The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-09-06
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DAY FOR THE EVENING TELReRAPH.
Tn. Dsmocra,. and the Public DoDt.


debt is likely to form the most prominent
tonic of discussion in preparation for the State
elections of this fall, perhaps even more
prominent than the dispute between the Presi-
dent and Congress. The importance of this
dispute depends entirely on the bearing it is
likely TO have on the work of reconstruction,
and The work of reconstruction on the Con-
gressional plan is more likely to be frustrated
Nv a determined assault on the public credit
t6an in apy other way. In selecting the pub
iio credit, too, as the object of their attacks,
tbe Democratic leaders are displaying that inti-
mate acquaintance with the worst side of
human nature by which for years past their
greatest triumphs have been won. The char
soter of a people is, in fact, much more Sc
yerely tested by the peouniary cost of war
than by the war itself During the progress
of bostilities there are plenty of sources
besides mere love of principle from which men
draw the courage never to submit or yield.
There is pride, hatred, animal pugnacity, in
terest in the dread game itself, all of which
have often operated to prOtract war for years
after its original cause or obj ects had been for
gotten. and after all principle or semblance of
principle had died out of it.
But when the last shot had been fired, the
banners have been folded, the dead buried, the
books balanced, and men have to settle down
TO the dull routine of their old life, and toll
not only to repair their shattered fortunes, but
10 nav off money borrowed to help them to
secure objects which have been already secured
or lost beyond doubt-money, too, which, like
most money borrowed in seasons of doubt and
danger, has perhaps been borrowed on very
unfavorable terms, and which has doubtless
been spent wildly, recklessly, and extrava-
gantly, as money is apt to be in time of war
then, and only then, comes the real trial of
their honor and patriotism. Almost any male
animal will fight but it is only the elite of the
human race which, when the fighting is over,
will sit down in the calm of peace and dog
gedly and industriously pay. Demagogues
know this, of course, perfectly well, and count
on it, so that, whether they have in the first
instance advocated the war or not, they are
pretty sure, when 1t Is over, to advise people to
repudiate.
The leaders of the Democratic party have,
perhaps, stronger reasons for urging repudia-
tion than any other demagogues have ever
had. In the first place, they violently opposed
the war, and predicted steadily and peIsistently
that the money borrowed for it would never be
refunded. Therefore, they have the ordinary
human interest in bringing about the fulfil
ment of their own prophecies. In the second
place. they look on the public debt as great
instrument of national consolidation, and to
consolidation they are violently opposed and
if they should succeed IN breaking down the
national credit at this juncture, they feel salts
fed that the United States would never again
be able to borrow on any great scale or for any
great enterprise-certainly never to resist
new attempt at secession.
Moreover, they are the friends of only one
t'sectiOn," and that is the South. To them
New England is nothing and New York is
nothing and the West is nothing; but for the
South as unit they have a real tenderness.
Now, the South will probably feel the burden
of the debt more than any other part of the
country. To her it is not simply debt, it is
penalty, and very humiliating penalty-a
moral as well as physical burden. 1t is at
once the sign and memorial of her defeat. To
get rid of the debt is, therefore, the highest
service the Democrats can render the South,
and, perhaps, the only way they can hope to
win back the Southern whites into the old
alliance.
OF course they do not now propose down.
right repudiation. They are much too shrewd
to be guilty of such brutal frankness as this
They know perfectly well that the memories
of the war are still strong and still sacred, anC
though they opposed it bitterly and mourneC
over every Union victory, and though tn
sight of uniform is odious to them they lilk
to get Union soldier for their candidat
whenever they can, and affect to consider thei
participation in the struggle title to popula
confidence. Occasionally at a nominating cor
vention, as the other day in Ohio, drunke
or indiscreet member blurts out the real fee
ing of the party about the Northern army, bu
he is instantly checked, and one of his co
leagues "sits on his head' as on a falle
horse, till his kicking and plunging can do /
harm. So, also, with regard to the publ
debt, they approach it cautiously and wit
the tenderest regard for what they consid,
the popular weakness. They have accordingl
opened the campaign by determined attac
ON the interest of it, while for the princip
they profess the profoundest respect.
This idea of assailing the public credit as
instrument OF party warfare was undoubted
conceived long ago. The first public EXPIRE
sion Of it was made in Mr.. Johnson's conve
sation with Miles 0'Reilly, in which he d
nouneed the public creditors as a 'bond ari
tocracy," and declared the design of the rad
Gals was to administer the Government f
their benefit. But in Mr.. Johnson's hands
has not, as might have been expected, be,
used with as much dexterity as in Mr.. Pendl
toms. The theory on which the ''bond ari
tocracy'' was held up for popular execratit
was that the United States bonds were main
held by very wealthy men, and that the Go
ernment was passing more and more into Il
hands OF its creditors and used to serve the
purposes. Mr.. PendletOn knows, of cours
that this is absurd, or what is, pe
haps, more TO the purpose, knows that n
body will believe it; SO, instead of maintain
that the debt is kept up for the benefit OF
few bloated capitalists, he simply saws III
for the debt he has the deepest respect;
that he objects to is the interest. He SAYS Il
the holders of the bonds did not pay for tn,
in specie but in greenbacks, and this at til
when greenbacks were worth very much Il
tbor 4hev are now: therefore what can