National Republican., 1876-02-29
REFupIATIoN AND IFS EFFECTS.

The Reputation Of the pledges of the
faith OF the Government given by one
Congress By its successor, in regard TO the
payment of obligations, is fraught with
incalculable evil. While such practice
prevails, or while its correctness is admit
ted, the credit of the country will neces-
sarilY be second or third Fate, as compared
with that of other nations who promptly
and sacredly acknowledge and redeem all
pledges of their faith made by any dc facto
Government. 1t is a fact that cannot be
denied that the only party in this country
which has ever declared for repudiation-
State or Nationals the Democratic
party. That this same party now seriously
contemplates repudiation of all national
obligations within its reach is fully demon
strated by its action on the currency ques-
ton; its action with reference to the sus-
pension of the sir, king fund, and its course
regarding the 3G5 guaranteed bonds of the
District. This policy is already bearing
legitimate fruit, as will be seen from the
appended extracts of q letter from an en-
inent New York banker to member of
Congress:
"a am, as you know, interested in the Dis
trict 3 .GJ bonds, and do think that the House
Of Representatives are pursuing course in
regard to them that is injuring the whole
credit of the Government.
"Suppose we assume, for the sake of argu-
ment, that these bonds were issued by the
Commissioners of the District to some extent
in violation of law, or in excess of the author
"a ,4n1 eosI
what theni
.sThe fact still remains that these bonds
were issued by authority OF Congress, and
that now said bonds are, to the amount of.
probably ten millions of dollars, in the hands
of investors, who have bought them solely
for the reason that on every bond is stated
the fact that they were issued ION the faith of
the Unitel States
at is plain that they were thus issued, and
the question is, shall the United States as
sumo the responsibility implied by the act un-
der which they were issued and expressed on
the bond itself!
''In all the debates on this subject that /
have read, no one has taken the ground that
the United States were not responsible, but
that this responsibility has been increased to
greater extent than was contemplated by Con-
gress. In other words, that the Commission
ers have exceeded their powers.
- What of it,, If Commissioners were ap-
pointed by the President, and confirmed by the
Senate OF the United States, and said Commis-
sioners have issued more bonds than they had
right to issue. is it therefore lust that inno
cent holders of these bonds should suffer?
1T is getting to be a pretty serious question
with some parties, (trust companies, executors
of estates and othcrs,) whether they are to
receive The interest on the bonds that they
have paid their money for in the interest of
widows and orphans, or whether the wise men
in Congress, who are supposed TO be the SER
wants of the people, shall pass laws, author
ize the issue of bonds, sell such bonds thus
issued to the people, and then grayely decide
that such bonds are issued in fraud, and that
no interest shall be paid on them.
"lf this latter is to be the case, for one, l
shall take great pleasure in advising all OF our
clients to invest their money no more in
United States bonds, but to sell what they
have OF such securities and reinvest in some
0nc-hQrse' or other railroad bonds, for one