The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-12-14
Ignorance or Nickedness.


Eronl The ~ Y. Times
The question is said to be debatable, whether
that portion of the Presidents message which
discusses the payment Of the national debt is
the product of ignorance or dishonesty. Either
conjecture may be upheld with certain de-
gree OF probability. The details of the argu-
ment--if SO it may be called-evince con-
tempt for the accuracy of financial statement
which is only explainable on the ground of
ignorance. When, for example, Mr.. johnson
declares that ''the consideration which the
Government has actually received for its
bonds" twas in real money 800 or 400 per
cent. less than the obligations which it issued
in return" he talks nonsense. What he in
tended to say we may imagine He meant, we
suppose, that the obligations issued by the Gov
ernment are 800 or 400 per cent in excess OF
the coin received therefor-which, though a
false statement, would not be absurd; whereas
the literal meaning of what he does say is,
that the Government received for its bonds
200 or 300 per cent. less than nothing Other
features of the proposition are scarcely less
crude, the general impression they produce
being discreditable to the intelligence and
sense of their author.
Mere ignorance and absurdity, however,
form an inadequate explanation of the Presi-
dents course. The blunder of his statement
renders him ridiculous, but its import is suf-
fciently coherent to convict him of total
want OF moral principle. Precisely how he
desires to 90 about the robbery we are left to
guess, but that he deliberately intends to COM
NIT robbery cannot be doubted. The World,
in an apOlogetfc way, explains that he designs
t'to treat the debt, not after the manner of a
court Of law enforcing the strict construction
of q contract, but after the manner of a court
Of equity aiming to do substantial justice"
This is the ordinary cant Of the Democratic
repudiators. They don't propose robbery,
forsooth they simply want equity. So Mr..
Pendleton has all along declared. So the
Democratic Convention declared last July.
And doubtless Mr.. Johnson will be glad
to avail himself of the Worlds friendly ex-
PLANTATION. The fact remains, however, that
Mr.. Johnson has gone ahead Of MIR. Pendleton
and the Democracy. They were willing to
pay interest in coin because the bonds so
stipuate; they insisted only that the principal
be paid in greenbacks. He on the other
hand, proposes to stop the interest altogether,
and to use the amount semi annually in liqui-
dstion of the principal This is what the
World designates substantial justice" but
what Mr.. Schenck more truly characterizes as
''the most gross, shameless, infamous propo-
Sition to repudiate the debt" that we have
fever yet known to be put forth from any
quarter"
But the intent Mr.. Johnson cannot have
believed that his suggestion would under any
circumstances be adopted. He is not so stupid
as to have faIcied that his words could be in
terpreted otherwise than as a recommends
tion of robbery. We must conclude, there
fore, that in his determination to renew his
quarrel with Congress, and to punish the
Republican party for its rejection of him and
his policy, he resolved to be as mischievous
as possible. Foiled in regard to reconstruc-
tion, he has made up his mind to try his hand
as repudiator. Since he cannot rule the coun-
try, he is prepared to damage it, if he can.
And by no method can he more effectively
create embarrassment, and multiply the diff
fculties which block the path to financial
relief, than by furnishing the public credit
with the foul breath of Reputation.
The belief that Mr.. Johnson's aim is to
damage the public credit is strengthened by
the concurrent attack of his Secretary of the
Treasury upon the greenback currency Mr..
johnson assails the debt; Mr.. McCulloch
assais the legal-tender notes. One seeks
blank repudiation the other greenback depre-
citation. In certain sense, the two proposi-
tiOns run side by side. Their tendency, if in
any manner operative, is to damage the ma
ticpal credit.
The message, however, has overshot the
mark. Instead of injurirg the public credit, it
has simply disgusted all men with Mr.. John
son. The only reputation he will witness
will be the repudiation of himself and his
schemes; and the country will have reason tc
thank Providence for the deliverance.