The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1867-06-26
Repudiat,ng the Ma tional Debt. =.

The s,bjoined article from the Colum.
bia PhGnir is worthy Of consideration.
There can be but little douh, that repudia
ton, whether Of the National. State. or
private debts, will lead to agrarianism
and the man who supposes that, after all
contracts have been act aside, he will be
safe in the possession Of his broad acres.
is laborine under a dangerous delusion.
The only hope Of future protection and
prosperity in this country, is in the main
tenance Of just and wholesome laws:
"Whatever NAV he the cause ,.w neither
the high import duties or the burden Of
taxation imposed by Congress it ia hevond
doub, that an effort will he made to form
a party based upon the repudia,ion Of the
national debt. A New York journal tell,
us that the people have got TO taking the
thing at street corners and in front Of the
newspaper bulletins, and occasional arti
cles in the press Of that ci,v boldly advo.
eating the measure, and assigningreasons
for such course.
"Such platform "a repudiai,ori bodies
no good 10 the country AIrsady-ara the
working men appealed 10, and the high
prce Of living, increased taxes and reduc
tion Of wages are All laid TO the charge
Of the public debt. From this cause will
come party of c'esses->the poor against
the rich-and when such an organization
is once initiated, it will 90 on until it ends
not only ir repudi.,ing the debt. hut in
opening up the wav to agrariansm-a
doctrine which. If it once fas,ens itself
upon tho minds Of the tnnsses Of the peo
pie, will speedily lead to the es'ructinn of
al personal right Of property, and conse
Qurni general anarchy.
Such terms IA the "tax ridden slaves of
Bond telling the peo ,le-parriru.
'arlv the working clnsSes--ihat sthev have
been made tie virti ns Of n huge frnnd"
and of n plot Ia rob the and their f,mi
li.s'-they saving o tho industrial classes
that "thev are the victims of the worst kind
Of an ari'tocracv-the aristocrarv Of wealth
Are Just such ciar.trap Arguments as
demagogues ever used 10 Influence the
minds Of The masses and draw them after
them int" the crooked wass Of general
plunder and spoiIndon. while ihev them
spINeS roe lnie olH' Z anu power reUar Hess
Of the consequences 10 the community at
large
That the debt i. n heavy burden ,iipon M
tie material ini eresis of the county, there
can he no doubt ; but renndiation il not the
remedv-ii is the extremely dangerous ap
pfraton Of the knife. where pouitices and
other remedies might effect n cure The
resources OF this country. once more uni
pH nj MI 70
the debt IN due time aud pav The interest
as il becomes due Whv plunge hundreds
Of thousands s-ho'd.r- of Gnvrrnment se-
curitirs into financial straits, and probably
into ruin, when the assets and even the
usual income Of these assets are fully snf.
fcient, in the course Of the period of ma
lions credit, TO paw up the mtt-rmost far
thing The consequence of such a suici-
ssl policy as disownipg the jus' obligations
Of the Government, would be f,ightful If
the people are wrought up TO such a pitch
"a to believe that a capitalists has 10 right
TO hold or invest in public securities the
next natural step will be that thew will be
come convinced that man has no night TO
be rich, to be surcessfnl in business, .or TO
own more properly than the clamorers for
non taxation. n against the industrial
classes
ave are surprised TO see any respectable
journal taking up the role "f the d-maqogue
and PaRder'ng TO the disposition Of the pub.
lie mind which il ALWAYS ready to seize no
or. .anv pretext that NAV cnure to selfish.
ness, without regard TO the rights of others
"Horestv is the best policy" il a sound
maxim, and applies IA forcblv to the aggre
gated comm antics that form nation ~
well as to the individual. The ruolic debt
ought ard must be paid. that the world NAV
know that tho people of a great republic
are ns faithful and true TO their obligations
as any crowned head in Chris,endom