The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-08-30
Reputation a Political RIuuaer.


"There u o debt owing by the UnitSd
States AmountIpg 10 SI,0O9 1000. These
men who are engaged In this conspiracy 10
change our republican government into An
empire. say that this deb! was created 10
preserve tue republic NOW, what " ~.
Aumed7 Simply, that we must destroy this
republic for the purpose Of paying ma dahl.
by converting the republic into an empiTe
Ny countrymen, before God and this people
Tonight, would rather that the republic
were preserved and the debt let CO." -.
sprAgue, OF Rhode Island, said OF
President GRANTS inaugural address;
~ won't away with sorrowlng heart
Mnen noalu tnat clause In his inaugural,
70 which he said h0, would protect the gov.
tInnsnt ue1L 1IaW that the eAnker which
people, aud inii6encSi ali our leEiSIaiion.
nRu got 10 him. went away, dlshORTt.
ensd, SorroN log, alarmed"
Nothing can be more pernIcIous, moth.
Ing more unworthy q statesman, than
pSndering to vulgar preJudIces against
the public credit. The public credit is
the strength OF The government.
Ills army and navy, for Il Is that with.
out which an army cannot DO put on
foot or navy aHoat. 1t Is the highest
economy, for the public credit, main.
tAined at low rates, for all nesdful
purposes. 1t Is the public defence, for
high public credit 80 strengthens a ma,
ton that other powers are slow 10 In.
fringe upon her interests or TO insult
her honor. It Is what Burke called
chivGlry, "the cheap defence Of ma.
tions." To aSsail 1t Ia 10 aSsaIl The
government In lts tsndsrest and mos.
vital part. The money which the gov.
eminent owes to It's bondholders, was
loaned to 1t In lts greatest extremity.
II WAS not the contributions OF the rich
alone. II was largely the savings oil
the poor and the blood Of the brave,
Nothing can be more sacred, Leaving
out Of consideration all questions Of
honesty and good faith, u would be the
worst possible policy to defraud the
men who thus came to,the rescue OF the
Imperlled government. 1t would add
greatly to the danger OF future war,
and would make them doubly expen-
sIvs. Why Is Il that our bonds to-day,
bearing six per cent. Interest In gold,
sell In the London market, for Iess
than the English bonds which bear
three per cent? Simply because the
purchaser feels certain that the English
interest will be paid, and he Is alarmed
by the mutterlngs Of Reputation, and
Is afraid that we will not "proteot the
government debt" This II Is which
makes our debt just twice as burden,
some as that OF England. II, by one acl
Of stupendous fraud, the government
could repudlALe lie debt, and relieve
itself Of all the obligations, 1t would
be the most expensive measure thai
the government ever adopted; II would
expose us to all the dangers OF a feeble
power, as well as 10 ali the reproach oil
a dishonest one.
Nor Is the slang about "bIoated bond,
holders" any less false than 1t Is dis.
honest. The public debt Is not held
mainly BY Itch men. 1t Is distributed
all over the country, among all classes
OF people, and embodies, more than
any other form OF Investment, The
savings OF the industrious poor, The
little possessions Of the widow and or,
phan. The stock In the national banks,
which would be ruined by reputation
Is not owned chiefly by rich men, but
largely by men OF small means. The
savings banks. the sacred deposit OIL
the scanty earnings Of labor, are full Of
the government bonds. Millions upon
millions OF these securities are in the
hands Of men who have invested In
them their little all. The greenbacks
and the fractional currency stand on
the same foundation Of the public faith
az the bonds, and the reputation OIL
one class Of the public securities would
be followed by that OF all the others
Private credit would not survive The
ruin OF public faith, confidence would
everywhere be destroyed, commerce
and production would be .demoralIzed
and the country would sink into gen.
eral bankruptcy. To recover the tone
OF public morals, to restore the govern.
ment to that degree OF credit without
which a government Is not safe to live
under, would cost more, reckoned in
money alone, than to pay the debt, as
1t will be paid honestly and manfully,
and according 10 the promises made to
the lenders both on the face OF The
notes and by the pledges Of the au,
thorlEed agents Of the government.