The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-09-06


never give up-that, come sooner or
come later, victory would be for the
North, though what it would cost in men
and money TO achieve II nobody could tell.
Moreover the low rate in specie at which
bonds could be bought was one of the argu-
ments most strongly urged in recommending
them to investors. To turn round now aud
use il as an argument for not paying them In
specie would be very like fning a man for his
simplicity in being taken in by cheat
Every nation which has never had its credit
severely tested, and which is engaged in a war
waged not for conquest or disputed succession,
but to decide whether IL is a nation or not
must expect to borrow money at disadvan-
tage, and Borrowing at a disadvantage means
getting very little and undertaking to pay
great deal
If we now undertake TO pay off these bonds
in greenbacl1s, the minute the proposition was
made public greenbaoks would lose nearly all
their value; first, because the very issue of
them would be sign that the United States
promises to pay were worthless. Nobody in
his senses would give anything for the pro-
missoTy notes of a Government which had
repudiated its bonds, particularly when these
very notes were issued as the means of repu-
diation; secondly, because the number of
greenbacks would be so greatly increased that
even if their payment is certain, their value in
relation to gold would fall to about One-half
its present figure. 1t is not probable, in fact
that after the Democratic plan of getting rid
of the interest had been adopted, greenbaclls
would bring five cents on the dollar. There
would be general return to specie payments;
but it would he through one of the greatest
swindles on record. Except for the fun and
excitement of the ''fnanciering," simple and
undisguised repudiation would be much pre-
ferable, as 1t would certainly be more simple
and manly, and would certainly make less
unfavorable impression on mankind as to the
condition of American morals.
The argument which Mr.. Pendleton and his
confrereS bring forward, and which is pro-
ducing, and will produce, more effect than
any, is the weight with which the interest of
the debt presses on the mass of the people.
But this is not question which, with a people
rnaking any pretensions to morality, is worth
a moments consideration. The repayment of
borrowed money is almost always painful
and inconvenient process; but this has never
been held to be good reason for not repaying
it. Everybody knew the burden of the public
debt would be heavy when the loans were
raised, and whether they were well or ill
spent is something with which the lenders
have nothing to do the national faith being
pledged to them that they will be repaid in
coin and in any event, not if we find it con-
venient or if the West is satisfied or the
East is satisfied, or if the poor are satisfied,
but under all circumstances and at any
conversions or wrigglings or twistings or turn
ings which will make the debt any less valu-
able to bOndholders than it was agreed that it
should be when it was contracted. If we
should fail to pay as we promised to pay,
the creditors have, it is true, no remedy.
There is no tribunal before which a nation
can be cited; but no nation has ever yet re-
! pudiated without finding before very long
what terrible thing the loss of credit is, for
! ma W almost
governed by knaves, and so badly governed
that they can never very long keep out of
| scrapes which make loans necessary.
We confess, however, that except as an illus
tration of the way in which demagogues seek
to use human baseness for their own selfish
ends, we do not consider the Democratic cru
sade against the public debt very formidable.
The "bond aristocracy' is happily fgment
of Mr.. Johnson's excited though not very cul-
tivated imagination. The vast majority of the
holders of the national bonds are poor mer
and women who are glad to commit theii
hardlywon savings to the national keeping
and where they do not hold them directly the
savings banks hold them by the million, 81
that the public credit has plenty of support il
the interest as well as in the honor of the
people.
1t would be hard to overestimate the import
ance of the course of the majority on a ques
ton of this sort. If democracy is going t,
excel monarchies and aristocracies in nothinj
but in being stronger better fed, and richer
everybody who believes that the mission
OF nations, as of men, is not to bree'
fast and get fat, but to "incline t.
Gods will and walk in His way" will b
glad to see the last of it. If this democrac,
: were deliberately to embrace the principle
q preached by what is called the Democrat
: party in this country, history would talk {
y It as the worst curse that ever befel mankind
/ From the vices of kings and mobiles there wa
u an appeal to popular virtue but from th
o vices Of democracy there is no appeal but I
9 despotism. 1t is, Of course, of the highes
d Importance that we should all get rich as fai
II as we can; but in getting rich we shoul
never forget that the State is something I" be
K ter than partnership agreement in a trade
II pepper and Of coffee, calico or tobacco, or SON
other such low concern, to be taken up for
n little temporary interest, and to be dissolve
y by the fancy of the parties. 1t is to be locke
s. on with other reverence, because it is not
r partnership in things subservient only to IL
3 gross animal existence of a Temporary az
s. perishable nature. 1t is a partnership in a
l. arts, partnership in every virtue and in
1r perfection"
N The South and the President.
g. From TIE ". Y. Times.
s. The recent action of the President and Il