The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1868-08-20
Tsr~s $500 per annuas, IN aa,aues.

which made 1.-The lawb and borrowed ~.
money under Il has alone the right 70 decide
what the law means, and that the Creditor
| y, - bound to accept their ruling as hnai. Now,
shs ~ s%o things one, as the French ssy--elthsr
h,'t Ssu s~n authorizing the loans are not Jaws,
nrs,ad ,dVIpo:sls I to borrow money, TO be inter
~ ~, ~ @ ,he forum Of morals only. or they
and S,,,. S tue nature and extent OF the rights
nnt Su.'es ciean o BY them are to be decided
con, co., ~ one o. me parties in interest, but BY
tpetent tor,1e ~ ana impartial tribunal. guided In
nj emit 'Iughent oy the great principles
VI equily' Ihe reference OF such a ouest on
10 majority either OF the House of Repre-
sentallves or OF American citizens al the nolls
would be, on the repudiators' own theory.
piece OF unprecedented absurdity as well as
Of iniquity.
Wema. ca letter ofa correspondent ly ngbe-
foreus, asking us to show that reputation will
not "pay" in pecuniary sense, ii we mean TO
make any impression on the Democrats; that
our talk OF honor and good faith Is all very
well, but does not reach thsIO. IT, which we
reply, that the very strongest argument OF this
KIND we could use Is, from its very nature,
worthless as far as all Copperheads and seces-
slonlsts are commemorative argument that
repudia'i ion, in any shape, will leave the Gov
erhment powerless, or greatly hamper IL, Hit
should a. gam be called ON to defend its exist
ence in the field. TO say this to them IS 10
puta nusket in their hands to use against us.
To talk to them OF the enormous desolaton
that would be worked by reputation. OF the
shock to the whole framework OF society it
would cause, is likely to be ineffective Tor the
same reason. they do hot particularly care
anout the framework of society, as we under
stand u. e have No means OF computing
the loss to the country that repudiation would
cause. The actual sum OF which holde,s of
Government securities would find themselves
suddenly deprived would represent only d veIy
small portion OF it. The shock would give to
|. dustry. the dark cloud ii would cast over
the future, the lear ii would inspire amongst
capitalists, would produce an amount of6am-
age the extent and duration Of which neither
we nor any other man can compute; and the
effect OF such prodigiOus stroke OF baseness
on the morals ofthe rising generation would
be something worse and more lasting. even
nom Commercial point OF view, than the
visible effect on business. We rely mainIy
too, on appeals to the popular conscience. the
majority OF the American people; and when
ever appeals OF this sort cease to influence
the bulk of American society, although the
nation may remain tremendous by land, tre-
mendous by sea, and flow with milk and
honey, the form of government will change,
and the forces which hold society together
will change too. The government of the
strong hand will be instituted for the govern
ment Of reason, and the gems ddrne will do
the work Of the newspaper. Whenever we
believe that day has come, our occupation, and
all Others like it will be gone; aud, unless we
are greatly mistaken, we shall know it, and
stop talking. But with the graves of three
hundred thousand men still fresh and with
crippes in every village-al sacrificed to the
popular devotion, to an idea, to remote i'm
asined gooL-it is impossible not to feel that
the arguments addressed to the popular sense
OF justice, the popular sense OF honor, the
popular appreciation of the value OF distant
results, are, after all, the arguments which
tell on the greatest number. The immediate
loss or gain to each individual taxpayer, in a
country as rich and growing as this is, of the
payment or reputation Of the national debt,
is, after all, so small that the material side Of
question looks strangely Insignificant beside
the moral one tEa7t'1~ $3.50 ..-..-.. POI. s.lI,