Such a people already talk of repudiating the national debt. To the question, “Would it be safe to trust white men at the South with the power to repudiate the national debt?” a person in gray uniform at once replied: “Repudiate? I should hope they would. I’m whipped, and I’ll own it; but I’m not so fond of a whipping that I’m going to pay a man’s expenses while he gives it to me. Of course there are not ten men in the whole South that wouldn’t repudiate.” Such is the spirit of these States. But a candidate for Congress in Virginia undertook to speak for the Rebel States.
“I am opposed to the Southern States being taxed at all for the redemption of this debt, either directly or indirectly; and, if elected to Congress, I will oppose all such measures, and I will vote to repeal all laws that have heretofore been passed for that purpose; and, in doing so, I do not consider that I violate any obligations to which the South was a party. We have never plighted our faith for the redemption of the war debt. The people will be borne down with taxes for years to come, even if the war debt is repudiated. It will be the duty of the Government to support the maimed and disabled soldiers, and this will be a great expense; and if the United States Government requires the South to be taxed for the support of Union soldiers, we should insist that all disabled soldiers should be maintained by the United States Government, without regard to the side they had taken in the war.”
A late writer, who within a few days has returned from an extensive tour in North Carolina, South Carolina, and Georgia, and who now enjoys a seat in your Reporters’ Gallery, thus testifies with regard to the national debt:—
“The national debt doubtless seems to you beyond the reach of any hand. Yet I regard it as very probable that one or two or all of three things will be attempted within three years after the Southern members of Congress are admitted to seats,—the repudiation of the National debt, the assumption of the Confederate debt, or the payment of several hundred million dollars to the South for property destroyed and slaves emancipated. I met several shrewd and intelligent men who expressed the belief that Confederate bonds will be worth something in two or three years. One told me that large amounts were held in New York and England, and he expected steps would be taken within five years toward paying them from the National Treasury. I heard no man openly advocate the repudiation of the National debt, but scores argued to me that it would not be fair to make the South pay any part of it; and one man said he believed, if the case were only carried up, that the Supreme Court would so decide. The idea that the nation will pay the South for her slaves extensively prevails both in Georgia and South Carolina. It is incorporated into the new Constitution of Georgia, and is openly advocated by many influential men in South Carolina. Wherefore, I say, the national debt needs watching.”
Let the Secretary of the Treasury[29] take notice, and not expose the national finances to the peril which menaces them.
Passing from this testimony, which is general, I come to the neighbor State of Virginia. I read from a private letter received by myself from a Government officer there:—