Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1873-09-23
THE SOUTHERN DEBT.

THE SOUTHERN DEBT.
1t Is asserted by some Of our leading
journals that an effort will be made In
Congress next Winter to pass q law by
which the debts Of the Southern States
shall be assumed, or. In other words,
guaranteed by the United States Gov
eminent. Recent published letters Of
Gen. Butler to the Governors Of sew
eral Southern States give plausibillty
to this statement. In fact 1t Is we'll
known that there exists an organiza-
ton among the carpet bag politicians
who have combined to produce this
immense debt with which the South Is
now burdened-looking to this end.
The measure will have the support Of
every imported Senator and Congress-
man who, born In the North, has since
the wal hailed from the South, and
who through the illiterate and unprin-
cipled vote OF a degraded constituency
has been sent to Congress to make
laws and vote subsidies for monstrous
combinations Of swlndlers and specu-
lators. It will in fact DO urged by
nearly every Representative from the
lately seeded States. It will also be
seconded BY the most powerful and
INSCRIPTIONS lobby which ever cap
tured the National Capital, and the
votes Of back pay grabbers which, In
view Of the passage Of that Act, arc
presumably for sale, will DO bought
with avidity. Ben Butler will be the
Cakes Ames OF the new scheme, only
unlike o. A., no won't confess after
ward. He never does.
Seriously, this is a moss important
matter. II there Is such an effort >
be made land there Is good reason for
so belicyingl the job contained therein
IL Of magnificent proportions, and the
peril correspondlnSly great. The
united debts Of the Southern States to-
day will not fall short Of 81, 900, 900. 900.
In fact 1t Is impossible to give figures,
so many wildcat railroad bonds have
been guaranteed by the different State
Governments, of which there Is abso-
lutely no definite record. The bonds
OF these States are selling all the way
from five cents a pound to finy cents
on the dollar. Should the United
States assume this debt by guar
anteeing the interest upon and
payment Of the honda at maturity
they would be equal to those OF the
United States now floated. Some of
them bearing higher rates of interest
would be proportionally higher. or
course with the addition Of this amount
to our debt, which 1t would actually
be, u bonds would somewhat depre-
ciate; but the jump FROM 10 cents on
the dollar to par or nearly so. which
would occur should the law requiring
the United States to guarantee these
bonds be passed. would DO a greater
temptation to spectators, and offer n
greater reward for villainy than the
Credit Mobllier In Its palmlest days.
There Is danger that tho project will
be pushed next winter; danger that
the greed Of legislators will prevail
over their promises and convictions Of
duty. And the danger does not alto
gether lie in the fact tina, a few prom
inent and INSCRIPTIONS men arc
scheming for it, passage. 1t exists
In the mental and moral u~nfitness Of
Of our National Legislature. It Is a
sad commentary OH the situation OF our
Government and the dangers OF Dem
ocracy that n project such as this
should come up tor discussion that
men capable of Advocating such a
measure can be found In official life,
and more, far more. that the history
Of the acts Of the National Congress
during the past few years Is not such
as to justify such a childllkc faith or
honest confidence In It's integrity As
would render an attempt to purchase
Its approval Of a swindle like the one
under discussion impracticable or Its
success improbable. For a scheme
like this millions could be paid out,
and, "a the Credit Mobiller investiga-
ton proved, a little judicious bribery
Is potent in Congress. Ben. Butler
also, Is we'll informed how to put mon-
ey where It will do the most good"
The scheme IL not new, IL doubtless Is
being secretly pushed and will BE-
carefully preached next winter. 1t
wouldn't surprise US to sec it we'll sup
ported in Congress. In fact nothing
that Congress can do would startle us
unless 1t should be to pass some hon.
est bill In which there was no "job,"
or repeal the "grab act"
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