The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1868-07-31
the peonle of the United States. Now, sup

the people of the United States, Now, sup
pose the people should take this position
that they would pay only such debts as Con-
gress had the constitutional warrant for
contracting. They might do 30; and we
think, unless the Radical e1travsgances are
speedily arrested, they certainly will do
so-and that, perhaps, under the guidance
of THAD. STEVENS or the immortal BEN.
The Democratic party guarantees the
bonds according to theif formal terms The
Radicals offer to pay according to the letter
and spirit of the obligation. But while the
offer of the latter party is more favorable,
they are destroying the ability Of the coun-
try to pay. The revenue is failing, and
the bonds are multiplying, under their ad-
ministration. The American people will
payif they can; but there is point where
commercial pride and public spirit break
down; there isa necessity from which indi-
vidual bankruptcy and national repudia-
ton are the only method of escape; and to
that extreme Radicalism is pushing us daily.
There is good deal Of sound sense and
practical statesmanship in a suggestion re-
lating to this matter, which occurs in let
ter from Hon. Mr.. REED, of Pennsylvania.
He claims that the Democratic party is not
responsible for any Of the financial difficult
ties of the country, and even avOws his
willingness to pay the debt equitably, and
then goes on to say:
AS the most natural means to this end, does
it now occur to the anxious bondholder to
think little, and calmly and dispassionately,
on the graver, more perilous problem underly-
ing all others-the social and political and eco
DANA, from the Potomac to the Rio Grande
Does any sane man believe that the public
credit is safe, 30 long az the South remains as
it is? Is the enfranchised negro sure auxil-
iary to the bondholder Are the disfranchised.
persecuted white men Of the South to be relied
on in this their agony to maintain the public
faith? There was time when, being inter-
respect, resembled our Federal securities, in
asmuch as it was the object Of prejudice, and
depended on the sanctity of the letter Of the
law, Southern men were the staunch support
ers Of the inviolabiity Of contracts. What
inducement have they now, .persecnted, pro-
scribed, disfranchised9 '.Take the foot Of the
negro from the white mans neck" said an eIo-
quent friend, a few days ago, Sand we will take
to you about bonds and greenbacks, but they
don't concern us now" Still, the ancient in
stincL OF honor exists. The South restored
and contented and grateful-the white man in
his due position-the negro subordinated, not
to slavery, but to the control of superior
race-the great Southern staples brought 10
life again, and no one can doubt that the pub
lie credit would stand on surer basis than it
has at any period during the earthquakes OF
the last seven years.
The demand of the Democratic party that
constitutional liberty shall be restored to
the Southland with that liberty social
order-is thus guarantee to the bond
holder that, if that party get into power,
his money is safe. The public credit will
revive under an economical administration
Of the government. The prosperity now
denied to the richest portion Of our common
country will return. Moneyless adventu-
rers will cease to waste the public treasure
and plunder the industry of the people.
We shall have the ability to pay and the
will. And we may, even anticipate the Pc
.riod when the legal tenders will approx
mate to the value of gold. But if Radical
ism prevails, there will be no other resort
but the wiping off of the old scores-the
rejection of all bonds given without con-
stitutional warrant, as the first measure Of
public relief, and then the reputation of
the whole debt.
This is great country. 1t can do much
But it cannot effect impossibilities. And to
reconcile Radicalism and honesty is an i'm
possibility.