Year: 1873

financial condition of the Southern
States is, the remedy had not bet
ter he left to the slow but certain
influence Of time, and the invinci-
bic courage and perseverance, Of
Americans, rather than begin 1
policy which, while it might please
the holders Of Southern securities,
would be contrary to all prccc-
dent, and would inevitably prove
mischicvous in the future. If
aims must be bestowed, had they
not better take the shape Of i di-
rect gift than oia dangerous pre-
cedent?


The New York Fnancier, in dis.
cussing the Southern debt question,
whilst by no means favoring re-
pudiation; has the frankness to
say that "rcpudiation Of the real
carpct-bas debt is. at least, rs
much u question Of what is good
policy as Of moral Obligation" 1t
adds:


The talk Of rcpudiation is inc
vitablc; the thing itself, with all
its fatal consequences, is also inc
vitable, unless some improvement
takes place in the material condi:
tion Of the people. We have but
to put ourselves in their place and
make their case our own, imagin-
ing that the Northern instead Of
the Southern States had been de-
solatcd by the war; to see that TO
discuss the open dishonoring Of
i debt felt to have been imposed
by others for their own gain, and
to be all but hopeless as te pay
ment, is so natural that it does
not fairly imply any reproach up
on the people. In fact, the States
are not paying, and for several
years have not been; they can sec
no way Of relief and meanwhile,
their overdue interest is pitilessly
compromising before their eyes;
it can De no wonder that they
raise the question why they
should not wipe ont the whole at
one stroke, and clear the field for
a new era of progress. In their
place, we should raise the same
question, and so would any peo-
that ever lived: The difference
between the existing case and
that Of reputation, is the differ
encc between "cannot" and twill
not; if this position is snre to con-
tinuc indefinitely, the difference
might as we'll be taken away. o.
viously. there is only one possible
method Of lightning the debt of
thase States, and that is to divide
it more: only one possible method
Of paying it, and that rs to put
under it more population and
more wealth. This is not begging
the question; it is simply stating
the case. TO the objection that
this Is assuming a great deal,
there is no answer, except that it
is the only. improvement possible.
And for this change, there are
three thing requisite, the first of
them being civil tranquility.
Nothing is 50 justly timorous as
capital, and even a bad govern
mont is less feared by it than one
of uncertain tenure, Tho "reoon-
structing" which has occupied the
attention Of politicians in Con-
gress for eight years, has proved
a failure: the people should have
been left to govern themselves.
That mistaken course must be
abandoucn. There must be no
moro satrapyemaking; no more
carpet.baggers elected to the Sen
ate for party purposes no more
subjugation directed by the party
in power for that party's supre-
macy. The extent to which
these things have been done in
the past, it is needless 10 discuss
now, but if the people of the
Sothcrn States caunot govern
themselves, the Federal Govern
mcnt cannot govern them. Let
them alone hereafter. Capital
and emigration will not trust
them until permanent govern
ment seems to be secured to them;
that will not be until local self
government is secured.


Under the heading, "a Very
Slight Distinction" the New York


Tribune editorially remarks:


The meaning Of the word repu-
diato is to renounce, to put away,
to have nothing to do with. We
confess that we can see little dit
ference between the act implied
by the verk repudiate and the con-
duct Of several of the Southern
States with regard to their fund
ed debts They do rot pay they
will not pay; in most cases they
cannot pay, und for some years
they have not paid. We consld-
er it of the slightest possible con-
sequence whether or not the peo.
pie of North Carolina intended
the adoption Of a recent amend,


ment to their Constitution as a
declaration OF bankruptcy. 1t is
sufficient to know that North


Carolina has not poid the interest
on it's debt for years.-probably
cannot Dap it. and certainly makes