The Elk County advocate. [volume] (Ridgway, Pa.) 1868-1883, 1877-09-27
From the Pittsburgh Telegraph.
Dangers of RepudiatlOn.


The question Of reputation is not Just at
present agitated in any State but the very
fact that in some States open and shameless
reputation has become an established fact
which cannot be recalled, has set men to
thinking and both the Northern and South
ern press are agitating the question quite
vigorously. A correspondent of the New
York NATION offers to head q subscription
list for a fund to keep up an advertisement of
"the black list of reputation" Its object is
to publish and keep standing list of all the
cities, counties and States that have repu-
dated their obligations, in order that repu-
diation may be made not merely disreputa-
BILE but financially Improbable; in order
that it may be more difficult for such cities
and counties to negotiate loans thereafter;
and to warn investors of their danger. This
may not be the best plan to adopt, but surely
some method should be adopted to make this
crime not only detested as immoral but un-
profitable. 1t has not proven enough for the
country to cry shame against a State whose
legislators have defrauded helpless creditors.
Shame has but little effect when O mans
pocket is involved; still less in the case of q
State, county or municipality, where no one
person is responsible for the acts committed.
If the tide of reputation is to be stopped it
must be made Improbable. Those who have
the power to make and amend laws must be
made to feel that the business world will not
brook such injustice, that il will not pay,
however great the temporary gain, Mime
sofa swindled Cleveland capitalist out of
three millions, after he had offered to accept
thirty-three and a third per cent. Georgia
''scaled" her whole railroad debt, and was so
afraid that there might be some slip about it
Assembly, but grated it into their Constitu-
tion. Virginia is on the ragged edge, and if
she is saved from disgrace it will only be
through the magic influences of the Bell
punch-if that fails, Virginia, too, is lost
The plea that they all offer is thai the bonds
which they have or wish to repudiate were
either illegal or else foisted upon powerless
people by corruption and bribery, thus COM
peling people to pay when there has been
no value received. This is an argument used
too, by large number of National repuda-
tors who would pay the National debt in as
cheap currency as creditors can be made to
accept, or not at all, if the nation can gain in
the end by so doing. No one knows how
soon this same spirit may take possession o f
any or all our large cities and counties which
are heavily burdened. The evil seems far off
now, like the grasshopper plague or the yell
low fever, but it may attack the very CEN
tiers of our commerce at any moment. Pitts
burgh has had one score already, and another
would not be entirely unexpected. Doubt
less the temptation is great. and in thes e
hard times a numerical majority of almost
any city would think any plan to decrease
tine taxes not only justifiabe but feasible
Take New York, for instance now loaded
with debt Of about S12OOO 600 which is an in
Such heavy taxation is necessary to keep
down the interest on this debt as greatly to
impair the value of real estate. and by SYM
pathy every other kind of property. The
wages of labor, the salaries of clerks, the
earnings of workshops and the profits of COM
merce are all reduced in consequence of this
debt. Add to this the fact that the debt was
largely created by the most gigantic ring
swindles, and that the people never got the
benefit of the moneys they are now called
upon to pay back, and it will be seen that
here is material for a reputation movement
in New York city which at any moment
might become very embarrassing to the in
terests of the city,
In the South, the bulwark of reputation is
the ignorant negro VOTE In the North the
tramp and strike element are ready to take
the same position, and numerically they are
not less formidable than the Freedmen
What Is to be done. Ifit is distinctly under
stood before hand that in any given case re-
pudiation will not pay, there will be no repu-
dlation, but for any community to learn this
fact by experience, much suffering, incon-
venience and disgrace as well as wrong to
creditors will ensue. The matter lies largely
with the capitalists. In some tangible way
they should let it be known that reputation
In any from will not be tolerated and the
sooner it is done the better.