The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-07-15
CHI AR L ES TON.
THURSDAY MORNING, JULY Is, 1869.
Tho Confederate Debt.

/
| The Confederate Debit.
The position taken by the Imperialist in
favor Of payment Of the 'Confederate war
debt, merits more than a passing notice, 60
significant sign is it Of the lengths to
which the United States bondholders are
willing to go in order to avoid the adop ton
by the South Of the Western policy Of general
repudiation. The Imperialist, as is well
| known, advocates the erection of an impe-
rial or autocratic. form Of governnae ent, as
the only means Of securing the liberties Of
the people, and Of insuring fnlflment Of
the financial obligations Of the United
States. RepublSsn institutions it declares
to be failure; and whether the Imperial
list has for it's sole object the protection of
the privileged classes, or whether it is gov
erned by desire to relieve the people from
the corruption and chioanery which rot The
country to the core, its arguments, are
| worthy Of serious consideration.
In regard to the Southern or Confederate
debt, it says: 7tI
"In an article in q late number OF the Impe-
| rialist We mentioned as one Of the possibili-
ties Of imperial action. the assump ption Of some
portion of the Soutbern war debt. The idea
has called forth Q wide variety OF comments,
for the most part, as matter of course, bit
terly unfavorable to ourselves. No epithets
seem to be too bitter to hurl at men who dare
| the utterance OF such q SUGGESTION: Int We are
becoming somewhat accustomed to hatred and
abuse, and mustdeoline returning any portion
OF either. We refuse to- abuse anybody, and
| reserve our hatred for wrong and dishonesty,
1T would be difficult to say in precisely what
| manner it would be possible to arrive ut a iust
and equitable scale by which to determine ex.
actly what and how much Of the Southern war
debt, held as it now i'd, may be considered
debt OF honor by those for whose purposes it
was originally contracted. A good deal of it
is still in the hands of it's first holders, ani OF
the equity OF at least a graduated payment OF
this there can be no doubt. We do not pro-
pose here and now to offer fully developed
financial scheme or system; but We cannot for
q moment recede from our proposition that all
debts contracted for ans by any ps ople are
binding and sacred until equitably liquidated.
I'VE challenge any man to dispute the cor
rectness of this proposition. IF we are told
that all the loans in question we're made con-
tingent upon the duration OF the Confederate
Government. and that they were fairly forfeit
ed by its downfall, how shall we consistently
claim the payment OF the bonds of the United
States, issued to raise money for the perpetu
ton OF republic which has already notori..
| ously ceased to exist?
I'VE must cast aside the falacious pretence
that the mythical entity entitled sGovern-
ment" is the party which incurs such obipa
tions as these. What is "Government" TINT
men should lend to it or borrow of it? No.
gentlemen. all these are debts due by the peo
pie. and we greatly over-estimate the honora-
BILE feeling Of the men OF the South il thew
really require more than the bare permission
to meet their obligations. Would it be an in
tolerable burden? We think not. We think
that, when honestly and fairly adjusted, it
would be found that it could far more cheap]v
be paid than repudiated. At ell events the pay
ment Of that debt would be suoh an example Of
shining integrity to all future time that this
generation would be we'll remunerated for the
temporary sacrifice by the transcenient glorv
Of their honorable action"
II the payment Of tho Confederate debt
Is to be dependent ON the exact payment Of
the Federal debt, the scheme will meet
with but LITTLE favor at the South. The war
debt Of the Confederaoy, held by the Con-
federates, is looked upon as wholly lost,
and the millions who do not hold Confade-
rate bonds, as we'll as the thousands who
invested their paper in solid bricks and
mortar, will not willingly tux themselves or
be taxed for the benefit Of the better men
who pinned their faith to the cause and
whose fortunes with it were lost. One
thing, however, is very clesr. The South
had rather pay the Confederate debt than
the Federal debt. For the debt Of the Uni-
ted States we are mot responsible In honor
or in law. For the debt Of the Confsde crate
States We are undoubtedly responsible.
That debt was contracted for our benefit, TO
carry on the desperate struggle for freedom
Fortunately the debt 10 chiefly due to eur
selves, and II it DO mot paid tho South, and
not Europe, will be the sufferer. As we have
said. the South would rather pay tho Com
federate debt than the Federal debt; and
Imperialism cannot expect to make msnv
converts in the South SO long as its oardi.
nal principle is tho prompt Payment or n
debt which 10 tho fruit of war of CONQUEST.
the blood money paid for slayipg our brsth-
rem, the price set upon desolated fields and
ruined homes, the fruit of eight years Of
fraud. chicanery AMI wrong. this We will
pay all that We are forced 70 pay, and not
| one farthiRS aaors.