The southern enterprise. [volume] (Greenville, S.C.) 1854-1870, 1867-06-27
Reuudiation.


General Duboso hns kindly favored us with
n copy of tho West and South, (says tho Wash.
ington Ga. G0Eettc,) published at Cincinnati,
aud containing the proceedings of the Nation
nj Democratic Convention held in that city on
18th April lust, for tho purpose Of re -orraniz-
ing tho Democracy throughout tho country
There were many good things said and done,
of course, aud VIC would like to mako more
liberal extracts from souo of these speeches
than our space will permit. To mako only
ono selection, however, wo present 80 much of
tho REMARKS of Hon. Henry Clay Dcanc, us
relates to this interesting question Of the re-
pudiation Of tho National debt, q topic now
being broaehcl with, o frequency ominous in.
decd to the "bloated bondholdcr." Its dan
gcrous thing TO talk about, because tSlkiag
educates people up to the idea, and then the
thing is done do Ha.-' - .. r.frTgrH- ar -er
Mr.. Deano gives US many good reasons why
tho U. S. War debt ought to DO rcpudiatcd.--,
IL seems to be part of tho Democratic pro
gramme. Read: ...aT.r Fis. 80 l5...a
WO may bo charged with purpose to rcpu-
diato this debt. Upon this subject havo
but a few words:
Tho collection of this debt is e question for
tho determination. of tho courts. / shall not
therefore more. than refer 1t to those ,courts.--
Arc yo bound for this debt; If 50, how, and
by what law? ~ "''' 'f'''r.'
We are not bound by the Constitution TO
pay II, because it was contracted in n war to
system of government under it.
Wo arc not bound by theory Of our governs
mcnt to pay 1t, because tho debt was contract
cd in tho destruction Of the American theory
of government. OF arE-.s ta.- +-0i ar ifs
Wo are not bound by tho laws of civilized
warfare to pay ii, because these laws, rs un-
dcrstood by Americans and laid down by our
treaty with Mexico, were violated at every
step Of tho war from its inception. to-. its con-
clusion.
We arc not bound in Justice TO pny this
debt, for wo have received nothing In return
for IL. Not only no equivalent but il has boon
contracted in tho destruction Of oyery thing
held sacred in property, obligation and seeu-
| rity. There has been no quid proquo. r AL
this is outside of the consideration of tho yio-
| lcncc, fraud, opposition and cheats employ cd
in tho contraction of tho debt. g.. ..l
We arc not bound in honor to pny this debt.
1T was contracted without our consent =
Tho Congress was elected by tho eombina-
tions Of forco, fraud and dcorruption--legislatcd
| under the durcss imposed by the bRyonets held
by arbitrary power over Congress and Legis-
laturcs, and the Congress thus assuming to
legislato for tho country had no constitutional
| existence. $50 t-.a.E .-s... ..-..-... .. ~ ,.f
Thcn thero is tho court Of last resort, before
whom all these questions arc To DO hereafter
tricd-thc popular will. 1 need not predict
tho result Of the issue. Such cases have been
tried before tho samo tribunal. .... b.,
No such debt ever has been paid; no such
debt can bo paid no such debt ought to bo
paid; no such debt will bepaid. ~ .e
But, overlooking tho other rcpudiations of
tho world, tho party in power is o party Of
rcpudiation. "
1t repudiated the Constitution Of the United
States substituting in its stead, edicts military
| commissions and proclaInatiOns. ., .-.-. "a.
1t rePudiated, by positive legislation, the
dobts duo to innocent third persons, corpora
tions and trusts in tho Southern States = l.r
1t rcpudiated tho obligations of seryitudo, as
established by law, between tho black and
whites.
The General Government Is now offcially
| engaged in the lowest and most dishonorablo
form of rcpudiation, by shaving its own paper
in tho mopoy used. Tho gold is the only con-
stithtional form of money for that purpose {;
and after carrying on legislation WHICH is
resolved into no other general principle than
that of rcpudiaton, tho ballot box, nevcr In
loyo with monopoiies, will master repudiation.
Tho bondholders arc provoking rcpudiatiou.
First-By refusing to submit their bonds to
taxation.
Secondly making thcir bonds an instru-
ment Of double monopoly, by using them as
the capital in banking as we'll as drawing inte-
rest upon their faco. r. .r ...
Repudiation offers tho only hopo of relisf to
the country, ...
First41t takes the corrupting influence OF
money out of legislation.