Year: 1867

LIS pIopUelIou uhuS py SOME Oi tub papers III re-
ference to repudating the National debt, seems to
have found endorsement by the leading politicians
South, and encouragement by sympathizers North,
Prominent orators and party trimmers, such as In
gersoll, vallandigham, Wall. Price, Burr, English


failure in subdung the rebelious people of the South
this Government ought TO assume the responsibility
OF paying their debt else equalze the matter and
repudiate own In either case this proposition
is intended to impose direct insult and injury on
the loyal people who sustained the Government IN
all its financial struggles. Men who had unshaken
confidence in the national credit contributed their
hfties, their hundreds and their thousands of dol
lars moneys, in majority of instances. which had
been gathered together little by little and year after
year, by the hard working mechanic and aboring
man. For this money he holds bond the pledge
the good faith and integrity of the Cover nment.


But, this pledge and integrity the proposition of
pudiation AT once impars and Injuries by throwing
suspicious and doubt over the ability of the Govern
ment to pay. The excuse set up BY these dangerous
politicians is, the increase Of taxation, and the un
business Of the Both of these excuses hay We no
foundation in fact, and are exceedingly mischievous


in their tendencies. Let examine into the matter
little and In the first pace, these regulators
fud fault because these Government obligations are
exempt from taxation, and are therefore unlawful
But, we answer, why should they not be exempt ?
The individuals holding them could have received
from ten 10 twelve per cent interest for their money
in almost any other way but in order to help their
country in hour of distressing financial embarrass-
ment, they freely loaned it their available funds
For this accommodation the Government pledged


Its faith that the bonds given as indemnity should be
exempt from the payment of taxes thereon while at
Ihn .olIo


allowed the holder Is there anything unfair in
thatg Again; is there anything incompatible with
the true intent and meaning of the Constitutions for
Congress to levy direct taxation on the business
and incomes the people, for the purpose of obtain
ing means to iquidate the country's Indebtedness
No reasonable and intelligent loyal citizen will say
that there is. Every man who has enoyed or who
expects to enjoy, the blessings of our institutions.
should be made to bear portion of the honor-for
such it is paying the debt incurred by the war


This they are willing to do to the fullest extent of
their ablllty-and they will do it without grumbllng
But what would be the consequences were the rebel
debt and our own equalizedy The burthens of taxa.
ton Which we now bear uunurmuringly would then
oe absolutely oppressive and ruinous. Instead OF
$2,0OO 100000 of Indebtedness we would be compell-
ed to pay 81 0o0000O0o; instead of our present nom
inal tax, the rate would be doubled On the othe,
hand, if our national debt should be repudiated ali


the obligations Of the Government would become at
once worthless far less in value than the Continental
money of revolutionary notoriety The rich man
might be able TO survive the shock, but the poor


laborng, toiiworn citizen would be utterly ruined


bankrupt, and helpless Homeless pennilsss. with.
out employment without friends to assist him in his
piable condition, he would become sort of Ishma.
elte even in the very country his patriotism defend
ed, and his scanty means contributed to save The
noble objects for which his means were freely given
would lie around him in complete wrecks, made SO
by worse fanaticism than that ever entertained or
proclaimed by Birney Garrison. There would be
no security for anything, and unrestrained lawless
ness would stalk rampantly everywhere Industry
and enterprise would be compelled to seek for active
employment in other countries; manufacturing es


adjustments would cease operations, a general par.
alization would prevail! No language can picture
half the distress that will result should such con-
dition of things prevail Nor are the arguments of


these repudiaors in reference to the uniustness OF
the war clothed with any greater force. The ATTEMPT
OF State to secede from the Union, is, in itself yir-
tual declaration OF war; and the moment it creates


standing army, except to repel invasion from for.
eign country, that moment the ACT OF TREASON
is committed. This was all done by South Carolina
when that State equipped her sodiery 10 resist the
laws of the United States mo State shall, without
the consent of Congress, lay any duty of tonnage.
KEEP TROOPS OR SHIPS OF IN TINE OF PEACE ENTER
INTO ANY AGREEMENT COMPACT WITH ANOTHER STATE
or with foreign power. ENGAGE IN WAR; UNLESS Ac
TUALLY INVADED, or in such imminent danger as will
not admit of delay.' This is the emphatic language
OF the Constitution. Who will say that South
Carolina, the leading State in the Rebellion,
was invaded, or likely to be invaded, or in imminent


Anrs19 Tt ~.


States asked them to peaceaby submit to the laws BUT
THEY REFUSED tis true the constitution forbade keep
ing troops or ships of war time of peace but thew
defianty disregarded the injunction. 1t is true the
same Constitution declared that they should
ter into any agreement or compact with another
State or engage in war, unless actually invaded" but
this mandatory provision was insultngly laid aslde
and the firing upon Sumpter was the signal and
commencement of hostillties. Here, then we have
declaration of war from State belonging to the
Union, not agains. "foreign power" as the Consti.
luton contemplates, but AGAINST UNION IrsELr!-
"No State shall enter into any treaty. alliance or con-
federation" is another peremptory constitutional
provision. And yet, South Carolina and the REBEL


ous States did so. No State shall grant letters o.


marque and reprsal;" yet every one of the seeded
States did so! Yes. they 9coined money.n emitted
bills OF credit paid bills of attainder ex post facto
laws, and impaired the obligation of contracts All


these they did, although strictly forbidden to do so
by the fundamental law of the country. Thus we
have shown that the first overt act of treason was
committed by South Carolina by taking up arms and
hiring upon the citizens and property of the United
States that that State formed alliances and confed
GRAFTON with other Saes the purpose of carrying
ON war with the General Government. Hence the
oNus OF the responsibility is upon the South. The
idea therefore, Of ASSUMING DEBT or of REpUD


ATING cur own, is proposition so monstrous in the
magnitude ofits injurious consequences that no 10y
al man can entertain it for moment Any party
that IS SO unwise as to make this idea a prominent
feature IN their platform hereafter may be sure of cer
tain defeat The tong who owns Govern.
ment security will scarcely be induced to vote for