The home journal. (Winchester, Tenn.) 1858-188?, 1874-11-05

an obligation Oh the nation i.5e!l, ana
consequently on all the future rulers
Of the society, When, Therefore, n
prince (or a legislature has the pow
cr to torn q contract in the name OF
tie State, he lays an obligation on all
his successors, aud these are not less
bound than himself " fulfill his ell
9agemcnts,'
Loans contracted for the service OF
the State, debts incurred in the ad
ministration Of public affairs, are con,
tracts in all the strictness Of law aad
obligatory on the State and whole ma
ton, which is indisppnsably bound to
discharge those debts. When once
they have been contracted by Lawful
authority, the right Of the creditor is
indcrcas iblc. Whether the money
borrowed has been turned to the adj
vantage Of the State or squ@0dercd in
foolish expenses, is no concern Of the
person who has lent il; he has in
trustcd the nation with his property,
and the nation is bound to restore it
to him again it is 50 much the worS
for her if she has committed the maf
agement Of her affairs to improIM
hands,
We have seen the marvellous tran
mutation of the Bald Eagle of
mountain into a mocking bird, Pm
claiming Ia syrcn tones the swectS
rcpGdi0tion, and %oroaking, |raycn-lI
tie hardslips Of paying our hotM
dohis, hut we can hardly believe, an
this great mar has been six year%
Congress and could devise no rein
bat, on the contrary, continually TN
claimed the praises Of the great
publican party for preserving the or
il and paying the debt Of the nlti%
that now, all at once, q revelation
flashed upon him, like the lighting
playing around the ragged edges
tie clouds, and that he is 10 become d
financial rcdcemcr.
We in uhe South cannot afford
favor reputation or endorse repud
alors. In the first place, 1t is not hoi
est. it is not right. In the second place
it is the sarest policy to secure or pd
Iitical and financial ruin. The Reput
!icaA party have tainted US with rd
quotation, and have made the mvnc.
powers of this country believe that wi
favored it, aud that their only hopl
vas in the Republican panty. And II
day, the only stronghold the RcputS
Iican party has is in the fear with whic8
they have inspired capitalists ofSoutI
crn regulators. Then you see til
every man who, directly, or indirectl
by impulation or inuGndo, conveys I'M
idea that the people of the South fav
Reputation, is contributing to the fuA
Their dcgredation of the South, and n
postponing the day when the viii
people Of the Southern States shall
perm tied TO enjoy the freedom
which they are entitled.
Fellow citizens, reputation is I'm
most expensive manner in which GehtN
can be paid, whether State, Fedora
municipal or individual. Do you knoN
how much it would cost to rcrudiata
the debt of the UAited States A yer
large portion Of our bonded debt II
held by subjects Of foreign nation7
bought directly from the anthorizeb
agents Of u government. Nattcl,
his Laws of Nations, declares one Of th
just causes Of war to be the recover
OF debts due from one State to the cilN
liens or subjects OF another, Suppos
that this policy of reputation be plE
into execution. How long would it
before the combined armies and navid#
of Europe would demand iudemnjt "
and even supposIng that w made II
successful defense, the expense OF ii w
war would exceed our present it@'
debtedness, and because our credit ha N
been destroyed. it would have TO b
betrayed by forced loans and confs8
cations ofproperty, Then you woul
Sc. taxation in earnest.
The French Intervention in Mexicds
was made for the purpose Of enforcing
the payment Of Mexican indebtedncssE
and although the expedition failed he 4
cause II govern rent was determined
TO elforce the Monroe doctrine. ye#
the war itcauseG made Mexico more4
expense than she would have incurreda
in paying her honest debts. 4