The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1869-05-29
SHALL THE PUBLIC DEBT BE
PAID?

virtually says thai rags are plenty
good enough for the people, but the
bondholder,-who has already re-
ceived as much in gold for bis bonds
as they originally cost him, and who
pays no taxes on his bonds-must
have gold for-his bonds. Now, VIC
fail to seothc justice of this proposi-
tiou, We think it is rank injustice to
the laboring, tax-paying millions of
this country and rather than submit
to1it we are in favor of the people
wiping out the entire debt by refas-
ing to pay il, at all, aOh! but" says
one, rolling up'his eyes in holy her-
ror, ''this is population 1t is terri
BILE What will become of our ma
tional honor ?'' Let tho national hon
or take care of itself. National honor
will not suffer. We doubt if there is
a nation on the globe that has not, at
some tine or another in the worlds
history, repudiated some part of its
national indebtedness. France has !;
so has England $50 has Spain /;
so has most of the Gernianic States.
So did the United States in the mat
ter of the debt incurred in the Revo-
lutionary War. Yet these nations
are all fiourishing to-day, and it is
hard to convince many that they did
lrepudiate any of their public indebt-
Iedness. Reputation will not injure
the United States but the payment
of the immense public debt will
The fact is, the public debt of this
nation cannot be paid;-it is impossi-
bic to pay it, and that is one grand
reason why we favor repudiation.-
The debt of England is not larger
than ours. Her taxable property is
double that of ours i; yet no English
statesman believes or holds that the
public debt of England can ever be
cancelled. They don't try to pay it
they don't intend TO pay 1t; all they
do is to pay n very low rate of inter
est on it. If England, with her vast
and increasing resources, with her
$40, 900, 900, 900 worth oftaxable prop
erty, can never pay her debt, and
makes no effort to do so, how can the
q. States, with taxable property
amounting to not more than $I6, ,0o0,-
600, 900, and with population not so
large as that Of Great Britain by
about one-half,-pay their public
debt? We would like for some one
to answer that question.
The Constitution of the United
States provides that Congress may
pass a bankrupt law; and hence
Congress- in accordance with this
provision, has at various times IN
the history of our Government, passed
Bankrupt Law, and these laws, Of
course, were approved by those who
occupied the Presidential chair when
they were passed. We believe Gen
Jackson signed one bankrupt law
and we know Van Buren, did. Now
what is bankrupt law? 1t is Law
providing that where an individual
becomes so deeply in debt that he
can't pay his debts, he may be dis
charged from his indebtedness, and
begin life again. In other words, il
is individual reputation, and Con
gress and the Constitution Of the L
States, each and all unite in saying il
is just and righteous law Well
now, if it is right for an individual tc
repudiate his Indebtedness when 1t il
impossible for him to cancel it, why
is it not right for nation to rcpudi
ate its Indebtedness when it is clear
Iiy impossible for it to pay it? Wher'
is the difference There is none il
lprinciplc, for a nation is nothing NOR
nor less than an aggregation of indi
viduals. IF it is right for individ
uaIs to repudiate when they canno
pay, it is equally just and right for
nation to repudiatc when it is impos
sible to cancel its Indebtedness.
REPUTATION That's the wore
that will yet be the battle-cry of mil
lions of tax-ridden laborers. Roll OF
the ball.