The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-11
President Johnson and the Reputation
of the National Debt.

capable of political treachery the country has
unfortunately had overwhelming evidence
Few persons, we presume, however, have sup
posed him capable of an open and direct
assault upon the very foundations of the
public credit. The debt of the United States,
contracted in putting down the Shareholders
Rebellion, has become thoroughly interviewer
with the business interests of the whole coun-
try. It lies at the foundation of our currency.
II is the basis of our banking system. 1t is
the fayorite investment of widows and orphans,
and of the hard-earned savings OF the thrifty
farmer, mechanic, and laborer. Whatever,
therefore, tends to cast distrust upon this
debt, whatever suggests the possibility of its
reputation whatever goes to prejudice it in
the eyes of the people, is a most grievous and
objectionable wrong upon the public. That
the President of the United States should de-
liberately set himself to doing this, is most
strange and ominous procedure
Our remarks are based upon the report of
"a talk with the President" " published in the
New York Citizen of last Saturday, the con-
versation having been held with Colonel
Charles G.. Halpine, the editor of that paper.
As the gentleman in question is warm friend
and supporter of the President, we are obliged
to accept his account as correct. In this con-
versation Mr.. Johnson began by saying that
''the main issue looming up in the immediate
future" was the national debt, "whether it
should be paid or repudiated."
1t certainly must strike every rejecting
mind as very strange that, at a time when the
Tepudiation of the national debt is advocated
by no political party in the country-not even
by the defeated Rebels themselves-by no pro-
minent politician North or South, East or
West-by no newspaper, however small or in
sgnfcant-the President himself should
gravely put forth the idea that such an issue
is about to be sprung upon the country, and
should. proceed to invent arguments and to
frame cunning appeals to the masses, in favor
OF the issue thus brOached. We may well ask
whether this is the right kind of work for the
Chief Magistrate of a great nation to be en-
gagged INF
The chief argument which Mr.. Johnson
relies upon in this new tissue" which he
AYERS to be looming up" is the cunning
assumption that the old slave oligarchy, or
aristOcracy, of the South has been succeeded
by an "Oligarchy of bonds and national secu
rites in the States which suppressed the Re-
bellion." The following extract brings for
ward this notion
ION this property in slaves gradually grew
up that slave o.igarchy or aristocracy against
which the leaders OF the anLi.savery party SO
preceding the Rebellion; and after the frst maS
plunge into rebellion, the fate of that aristo-
cracy was sealed. 1t is now a thing of the past.
With its virtues for it had virtues, COURAGE
and hospitality eminently-and with its crimes
OF pride and lawless revolution, is has entered
"But what do we now hnd ? The aristocracy
based on three thousand millions of property
in slaves south OF Mason and Dixon's line mas
Disappeared but an aristocraoy based on ovel
two Thousand five hundred millions of ma
tional securities has arisen in the Northern
States to assume that political control which
the consolidation OF great financial with poll
tlcal interests formerly gave to the slave oil
c1ocy based on negro PROPERTY disappears at tn
Southern end ot,tRe line, 6@ only to reappeqr u
an otgGrchy Of bonds and national securities in N,
q dteS Uhlch suppressed the Re6eLtt0H.:
We may safely leave the common sense o
our readers to refute this odious and dema
gogical sophism, which would put upon pa
the patriotic citizen who loaned his money t.
save the Government and the vile oil
garchy that endeavored to overthrow it
The most limited intelligence can perceiv
that there is no possible parallelism in an.
respect between the holders of the Govern
ment debt-distributed through all the rank
and grades of socety-comprising members O
all political parties, and persons of all shade
of political opinion, bound together by N
class interest except the integrity of tn
national credit-and that proud and hatefrl
aristocracy which made unprovozed war upo
the nation, and made the public debt itself
necessity.
After thus stigmatizing the holders of tn
most sacred debt ever incurred by any natio
"a debt contracted in saving the nations lif
as an "olgarchy," Mr.. Johnson goes O
artfully to inAame the minds of the peopl
against this class of their fellow-citizens. TIL
following paragraph is the very essence
demagogism;-
"Wehave all read history; and is it not ce
tain that OF all aristocracies, that OF me
wealth is the most odlOus rapaclous, an
tyrannlcal? 1t goes for the last dollar the POI
and helpless have got; and with such a va
that dollar will be fetched. IL is an driStocrd'
that can see in he people only prey for ertortt0
them such the old feudal system create
between liege lord and vassal; 1t has no int
mate social and domestic ties. and no sue
strong bond of self-interest with the people
existed of necessity between the extinct slav
holders of our country and their slaves. TO
GriStocrdcy e1tSttn9 on me anHudl interest Of
norton to their docy oadpotOer Of patiently bLse
mo golden blood under the ta1-0atherer's hunI
ScTeiO"
Let each man who owns a dollars worth