, 1873-09-01
DEBTS OF THE SOUTHERN STATES.

hAFAHk&SCH HA4CA !4Abk ASCAAt A1SA1 ~
DEBTS OF THE SOUTHERN STATES.
It appeara that tho proposition that tho Unit
cd States Government shal1 guarantee tho pay
mont Of the debts OF tho Southern States, which
was dismissed before the adjournment OF the
last Congress, ia 1lsoly to bo revived and brought
boforo tho noxt Congress. We cannot yot toll
what character tho next Congress will asHumc.
Its general conduct will bo largely determined
by the action taken In regard to tho
repeal Of tho ealary bill. II tho now
Congress- shall hayo tho eTroutery to
resist tho popular demand for the repeal Of
tliB odious measure, 1t will thon DO iu coudi-
ton to lston to tho most baro-facod and infa-
nous schemes that nlny 10 brought before 1t.
It will hRvo arraigned it's forces against tleforce
Of public opinion, and, having dono 30, it will 10
in no wise influenced or controlled by popular
protests. 4 rofusal to repeal tho salary-grab-
hing law will bo notice to au log-rollors and
lobbyists tint tho majority in Congress have no
regard .for tho sentiments Of their consttu-
onccs, and arc ready to enter upon any lcgisla-
ton that promises to pay. If 1t comes to this,
1t would not bo ut all surprising If the scheme
for tle guarantee Of Southern State bonds
should bo successful. There IL no doubt that,
once Btnrted, tho proposition would receive
tho support Of ono OF the most powerful
1obbies ever organized for the spo1iation
OF tho United States Treasury. There IL
money enough involved to warrant froo
expenditure Of funds, and tho advantages OF n
United StatoB guarantee would accrue to cortain
class Of capitalists who arc known to havo great
influence With tho present Administration. The
natural a]ioR of this lobby would include nearly
every momber Of Congress from the Southern
States, and certainly all those who represent
carpot-bag interests. Though the proposition is
30 palpably outrageous, thero is, for tho
reaaons no have Btatea, great danger
TINT 1t will bo aeriouBly entertained.
It is proper that tho people should bo fully
aware Of this danger, in order that they may
ward 1t OF, II their opinions arc to have any
woglt with tho next Congress.
Tho frat notable objection to tho scheme, aud
i. ona which ahoull be sufficient to defeat 1t, IL
that 1t would add about $500, ,D00 600 to the pros
ont NatioNa! doht, with tho Interest on TINT
amount for twanty ycara. Qua would say that
Congress daro not do anything Of this kind.
We aro not SO guro about 1t. The
last Congress practically added $40o000o0
croaso Of salaries amounting to S2000,000 D
year, which ia per cont on forty milliona. If
tho next Congress shall decide to follow in tho
footsteps Of its predecessor 1t will probably 60
further, and a $500, ,oso job would not look
larger to 1t than $40, 100000 job did to tho last
Congress, always concedlng that it pays. Tho
next roaeon why tho Bchome should bo defeated
is because 1t would not only add 5000, ,000,0 900
to tho debt, but TINT it would be n robbery
OF just that amount. No one supposeg
t hat tic Southern statcs would eyor pay their
debts or any part OF them aftor tho Unitod
Btatos assessed them. Otherwise there would
bo no such strenuous effort to socure tho guar
antoo. Tho payment OF theso dobts by tho
United statoa would DO robbery, because ~ a
largo proportion Of these bondH aro fraudulent,
aud noyor ought to bo paid by anybody, and (2)
thosc which arc Of bona Jido issue ought to DO
paid by the statos that issued tho1n, aud not by
| tho people OF tho whole country. who never
derived any advantage from tholr lssne,
! aud mover assumed any responsibility
for their payment. Tho final result OF tho guar
autee would DO a payment oil thcso Southern,
debts "a largo proportion of tho proceeds OF
which was atoleu outright) by tho peoplo Of tue
NORTH, for tho reaBou that tho Southern stato4
are paying nothing like thoir proportionato share
of tho general taxation. From this point Of yiew
tho Job will DO recognized IA one Of tho most
outrageous ever contemplated.
The Influence that will DO brought to boar up.
on Congress from tue North will coma from wha1
may 10 called d syndicate Of capitalists
who nogotiatod the bulk of tho Southern bonds
and who. at tho samo timo, hayo Figured promi-
neatly III noarly all the financial operations ol
the General Government Ihoso capitalists
| now hold tho bonds OF tho Southern BlateH
which arc in fow casos worth moro than 81
conts, aud q majority Of which range below till
figure down to q few cents OH tho dollar. Bomt
Of them, in fact. arc absolutely worthless, since
1t ia pretty certain that thoy wore ftauaulont),
issuod and will not DO paid at all. Thu