Year: 1867

tlie Tendency 90 Repudiate A.


From the New York Citizen. 9th.


WASHINGTON, March 6.--.. "Ans


now, apart from the directly political,
continued the President, what is tile mair


issue looming up in the immediate future


What issue is clearly foreshadoBed to bs
the AarOn's rod which must swallow up all
minor questions? II is the great financial
ISSUE the issueof the national debt whether
1t shall be paid or repudiated? This issue
has fbres extending into the pocket o.
every citizen, for wherever man has 0
dollar, the government is now compelled
to 60 for its portion Of his substance and
with the vast machinery under its control,
the money is fetched.


There were four millions OF slaves In the
Southern States before the rebellion, repre-
senting a capital of three, or possibly four
billions Of dollars but LET US call it three
billions, or three thousand millions, as you
may please. These slaves represented that
amount Of property, men put their savings
into purchasing or raising them, and they
represented as property whatever were the
surplus profits Of their labor, after due al
lowance for food, clothing, medicine, and
interest on the capital invested.





On this property in slaves gradually
grew up that slave oligarchy or aTistocracy,
against whichthe leaders of the anti-slayery
party so successfully thundered during the
twelve years preceding the rebellion; and
after the first mad plunge into rebellion the
fate Of that sristOcraey was sealed II is
now thing Of the past With its virtues
for il had virtues, courage, and hospitality
eminently- and with its crimes Of pride
and lawless revolution, il has entered into
history, and is a thing of the past.


Bot what do we now find? The aris.
tocracy based on three thousand millions
Of property in slaves south Of Mason and
DiXon's line has disappeared but an aris-
tocracy, based on over two thousand five
hundred millions Of national securities,
has arisen in the Northern States 10 as
sumo that political control which the con-
sOlidation of great financial with political
interests formerly gave to the slave
ohgarchy Of the lately Rebel States. The
aristoeracy based on negro property dis
appears at the Southern end of the line.
but only to reappear in an oligarchy Of
bonds and national securities in the States
which suppressed the rebellion.


We have all read history, and is il not
certain that Of all aristocracies, that Of
mere wealth is the most odious, rapacious,
and tyrannical 1t goes for the last dollar
the poor and helpless have got; and with
such a vast machine as this government
under its control that dollarwill be fetched.
1t is an aristocracy that can see in the peo-
pie only prey for exlortion 1t has no
political or military relations with them,
such as the old feudal system created be
tween liege lord and vas8al; it has no init
mate social and domestic ties, and no such
strong bond Of selEinterest with the people
as existed of necessity between the extinct
shareholders Of our country and their slaves.
To an aristocracy existing on the annual
interest Of a national debt, the people are
only of value in proportion TO their docilitv
and power of patiently bleeding golden
blood underthe tax -gatherer's thumb screw.


To the people the national debt is
thing OF debt, TO be paid but to the aris-
tocracy Of bonds and national securities. il
is property of more than two thousand
five hundred millions, from which a reve-
nne of one hundred and eighty millions a
year is 10 be received into their pockets.
So we now find that an aristocracy of the
South, based on three thousand millions Of
dollars in negroes-who were productive
class-has disappeared and their place in
political control Of the country is assumed
by an aristocracy based on nearly three
thousand millions of national debt-a
thing which is not producing anything,
bat which goes on steadily every year, and
mnst go on for all time until the debt is
paid, absorbing and taxing at the rate of
six or seven per cent a year for every lmn-
dred-dollar bond that is represented in its
aggregation.


Now, / am not speaking of this to do
anything but deprecate the fearful issue
which the madness OF partisan hatred and
the blindness of our new national debt aris-
tocracy to their own true interests is fast
forcing upon the country. But is il not
clear that the people, who have 10 pay one
hundred and eighty millions Of dollars A
year 10 this consolidated moneyed oil
garchy, must, sooner or later, commence
asking each other, 'Howmuch was actually
loaned to our government during the civil
war by these bondholders, who now claim
that we owe them nearly three thousand
millions Of doilars% You know what the
popular answer must bel do not saw the
right answer: Less than half the amount
they claim, for gold ranged al an average
OF one hundred premium while this debt
was being incurred


Just think OF the annual tax of one
hundred and eighty millions for payment
Of interest on our national debt This
government We have, with its enormous
machinery, is pretty hefty business in it.
self, costing more per eapiia to the people
than the government of England, which
We always heretofore regarded as the most
taNdevouring on earth. But over and be-
yOnd the expenses of this government pro-
per, as il should stand in the scale of peace
at about sixty millions a year, we have. i'm
the one hundred and eighty millions of in
terest paid yearly on our national debt.
enough 20 support three such governments
as this, with all their vas. machinery and
disbursements We have not only, under
the present system, one government for the
people 10 support but, over and beyond
this, we have 10 raise, by taxation from the
people, sufficient 10 support three similar
establishments every veari


"All property Il based upon and can only
be sustained by law; and il Is Cor a return
10 law and the guide of fixed constitutional
~ NAlsANo AiaeA ahN MuoAt course mas been
oontendlng. But so short-siehted il the
aristocracy Of bonds and paper currency
this Plutocracy OF the national debt-that
my efforts in behalf Of their true interests
(Which are certainly involved in the main
tenance of law and the constitution have
been everywhere encountered, and almost
everywhere overwhelmed by the prepon.
deraling influence which they have &c
quired from the natural force Of capital
and the agency Of our national banks.


And what has been The course Of that
Congress which has Just ended. and which
this blind aristocracy Of national debt sus-
tanned in overriding my efforts for a return
70 sound principles ofinternal government 2
Look at the bin giving from four hundred
and eighty to six hundred millions Of dol
iars-nominally for back bounty, or az an
equalization Of 5ounties to the soldiers, bat
really, as all intelligent men must be
aware, TO be parcelled out az prey among
tee bounty sharks and claim agents, who
are The most reckless and claHorous adhe- i
lSi's =, l OF The dominant majority in Congress.
ihen ioo6 at appropriations amounting to
"io'her hundred millions for internal im-
pFovemeni7, which should properly be left
TO the laws governing private industry ana
lhe progress % our national development