The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-09-15
ssRepudiatiOn."
From the ". p. World.

'htpuulhblOus
From the ". p. World.
One of the chief sections OF the Republican
platform adopted at Chicago, is a bull against
repudiation, Illuminated in these words:-
I'VE denounce all forms of Reputation as n
national crime; and the national honor REQ uires
the payment OF the public Indebtedness in the
uttermosJ good faith TO all creditors, at home
and abroad, not only according to the letter but
the spirit OF the laws under which 1t was con-
tracted."
Now we undertake to say, and shall find no
difficulty in proving, that this resolution con-
demns the whole action of the Republican
party in relation to the payment of public
debts up to this time.
First, We will meet them on their own
ground, and, using their own boastful pre-
tences as the foundation OF our argument.
will show that the Rep lblicans are admitted
and self-proclaimed repudiators, if the public
debt is due, as they contend it is in gold. The
chief point of the recent speech Of Mr.. Atkin-
son, indOrsed by all the Republican papers, is
that since the close of the war the Govern,
ment has paid off more than eight hundred
millions of the public debt or one-fourth of
its whole amount in 1865 Just for the nonce.
merely for arguments sake, let us admit this
preposterous claim. One-fourth, then, of the
whole public debt has been paid by the
Republican party. But paid in what cur
rency? Is there a Republican who will stand
up abu SaJ Iudt thdb bIodb dLuUuut, OF duy
portion of it, has been paid in gold3 In good
TRUTH not a dollar of the debt has been paid
in gold--not dollar of the floating debt, nor
a dollar of the funded debt. Now (still rea-
soning on the absurd claim of Mr.. Atkinson
and his indorsers) If one-fourth of the debt
has been paid without using dollar of gold
for that purpose, why may not still more of it
be paid ia the same way 4? What consistency
is there in contsnding that the public debt Is
honestly payable in gold, and claiming credit
in the same breath for having paid off eight
hundred millions of it in greenbacks? For
certain it is, that all which has been paid
thus far, be it much or little, has been paid
in lawful money. s....... @
Reasoning on the false assumptions of adver-
saries is not, however, very satisfactory. Dis
missing these assumptions, We proceed to deal
with unquestionable facts.
The Republican party has had possession of
nearly all the State Governments since the
Legal-tender act was passed. Those States
had debts contracted previous to the passage
of that act; debts contracted on gold basis;
debts due for gold actually borrowed, and for
the payment of which, principal and interest,
the States had issued their bonds. Now here
were existing contracts respecting the "letter"
and "spirit" of which there could be no pos
sible question. The money borrowed by the
States previous to the war was real money,
either gold or notes convertible into gold at the
pleasure Of the holder. The understanding
on both sides was that the faith of the States
was pledged to pay those debts in currency
OF the same value. With what face can
party which has repudiated nearly every one
OF those contracts put on airs of indignant vir-
tue and denounce repudiationP 1t is the very
same party which has had control of the Fede-
raj Government and the State Governments;
and having repudiated contracts about which
there can be no question, it only exposes itself
to derision when it affects TO be so very tender
about other loans made after the legal tender
act was passed. and included in its terms. In
his State, Governor Seymour insisted on
the faith of contracts inviolate
but he was overruled by the Republican Legis-
lRture. .
Again, at the extra session called in the
summer of 1861 Congress passed an act au-
thorizipg large issue of Treasury notes to
run three years, bearing seven aud three
tenths per cent. interest, and receivable for
duties on imports. large amount OF those
notes was issued-one hundred and fifty mil
lions in all. Be it observed that this loan
preceded the passage of the legal-tender act;
in the contemplation of both borrower and
lenders it was gold contract. 1t could not
have been otherwise, because no other
money than coin was then recognized in the
laws Of the United States. Yet this con-
tract was repudiated by the Republican
party, and repudiated in every conceivable
form. 1t was repudiated in theory by the
passage Of the legal-tender act, which made
the greenbacks medium for discharging all
demands and claims against the United States
OF every kind except interest. 1t was repu-
dated In practice by Secretary Fessenden,
who refused to receive the notes of 1861 in
payment of duties, although they were ex-
pressly made so by the terms of the law. The
contract was again repudiated in practice by
actual payment in greenbaoks at maturity,
although the debt had.been incurred in gold
When the debt was contracted, the Govern
rnent received dollar fer dollar; when IT was
paid, at the expiration of three years, the
Lender go1 pack only iorty cents in gold value
for the hundred cents in gold value which he
had loaned to the Government. And a party
which treated the public creditors in this
shabby manner has the assurance to denounce
as reputation the I)avtnent of the pnhlio