The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1868-05-26
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4 For nation which pretends 10 be
civilized the United States has already
a deplorabsy tad croiit Compared
with the credit n England. Franco,
Prussia, and most at the secondary
states u Europe, the credit u The fieh
est and most powerful ~ fspabllcs is
humilialngly low ii would bo quite
sapertaaus 10 quote the prices ef the
leans ol these empires, mouArehits, and
aristoaraoieS IA comparison with the
prices Of the republican loans the fact
is patent and admitted on all handa
The primary cause of this condition Of
! things is not far to see. Educated Eu-
rope does not believe Ia republican hon
or Looking down ut It's ewn laboring
classes, 1t Says Republican honor -
/ practically nothing better than the hon
or Of the majority Of the common peo-
/ pie. Ii Is impossible that the masses
Of the people should have that delicate
sense of honor which IN the hest pos
session of the enlightened few who in
reality control European governments
i All history is against such supposton.
The vulgar cannot comprehend the sane
/ tity Of a promise. Malorities under
universal suffrage must always be yul-
gar Following out this train OF
1 thought 10 its legitimate conclusion. otl-
ueatod Europe does not believe in the
! stability Of republican institutions. ---
Most European thinkers believe that
the republic will go TO pieces; some
think the wreck will be complete with
out possibility OF regeneration; others
moro hopeful, look forward 70 the seiz-
ing of the fragments Of The dishonored
republic by the richer and more honor
able classes OF society These views
4 rest upon an axiom ana mere epfn-
\ ION; the axiom is tins, that in the long
4 run there ID but one guaranty OF the
4 permanence Of government, namely
the pre-ominent public virtue of the
governors which failing, confusion aud
disastrous changes are inevitable; and
the opinion il this, that where the ma
jorty Of the male population are prao-
tically the governors, public virtue as
embodied In legislation will certainly
fall below the standard Of Tie better
classes Of the community Whom Eu-
ropoan capitalists lend money to the
United States'of America, they den and
two OF three tiai y as much interest as
they obtain from England on France, in
order tc compensate themselves for the
greater risk they run IN view Of the UNI
trustworthincss anil uncertain tenure
Of tho debtor Even Chill, litt,o re-
public with restricted suffrage, can
| hire money on better terms than the
United States,
II is not to be denied that many edu-
Gated Americans shuro these doubts, or
at least are sometimes visited by horri-
bic qualms of dstrust, concerning the
nprightness of popular majorities. His
tory is uncomfortable reading on the
subject Tlse bankruptcy ot tho first
French republic, tire fate OF our own
continental currency, the neglect Of the
J French Spoiation Claims, the tempo
rary repudiation Of their just debts by
several of the States in the Union, the
recent payment in paper Of the interest
upon State loans contracted before the
wal a fraud which only Massachusetts,
and tine Pacific States are gniltless of
these indeed arc bad omens.
Under these circumstances, providen-
tial opportunity is vouchsafed 10 the
Republic. The question paying the
fve-twenty bonds in coin or paper is
emphatcally question Of honor. The
word coin is not in the act; the strict
legal obligation does not exist. But
never was obligation more binding in
honor All the officers of the Treasury
and spokesmen for the Governments in
cluding the spokesman Of Congress on
such subjects tthe chairman of the Com
mittec on Ways and Means, believed
and proclaimed that the loan was pay.
able in gold. Snch was the universal
,, understanding Of all buyers and sellers
! the country over. No man of honor
who has once made himself acquainted
: with the history Of the fye-twenty loan
7 can entertain moments doubt of the
obligation to pay those bonds in coin
Honor could never pronounce more
clearly, though the letter Of the law fails
! Here is precious opportunity to as
sert by telling deeds tho purity and in.
: Aexibiity Of republican honor. Let the
: nation insist upon the payment Of these
i bonds in gold, and Lees surrender was
g not greater triumph for the cause oi
? free government. Lot the people con,
? sent to have their bonds dishonored
7 and the national disgrace will justly re
: l0ie0 all enemies, foreign and domestic
Of republican institutions,
+ The Government u the people of tbs
T United Statcs, for and by the peo
r pie, rests upon two broad foun
Z daiions, constructed with infinite pains
q aud both essential the traditions an.
+ practices Of free government gradual,
:. developed and transmitted from gene
d ration to generation through two hun
" drcd years, constitute one basis th
II other basis rs tho average character o
= the people, growing, changing from da
= TO day, inherited in part and in Iar
moulded by school and church, BIZ pab
p IT. discussion, by the recognized rule
J, Of trade, and the reflex action of lcgis
n lation. TO undermine tho publie cha
= racter by dishouerabie public acts, jus
, tihed by sophlstieal and demoralizinI
augmentation, is t0 make sure tho iai
Il of the whole auperstructure Of govern
sr mlent
h We do not propose 10 say word up