Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1867-03-21
oLIGARcHIEs.

the Editor. in which the former expressed ms
apprehensions, even certainty Of an ultimate
repudiation Of the National debt He said the
nation had lust exchanged slave aristocraey.
based on three thousand millions Of property
in slaves South Of Mason and Dix1n's line, for
an aristocracy based on over Two thousand mil
lions Of natl nal securities III the Northern
States which l. % assume that political control
which the CONSULTATION q great financial with
POLITICAL interests formerly gave 20 the slave
olgnrchy. The aristocracy based on negro
property disappears at the Southern end OF the
line, only to re-appear in an olisaFchy OF bonds
and national securities in the Northern and
Western States. lie says -
I've have al read history and is it not
certAin that, Of all aristocracies, that of mere
wealth is tie most odious, rapacious and tyran-
meal? Itgoes for the last dollar the poor help
less have got; and With such a vast machine
As this Government under its control, that dol
lar will be fetched. Ii is an ariStocracy that
can see in the people only prey for extortion,
It has ne political or military relations with
them. such as the ol1trudal system created be-
tween Icge-lord and vassal 1t 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 IAN aristo-
cracv existing on the annual interest Of ma
tional debt, the people are only OF value in pro-
portion to their docility and power Of patiently
bleeding golden blood under the tax-gatherers
thumb-scrcw.
Just think Of this annual tax of one hun
dred and eighty millions for payment of inter-
est on our national debt This Government
we have, with its enormous machinery, is a
pretty betty business in itself, costing more
per capita to the people than the Government
ofEngand, which wealways heretofore regarded
as the most tax-devouring on earth. But over
and beyond the expenses Of this Government
proper, as it should stand in the scale Of peace
at about sixty millions a year-we have in the
one hundred and eighty millions of interest
paid yearly on our national debt, enough TO
support three such Governments as this, with
all their vast machinery and disbursements =
We have not only, under the present system,
one Government for the people to support !;
but over and beyond this, we have to raise by
taxation from the people, sufficient to support
three similar establishments every year
"And look at the effect of the Reconstruc-
ton Bill Just passed over my unayailing veto
mean its peculiar effect as stepin the direc-
ton of Reputation, and not its general effect
as a high-handed measure of Congressional
usurpation, striking ont of existence so many
States, and establishing military despotism
over more than one-third Of our geographical
Union. This bill suddenly adds four millions
ofignorant and penniless negroes to the voting
force of the country-an accession Of just so
much strength to the party whose interest it is,
and must increasingly become, to favor Repu-
diation as policy.
"That we are tohavea greathnsncial crash this
year, hold to be irevitable-though depreca-
ting it, and having used every effort for its a
voidance. To say that it can be STAYED off by
any legislation, if the violated laws Of trade
and public economy call for it, is to assert that
water can be made to run uphill or shall cease
to seek its own level under the compulsion Of
Congressional enactment. Perhaps for so
violent disease, this.violent cure may be the
only remedy. It is like a man sustaining his
strength on brandy; so long as he can increase
the dose daily, he may get along in high good
humor-iust as we have been prospecting on an
irredeemable paper currency and fresh issues Of
public securities. But, sooner or later, the day
will come in which brandy no longer can stimu-
late; nor can irredeemable promises to pay pass
current as a neutrality-suspicious. forever. Tothe
man will come a severe Sit Of sickness, teaching
him that the laws of temperance can only be
violated under fearful penalties; and to the ma
ton will come financial crash, teaching it that
paper is only representative Of value, not
value itself; and that the only true securities
for our Public Credit must be looked for in a
system of rigidly cxacted obedience to all Con-
stitutional restraints, and a thorough system
Of economy in all branches Of the public ser
vice"
These points are 50 clearly and forcibly sta,
ted by the President, that we gladly substitute
them for reflections Of out own.
In regard to himself and to his efforts to OBJ
serve the constitutional landmarks, he says:
" Conscious Of only having executed my duty
-cons,iou Of being denounced for 'usurpa-
ton, only because refusing to accePtunconsti-
tutional powers and patronage-and satisfied
that the day Of wiser thought and soundel
estimate cannot now be far Distant look
with perfect confidence for my vindication t.
the Justice Of that future which am convinced
cannot long be delayed. Unless all the sense:
are decepuye-uuess all truth be lie-uules,
God has ceased to live l tell you that the folly
and fraud now dominating the councils Of thi,
di5tracte! country in Congress cannot endure
forever"
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