The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-05-30
80. nlow-Mr. Johnson Repuo1'
Ano'i'A alton.

=
Ano' alton.
- /. generally conceded sha' fRA'a
p.,,,,s celebrated revolutionary iet'ef %
1879 followed as It's publication was .. a Va
nomination for the fice-PreSdency' -"
the defeat Of the Democratsin the presluen
.;a, election Of that year. That lc'.c' :"
last contributed to their defeat ~ &c H
ooncedea--to descend from great '',,o.
80 small Statc-that Connrctcu' ""S ,"s
=, tho democrats at the last elcc''on III '"".
S,,.o IN consequence Of kuktnN s'of'es
, a,., ;mnrudent and unhappiy- phrasea
800, made nv MIR. DAVIS directly aie1
~. ros,,t If the last election in New lamp
W. ,,.s announced. words are
things" MoRroS's fiery, furious 'u 1S'0!s
mon position which the Democrats anu
not occupy. bu, which no asserted tna.
they occupied, has resulted III showing ''ia'
49, nsmorr,ts stand forth in broad, open
main. ready to do battle in the face oil the
world. MORTON marred his own piahs.-
He spoke too soon.
A.nssw JouSsoN's speech at knoNVilie
last Saturday, is calculated TO damage 'he
Democratic party in the north, unless
promptly repudiated by the Democratic
nress. II gives voice to his own, ana only
to his own, views yet unrrlneipied part!
hacks will attempt to make 1t appear 'ha'
he speaks in the name OF the oelnocr"t'e
marty. or at least of the southern people.
This we deny. We are Us much oppoSeu
to the reputation of the national deo' ~
ANYBODY in the country, and we nave re-
neatedly given in this journal the reasons
for such opposition, and we have hcEefse
seen the southern man who objected 10 our
position on this question.
MIR. JOHNSON is q true Bourbon. tie NJ
least "forgcts nothing" In MS i'st an
nual message to Congress lie set iorth the
identical plan for disposing OF the national
debt which he again brought before t1e
public in his speech at knoxville last satur'
day. And a very absurd plan 1t is. Ii Is,
in fact. that the national debt shall tie re-
undated or, to state the proposition dli'
ferently, it is to let the public debt stand aS
il is tor sixteen years and eight months,
and nav the interest upon 1t punctually.
At the end of that time sum equl'alent
to the principal will have been paid in the
shape of interest. Then MIR. JOHNSON pro-
noses that Congress shall cease paying the
interest and declare that the principal has
been paid. a man must he exceedingly
stupid who does not perceive that tins
would be downright reputation. +.
Now. when 4 nation circumStanccd AZ
ours is can make money by rcpudlating lls
national debt, the individuals composing Il
will be able to lf! themselves from the
ground by the seats Of their brecches.
Every national bank in the country de-
bends for solvency. and all OF the currency
for value, upon the public debt. To repu-
date it would be to lose more tian we
could possibly gam. An individual may
defraud his creditors, and, repuClatinS bis
debts, make money by the operation; for
no paper except his own would be damaged
by his act Of bad faith. 1t is possible that
even the State of Virginia, or any other
single State, might make money by repu-
dating its public debt, seeing that 1t would
be able to collect its taxes IN the sound m.
tienal currency OF the country, and would
lose nothing but its credit Ito lose which
would be a great blessing to many State).
But if the Federal Government were to re-
pudiate its debt commercial chaos would
"come again." Grccnbacks and national
currency would be worthless. Gold and
silver would be northumberland is, In
sufficient quantities to do the business OF
the country. The banks would break, and
with them tens of thousands of the best
men in the country. Business Of every sort
would be paralyzed. -.. .
If the national debt were apportioned
among the cities, towns, and counties of
the country according TO population, Rich
mond's share Of it would be about three
millions Of dollars; and if the Government
were to repudiate the debt, Richmond
would spso .facto lose in her business alone
at least that much, whilst her property
would at once dcpreciate by at least dou-
bic that sum. And similar results would
follow everywhere else. What folly, then,
to talk about reputation. Why, it is
"the very madness of the moon "-lunacy,
indeed.
MIR. JOHNSON says the American rcvclu-
tionary debt was repudiated. That act of re-
pudiation was one of necessity not OF
choice. The so-called money, or notes,
were so rudely printed and issued in such
shape that there was no possibility OF
identifying them. The Government could
as easily have redeemed the leaves Of the
forest, the notes being executed in style
inferior to that of q constable's warrant Of
the present day.
The Democratic party claims to under
stand financial questions better than do the
Republicans. 1t will, therefore, as mat
ter Of business, leaving patriotism out of
the question, scout all such ideas as those
advanced by Mr.. JOHNSON. We have no
fears that that party is possessed OF any
such silly notions. 1t will adopt next year
q platform in which this subject will be
treated as it deserves to be. 10 the mcGn
time, it were we'll if it could silence such
men as Mr.. JOHNSON, whose utterances are
calculated to do "evil, and only eyil.'
-
DuyJ, oP WoRDs Ro|eioh T,J,