The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1870-02-04

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itors of our Government, before giving
somo reasons for tho faith that is in
mo that repudiation is right and is tho
only course by which tho people can
isaye thoir liberties and preserve their
country and FREQ Government.
! One OF the Grecian States, Lace
Idmmon, squarely repudiated all It's OBJ
LEGATIONS, public and private, soon nf-
ter Lycurgus returned from Crete and
tho Ionian isles. On page 25 of Hal
lnm's Constitutional History of Eng
land, and also in Burnett on the same
subject, we find that during tho reign
Iof Henry VIII the Parliament "freoly,
literally, and absolutely granted him
oil and every sum or sums Of money
which were due by him on any end
every promise, bonds, or obligation Of
every kind and nature whatsoever. Z"
Hallom quotes Burnett, and says:
"This act gave great ofcnuo, for sCInO had made
Wills embracing theFe bonds, others had pledged
thCm for their debts but there was no remedy"
The same author tells us that about
twenty years afterward Parliament
passed an act of q most extraordinary
character, which provided that tho
king, or as we would probably say the
Government, should be discarded
from oil tho debts contracted by loan
or otherwise subsequent to a given
date; and that IL nc had already paid
any of those debts "the party or his
heirs should repay his Majesty" (Hal-
lam, page 49, When Charles IL closed
the exchequcr of England he repudi-
atcd the public debts to the amount OF
lS14 900 900, which in those days was
quite large sum. Allow me to re-
mark IN passing that out OF this origi-
mated the present enormous debt of
Great Britain; for subsequently tho
matter was compromised, and the
Government recognized the sum Of
about three millions three hundred
and twenty thousand dollnrs-in Eng
lish money it was EGG4, ,226. As be-
fore remarked, this triaing sum was
the origin of England's debt to-day.
i The debtwas not started by repudia-
ton butby compromise, by funding, by
10 sharp business arrangement such as
is now proposed hero. That Govern
ment, as well as nearly if not quite
every European nation, has rcpudiated
by dcpreciating their currency. Our
own silver coin Is not so pure as was
tho old tSpanish milled dollar" The
Hapsbnrgs Of Austria never kept any
promise, whether made in regard to
money or anything else. In America
Massachusetts was the first of tho old
Colonies to lead OF IN reputation, to
Irepudiatc her public debt; now her
citizens arc most clamorous for the
payment in gold Of tho bonded debt,
because they possess very large pro-
portion of those bonds. In the year
1749, one hundred and twenty years
ago, she paid off her public debt with
twelve cents on the hundred. Her
public debt was CO, 200 900, or about
eleven million dollars; yet she COM
Ipellcd her creditors b receive less
than one-eight that sum in full salts
faction of the debt for which "the
faith of the Colony was pledged" (See
Gouge, quoted BY Morgan, page 81.
About tho year 1870, or not long af-
ter the revolutionary war, the State Of
Virginia retired" her paper-money
issues by funding them at the rate of
one dollar for each 81 900. (Hildreth,
I'd series, vol. /, page ILL., From
Blackwood's Magazine of December,
1S49, an English work, Ne learn that
about the year 1924 there had been
immense sums of money invested In
what were called foreign loans; sever
al Spanish-American loans; loans To-
the Central American Governments,
loans to Spain, Greece and Portugal; !;
all of which Governments repudiatcd,
the last three particularly so.
France has repudiated many times.
Brisson mentions five national bank
ruptcies In that country, which are al
luded to In tho Bankers Magazine for
February, 1847. There have been
some fourteen of them. The issues Of
assiglaGts, which were o national paper
currency, amounted at one time du-
ring the French revolution to over
forty-fiye thousand million francs, or
about .nine thousand million dollars;
yet they became SO low in value as one
half Of one per cont. Of their nominal
value, and finally totally worthless. A
small portion of them were redeemed
with what were called "mandats" at
the rate of thirty-eight to one. These
were also a national currency, and they
also were repudiated.
But when in December last the hon.
orable gentleman from Pennsylvania
/ (Mr. Broomall) introduced his resolu-
ton against every form and degree
of Reputation" J" and while it was un-
der discussion, some champion of the
bondholders on this floor made the
/ broad assertion that this Government
never had repudiated its obligations or
refused to pay them in full, and never
would. The history of the past con-
tradicts his assertion, and the action
of the future will contradict his proph-
ecy. To show how ittle the honorable
gentleman knew about the subject it is
only necessary to mention O few in
stances in the history of this country.
Allow me to quote from the pen of a
vigorous writer ON this subject, Isaac
Butts, Esq, of Rochester, New York,
who has published a pamphlet in fa-
vor of Reputation which displays great
ability and research. He says: "Nev-
er perhaps was the public faith more
Isolemnly pledged to public creditors
than in the case of our continental
money; and certainly no obligation
was ever more effectually repudiated.
i When that money showed signs of
i depreciation it was rumored that it
would be allowed to die in the hands
Iof t,he holders. RlIt Conorasa Ia