The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-08-14
What is Really Meant by an Imitation
Policy.
From the Tribune.

pTO7n Ue ITtOltf1e
'When you hear man talking of the Con-
stitution," said the Andrew Johnson of few
years ago, "spot him-he is a traitor 20 The
statement was rather sweeping, but there was
kernel of truth in it. And so, when poll
tician demonstrates against high Federal taxes,
and wants the currency kept inflated to ease
their burden, or insists that the national faith
shall be violated, by exposing to taxation
bonds which are exempted from taxation by
the express terms Of their issue, you may be
sure that repudiation is his real purpose.
The Herald has a shrewd letter from a
Western correspondent, who says that the
Western Copperheads mean to run George H.
Pendleton for next President, and to use the
general repugnance to paying taxes as party
capital. He says:-
'They desire to raise an issue on which they
can demand a distinctive Democratic politician
as their standard bearer. To this end they are
beginning to agitate the policy OF a reputation
of the national debt, a plete wiping out of
all our liabilities, and recommencement all
round under a return to specie basis
1.-The boldest among the Western Democrats
do not hesitate openly to avow the doctrine of
entire reputation: They believe that 1t will
carry the masses with 1t, and sweep everything
before 1t. GO into any public meeting, say
many of their prominent men, 'and you will
find nine-tenths of those present in favor of
reputation Ask them why they should
grind out their lives and pinch their families
w 70 me 6eSd G
which has only enriched the politicians who
brought 1t upon us, and they will nearly all
range themselves upon our side. Still the eau
tious politicians desire to approach the sub
ject by more indirect paths. The policy they
now advocate is the wiping out of the whole
national debt by an issue of greenbacks to the
amount OF twenty. five hundred millions, can
ceiling all the interest-bearing bonds, and
stopping the circulation of the national banks,
thus saving the country the twenty millions
annually squandered upon those institutions.
This Is well understood to be the programme
upon which Pendeton is to be put forward for
the Presidential nomination, as foreshadowed
by the position of his confidential organs But
behind this stands the ultimate result of repu-
diation, which will be rendered more easy of
accomplishment under the depression which
such an imitation would occasion in the ma.
uonal currency"
Our readers will bear witness that we have
steadily opposed all these "indirect paths'' to
repudiation as only more knavish than
direct, unblushing rascality. The American
people, in order to sustain their national ex-
stence were constrained to borrow twenty
five hundred millions of dollars. They OBJ
tanned this vast sum on the best possible terms
eagerly accepting bills for loans-from native
and foreigner, Republican and Democrat, War
Unionist or COpperhead. No man can say that
he might not have had all the bonds he chose
| to take on the same terms with those who did
take them. Now it is the imperative dictate of
honesty and good faith that we shall pay these
loans precisely as we contracted to pay them.
The pretense of paying them by issuing
| twenty-five hundred millions of new green
backs, redeemable in nothing, and profering
these to every public creditor, dollar for dol
lar, in lieu of the principal and interest in gold
that we owe him, would shame any swindler
who ever uttered counterfeit money, or passed
off bogus checks. No one will countenance any
of these devices for evadiRg debts instead of
paying them, who is not in heart and soul a
villain. Any Republican or War Democrat
who lends them shadow of countenance
proves himself an migrate, villain, and fool.
We are quite willing to see the Copperheads
place themselves on platform of reputation,
for it is high time that career of infamy
should be closed in death of shame.