Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1886-06-29
THE CONFEDERATE DEBT.

The President continues TO veto Inc DIS
to pension Union soldiers, and the House
committee on war claims has still under
consideration the bill to aid in the payment
of the Con feierato debt. Judge William
Fullerton to-day submitted to the House
committee on war claims brief on tie bill
low pending before that committee, which,
he claims, would aid in securing the pay
ment OF the Confederate debt. The brief is
81 short ore Some of its main propositions
are these: It is not claimed that the United
States became liable for the Confederate
debt, either as contracting party or be-
cause it had any agency in creating it. The
seeded States, however, severally possessed
mower TO contract debts independently OF
the United States and to provide the means
for paying them. What the States Of the
Union could individually lawfully do any
number cfihem combined may also do, and
become Jointly and severally liable for their
obligations. No want of power TO contract
& Joint liability by The Confederate States
can, therefore, be urged against the validity
Of the Confederate bonds or the liability of
the States that Issued them. Nor does their
liability TO pay such bonds depend upon
whether they were in or out of the Union
when they were made, nor whether they
possessed tho right or the power to secede
from the Union. If in the Union, notwith-
standing the attempted secession, then their
original powers under the federal constitu-
ton were in full force; and, if out of il then
they were q separate Conlederacy, with all
the attributes of an independent contracting
power. After the war; the States which had
seeded returned TO their allegiance. The
money which they had borrowed had been
used for purposes which they approved.
Between the holders Of the Confederate
debt and the states creating it there existed
q binding obligation with which no third
rarity could interfere, much less discharge.
Notwithstanding this, the Uuited States, by
an exercise of arbitrary power, in the con.
stitutional amendment, provided that Meth
or the United States shall assume nor pay
any debt incurred in aid of instruction or
rebellion against the United States, but all
such debts, obligations, and claims shall be
illegal and void This prohibitory consti-
tutiopal clause, SO far as it restrained the
United States from assuming or paying a
debt created for its destruction, was wise
one. But in declaring at the same time that
the Confederate States which had created it
should not pay their just and acknowledged
liability, the government not oply acted un-
wisely, but committed stupendous blunder.
1t not only relieved the guilty party from a
Just liability, but it was wanton destruc-
ton of q debt it did not own and with which
it had no righttul concern. The only rea-
sons that can be assigned for passing this
amendment to the constitution are without
any force whatever when urged in behalf of
| the United States. The Confederate States
neither asked for nor were entitled to ex-
emption from their liability to pay it, 1t
| follows that the effect Of this amendment to
the constitution was, first, to extinguish the
Confederate debt, and secondly, at the same
time, and as consequence, to create new
liability for damages against the United
States, measured by the value of the prop
erty so wrongfully destroyed. The liability
here asserted, therefore, is not for the Con-
federate debt, but for the damages inflicted
upon the holders oft for its extnguishment.
--TEashington dispatch 10 the Boston Journal.