, and no such
strong bond of self.interest with the
people as existed of necessity between
the extinct shareholders of our country
and their slaves. To An aristocracy ex-
listing on the annual interest ola national
debt, the people are only Of value III
proportion to thier docility and power
of patiently bleeding golden blood under
the tax gatherer's thumb-screw.
To the people, the national debt is a
thing to be paid; but to the aristocracy
of bonds and national securities, 1T is a
property of more than two thousand five
hundred millions, from which a revenue
of one hundred and eighty millions a
year is to be received into their pockets.
So we now find that an aristocracy at
the South, based on three thousand mil
lions of dollars in negroes-who were a
producing class--has disappeared and
their place in political control of the
country is assumed by an aristocracy
based on nearly three thousand millions
of national debt-a thing which is not
producing anything; but which goes on
steadily every year, and must 60 on for
all time until the debt is paid, absorbing
and taxing at the rate Of six or seven per
cent. a year for every hundred dollar
bond that is represented in its aggrega-
ton.
Now am not speaking of this to do
anything but deprecate the fearful issue
which the madness Of partisan hatred
and the blindness of our own national
debt aristocracy to their own true inte-
rest is fast forcing upon the country.
But is it not clear that the people, who
have to pay $l80,000,0OO a year to this
consolidated moneyed oligarchy, must
sooner or later commence asking each
other " How much was actually loaned
TO our Government during the civil war
by these bondholders, who now claim
that we owe them nearly $S, 900, 900, OOOT'
You know what the popular answer must
bel do not say the right answer: LESS
than half the amount they claim for
gold ranged on an average at over loo
per cent. premium, while this debt was
being incurred.
And whittier is all this drifting2 To
intelligent men, there can be but one
answer: We are drifting toward repudi.
alton; and the moneyed aristocracy Of
the National debt, the very men whose
interests are most jeopardized, are Sc
blind that they are practically helping "a
accelerate, not check, our course IN this
downward direction. We need the indus
try and enormous possible products o.
the lately revolted States to help us II
bearing our heavy burden We need
confidence and calm-we need lnterna
harmony: and above all, we need a re
turn to the unquestioned supremacy o.
the civil laws and constitutional re
straints, if our debt is not to be repu
dated within the next half,score o.
years.
No party as yet-and possibly no party
for some years-will openly hoist thu
banner Of reputation. But majority
Of those who shaped the legislation OF thil
last Congress must know-unless thel
deceived themselves, or are too ignoran
N appreciate their own acts-that we ar
drifting in that direction, and that It i
Nv their votes we have been swung on
into the stream. Doubtless some OF then
would either be, OF affect TO feel, horri
6sd II to day branded as repudiationist
| inst as. in the infancy Of the Freesoi
AGITATION. IL was considered a bitter Sian
der IL the " Freesoiler should be style
an Abolitionist" There are steps II
everything. and the term Of reproaeh q
day will be worn as feather IN the cal
l soEe wears from now, unless the tru
conservative wisdom Of the country cal
be awakened-and rapidly-trom its AZ
phvxiating dream that our national deb
Is national blessing
And look at the effect Of the Recon
s.ructicn bill Just passed over my IA
avaiiing vetof mean its pccrha
Eject AZ a step in the direction Of Repu
diation, and not its general eject as
hieh,handed measure Of Cougressiona
usurpation, striking odt Of existence ?