The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-03-02
Republication.

Ing Q6E0S Ui6lutaIu bucus
Reputation.
A weekly paper has been started in st.
Louis called the Repudiator, whose mission
1t is Of course to advocate the reputation
of the national debt. 1t excerpts from its
scheme the portion of the debt represented
bylegal-tender notes; for the reason, doubt
less, that greenbacks are to be reserved as
q currency. This exception is quite sug-
gestive. It reminds us at once that the
people cannot do without circulating
medium and having been reminded OF
this fsntt, we shall be apt to reflect that a
circulating medium is worthless unless 1t Is
issued by Government, or corporation,
or q person, not only able but aoilling TO
redeem it in "lawful coin Of the realm"
And if Government rspt ssssss ons por-
nop.M It's debt, people will be sure to infer
that it can have no scruples of conscience
as to regulating the whole, and therefore
that its "legal tenders" lack one element
of a good circulating medium-to wit, an
issuer or endorser aciuing to redeem them.
This question of Reputation is attract
ing much attention in the country; and
really we can see no difference in princl-
pie between paying off the debt in green
backs and repudiatipg it out and out. The
difference goes only to the amount repu-
dated. In the one case, a large percent
age of the debt is repudiated-probably
more than half, since the vast increase of
the volume of the currency which would
result from such step would raise the
premium upon gold to high figure. In
the other case, the entire debt would be
cancelled. 1t is easy enough to advocate
reputation, and to gain applause therefor
from the very classes that would be ruined
by such a measure. But it is questionable,
to say the least, whether any government,
and especially one able to pay, can atord
to repudate its debts-whether the people
themselves can afford it. The experience
of those of us who were in the Confederate
States during the "late unpleasantness
does not lead us to desire to use again
currency issued by government without
credit. Yet, if any of the people OF the
United States can afford to be regulators,
those who live in the South are the ones;
for we own none, or next to none, OF the
national debt, and are borne down by
heavy taxes, collected for the purpose OF
paying interest upon the national debt.
The question of reputation is, however,
one which we shall hardly be called upon
to decide. The northern people will de-
eide it for themselves. If they vote in the
next elections for members of Congress for
men who favor paying off the national
debt with greenbacks, we shall set it down
as certain that Reputation will follow.
They cannot stop in the downward course
if once they set foot upon the path which
leads to reputation. Congress has de-
clared in the amendment to the Constitu-
ton that the national debt shall be held
sacred but the Constitution has been SO
often violated that its provisions have
ceased to command the respect of the
peor.e. The debt will be just as easily
repudiated in defiance of that instrument
as the southern States were put under
military rule by law made "outside " OF
it. The voters do not care for constitu-
tional inhibitions. They will either find OF
make way to reputation.
The prospectus of the Repudictor does
not propose to repudiate the debt because
it would be wise measure in a politico-
economical view, but because the bonds
:" are the representatives. Of fraud, OF steal
sing, of public plumber, and other forms
"of rascality, and the people cannot pay
them without making themselves parties
"to the crimes which the bonds repre-
sent" This is delicate ground for us of
the South to tread upon. We of course do
not feel particularly anxious to pay debt
which was contracted in a war that has
resulted in placing us under negro rule.
We shall not be expected to become indig-
nant, however numerous or however strong
may be the adjectives employed to de-
scribe the men or measures which created
this debt. We cannot feel any warm inte-
rest in the fate Of the bondholders who
advanced their money for the purpose OF
aiding in our own subjugation. We shall
look at the question merely in the light OF
our own present interests. Whether these
interests do not call upon US rather to
oppose than to advocate reputation, is q
question which admits of much discussion.
Our own opinion is that the chances are in
favor Of the remedy's proving to be worse
than the disease, though the disease is q
troublesome one and grieyous to be borne
The Land Of Progress.
A leading organ Of the northern Metho-
dist Episcopal Church--the Zion's Herald
of Boston-bas come out in favor of per-
feet equality in that Church between
l1.nS.n r - Al. ar