The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1873-08-26

ern States, aud, il so.Tfs this the proper
way and time to do it? What will be the
effect in the future of any suoh preoe-
dent, and where, il the practice is once
begun, is II to stop? How will our cre-
dit abroad be Influenced by it? Finally,
it is to be considered whether, difficult
as the present financial condition of the
Southern States is, the remedy had not
better be left to tho slow but certain in
huence Of time, and the invincible cou-
rage and perseverance OF Americans.
rather than begin policy which, while
it might ploase the holders OF Southern
securities, would be contrary to oil pre-
cedent, and would inevitably prove mis-
chievous in the future. II aims must
be bestowed, had they not better take
the shape of direct gift than Of o dan
gerous precedent?
The New York Fimaucier, in discuss
ing tho Southern debt question, whilst
by no means favoring reputation, has
the frankness to say that "repudiation
of the real oarpet-bag debt is. at least,
as much question of what is good po-
licy as of moral obligation" It adds:
The talk of repudiation is inevitable;
tho thing itself, with ali its fatal conse-
Quences, is also inevitable, unless some
improvement takes place in the material
condition of the people. We have but
to put ourselves in their place aud make
their case our own, imagining that the
Northern instead OF the Southern States
had been desolated by the war, to see
that to discuss the open dishonoring of
O debt felt to have been imposed by
others for their own gain, and to be ali
but hopeless as to payment, is SO natu-
raj that it does not fairly imply any re-
proach upon the people. IL fact, the
States arc not paying, and for several
years have not been; they can see no
way OF relief, and meanwhile, their over
due interest is pitilossly compounding
before their eyes; it can be no wonder
that they raiso the question why they
should not wipe out the whole ut one
stroke, and clear the field for q new era
OF progress. In their place, We should
rnise the same question, and go would
any people that ever lived. The differ
ence between the existing case and that
of reputation, is the difference between
"oannot" and "will not" if this position
is sure to continue indefinitely, the diff
Obviously. there is only one possible
AAos0oA Va ASaICdAuS LILO uCbt Va Luc6c
States, and that is to divide it more; only
one possible method of paying it, and
that is to put under it more population
tho question; it is simply stating the
case. To the objection that this is as
suming great deal. there is no answer,
except that it is the only improvement
possible. And for this change, there are
Sosk of
being civil tranquility. Nothing is so
bad government is less feared by it than
structing" which has occupied the atten-
tion of politicians in Congress for oight
years, has proved inilure; the people
should have been left to govern them
selves. That mistaken course must DO
abandoned. There must be no moro
satrapy making; no more carpet -baggers
elected to The Senate for party purposes;
no more subjugation directed by the
party in power for that party's supre
macy. The extent to which these things
have been done in the past, it is needless
to discuss now, but if tho pcoplr Of the
Southern States cannot govern them
selves. the Federal Government cannot
govern them. Let them alone hereafter.
Capital and emigration will not trnst
them until permanent government seems
to be secured to them; TINT will not be
until local self government is secured.
Under the heading. "A Very Slight
Distinction, tue New York Tribune ed
itorially remarks:
The meaning OF the word repudinte is
to renounce, to put away, to have no.
thing to do with. We confess that we
can see little difference between the net
implied by the verb repudiate and the
conduct OF several Of the Southern States
with regard to their funded debts. They
DO not pay; they will not pay: il most
cases they cannot pay, aud for some
years they have not paid. We consider
it OF the slightest possible oonse quonce
whether or not tho people of North Ca
rolina intended tho adoption of a recent
amendment to their Constitution rs
declaration Of bankruptcy. 1t is suf1i.
clent to know that North Carolina has
not paid the interest on its debt for
yoars-probably cannot pay it, and Ger.
talnly makes no effort to pay il.
South Carolina is in moro disgrace.
ful condition than her neiehbor on tho
North. Her income is altogether insult
iicient to maintain the splendor OF car
pot-bag government, let alone tno vi,lpnr