The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-26
Repudiation In pisguIse.

From The National american
Immediately upon the organization of the
Federal Government, the men and mind of the
country had doubtful conflict to wage with
the mob and its demagogues. The Revolution
had left debt upon the people, as great rela-
lively to their resources as the debt of the late
Rebellion is to us and our existing means for
meeting it. But it was not only the amount of
the debt of Independence, like the amount Of
our present burden, which, in WashingtOn's
phrase, was "terrible;" but its character or
claims were held to be questionable. 1t had
been contracted at war prices; some of il at
continental money prices, and the certificates
or evidences had passed from the hands of the
original or ''mertorious' holders into those of
capitalists, who had purchased them at enor-
nous rates of discount. Out of these indis-
putable facts plausible sOphistry was able to
build theory of Reputation fit for popular
presentment; just as popular murder gets
itself softenea down to justifable homicide
when the victim is odious and the slayer is the
exponent of popular passion. Nor was legal
authority wanting in support of resistance to
the odious imposition. No part of the domestic
debt had as yet been funded, or assumed by the
new government. 1t had all been in a round
OF exchange, a sort of numbering currency,
transferred from the hands of the necessitous
to those who had more means, and faith
enough in its ultimate redemption, to offer
anything for it, and-must the shameful story
be told Thomas Jefferson, Secretary of
State, gave Washington his official opinion
that chooses in action were not negotiable under
the common law. For our own protection
and to render Mr. Jefferson the exactest and
severest justice, we quote his own words':-
"By the common law of England the convey
ance of a right to a debt, whereof the party is
not in possession is not only void, but severely
punishable under the laws of maintenance and
champerty - adding that bills of exchange
under the lac merchant and notes and bonds,
were the only exceptions to the general rule
that in all other cases assignments were void
and that the debts of the soldiers not having
been put into either of these forms, were void.
} The exact point at issue is worth stating,
for we are threatened now with rehearsal of
this great controversy. The soldier, said the
repudiators, who has shed his blood and
risked his life, and the victualler who has Gre
dited the sustenance of the army to Congress
and to the States, have merit In their claims
which the broker of their certificates cannot
claim; and the nation was almost bullied into
the Reputation of all domestic debt which was
not still in the hands of the first holders. -.
Hamilton insisted that 'to vary the risks OF
parties to supeTsede the contracts between
lhem, 10 take away IIBnI W PeC0tC .Mi"y3
are not less violations of property than direct
oonGscation." His whole argument went
broadside through JeaersOn's cabinet opinion,
and it triumphed. Even Jefferson himself
afterwards assented to the funding of the en-
tire debt of the country at contract prices, in
whatsoever hands, and irrespective of all the
pretended equities against even the most OBJ
noxious classes of it; and yet Hamilton, to the
oay OF his death, never got rid of this offense
egsihst the prejudioes Of the pOpulaoe, excited
~ Inc success with which he vindicated the
SlffolI, ana; resultngly the true permanent
lIteIests Ia OF the nation. Are we to have this
we find men enough, and thew rl great EN- enough