Year: 1879




debts OF corrupt origin or doubtful validity
It proves that the South has not only repudi-
ate1 debts contracted under Republican gov
ernments, but debts which existed long
before there was Republican party at
the South, aud which were contracted
by Democratic governments. Debts old
and new, debts honest and dishonest,
debts large and small, debts burdensome
and insignificant, have alike fallen before the
spirit of reputation, as grain and weeds alike
20 down before the scythe OF the mower. Nor
can it be claimed that the burdens OF the re-
pudiating communities were really heavy.
Many Northern communities carry honorably
and without difficulty much larger debts, in
proportion to the assessed valuation OF prop
erty, and it must also be remembered that as
a rule the property at the South has been
dishonesty undervalued in assessment for rhe
purpose of robbing public creditors.


The exhibition would not be OF National I'M
portance, IL the instances OF reputation were
relatively few. The trouble is that they are
very numerous, so that the whole population
of the Solid South, whether in one state or
another, in city or country. seems TO be IN
fccted with this moral plagde OF dishonesty.
At the North we find hero and there dis
graced city, or State with stained nag aud
dishoaored name But such cases here are
particularly noted because they are excep-
tional. At the South, there would be partlc-
ular cause for surprise and rejoicing IL any
pOlitical community should even try to pay q
debt which it had power to repudiate. The
spirit is almost coextensive with the recent
rebellion, and it might with truth I've said
that wherever the broken fetters OF an emsn-
cipated slave had fallen, there reputation had
sprung indigenous from the soil. The
plea is indeed raised that vindictivc
feeling is at the bottom of the refusal
to pay debts, in many cases. In Tennessee,
for example, men say that the North
destroyed their property in slaves, and may
now stand it's share of the loss in the destruc-
ton of bonds chiefly held at the North. But
this, too, is only prete1t. 1t is estimated
that bonds amounting to 10000. 900, which
have been held by Southern lenders, have
been repudiated. Nor is there any honesty in
the plea that property-owners cannot make
money any longer because they own no slaves
for il has been abundantly demonstrated that
the free colored man produces more by his
labor, and yields a larger return to his en-
ployer, than the slave ever did. The trouble
lies further back. Wherever slavery existed,
there the moral sense was so blulted and be-
numbed by the wholesale robbery Of the
earnings of labor, that the white population
as whole is to this day incapable OF that
sense of honor which prevails elsewhere. :.


1t is not to be said, with regret 1t must be
admitted, that all repudiators are Southerncrs.
But the statement is not far from the TRUTH
that all SOutherners are repudiators. They
have no comprehension of the simplest prln-
ciples of financial integrity. this slave-holding
and slavedriving people. They show it as
well in their relations with the Federal Gov
ernment AS in their local affairs. Some con-
sideration has been felt for them, in respect
to the United States debt, because that debt
was incurred in putting down their rebellion.
put it may well be doubted whether men who
repudate almost every local debt ever could
have been faithful to National obligation of
any sort. They love their States and do not
love the Nation. Their love for their States
does not restrain their polluting hands when
there is chance to make money by robbing
the creditors of those States. Their want of
love for the Union only lends zest and bold
ness to a repudiating spirit which would ex-
ist in any case.


For the Northern people thero is one ques-
ton Can we afford to trust the honor and
prosperity of the Union to this generation Of
regulators known as tho Solid Southi