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

The Confederate Dobt.
The position taken by the Imperialist in
favor Of payment Of the Confederate war
debt, merits more than passing notice, 60
significant sign is II Of the lengths to
which the United States bondhofders are
willing to 90 in order to avoid the adoption
by the South Of the Western policy Of general
reputation. The Imperialist, as is well
known, advocates the erection Of an impe-
rial or autooratio form Of government, as
tho only means Of securing the liberties Of
the people, and Of insuriag Q fnlflment Of
the financial obligations Of the United
States. Republican institutions it declares
to be failure; and whether the Imperial
ist has for its sole object the protection of
the privileged classes, or whether it is gov
erned by desire to relieve the people from
the corruption and chiosnery which rot the
country to the core, its arguments, are
worthy Of serious consideration.
In regard to the Southern or Confederate
debt, it says:
"In an article in late number OF the Impe-
rialist We mentioned as one Of the possibili-
ties Of imperial action. the assumption Of some
portion Of the Southern war debt. The idea
has called forth 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 suggestion; but we are
becoming somewhat accustomed to hatred and
abuse, and must decline returning any portion
of either. We refuse to abuse anybody, and
reserve our haired for wrong and dishonesty.
'.It would be difficult to.say in precisely wh at
manner it would be possible to arrive at a just
and equitable scale by which to determine e1.
actly what and how much Of the Southern war
debt, held as it now is, may be considered
debt Of honor by those for whose purpo ses it
was originally contracted. A good deal Of it
is still in the hands of its first holders, and 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 cannet for
q moment recede from our proposition that all
debts contracted for ani by any people are
binding and sacred until .equitably iquida ted.
1--WE challenge any man to dispute the cor
rectness of this proposition. II We are told
that all the loans in question were made con-
tipgent upon the duration OF the Confederate
Government, aud that they were fairly forfeit
ed by its downfall, how shall we consistently
claim the payment OF the bonds Of tie 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 fallacious pretence
that the mythical entity entitled "Govern-
ment" is the party which incurs such obliga-
tions as these. What is Government" that
men should lend to it or borrow OF it2 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 if they
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 cheaply
be paid than repudisted. At oil events the pay
ment Of that debt would be such an example Of
shining integrity to all future time that this
generation would be well remunerated for the
temporary sacrifice by the transcendent glory
Of their honorable action"
II the payment Of the 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 Confederacy, 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 tax 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 clear. The South
had rather pay the Confederate debt than
the Federal debt. For the debt of the u
ted States we are net responsible in honor
or in law. For the debt of the Confederate
States We are undoubtedly responsible.
That debt was contracted for our benefit, to
carry on the desperate struggle for freedom
Fortunately the debt is chiefly due to our
selves, aud if it be not paid the South, and
not Europe, will be the sufferer. As we have
said, the South would rather pay the Con.
federate debt than the Foieral debt; and
Imperialism cannot expect to make many
converts in the South 30 long as its cardi'
nal principle is the prompt payment Of g
debt which is the fruit Of q war of conquest,
the blood money paid for Staying our breth'
rem, the price set upon dcsolated fields and
ruined homes, the fruit OF eight years Of
fraud, chicanery an wrong. Ofthis we viii
pay all that we are ioroei 10 pay, and moi
one farthiug more.
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