Raftsman's Journal

Repudiation the Policy of Democracy.

It is clear now that the Democratic party intends squarely and fairly to take ground in favor of repudiation. We had almost despaired of getting an expression on the subject from the leaders of the opposition, but it now seems that we are to be agreeably disappointed and that the Democratic party, through the President, Andrew Johnson, is to be, in fact has been, put on the record in favor of repudiating the national debt. With a decency which has not characterized Mr. Johnson's other acts in favor of his rebel upholders and applauders, he does not declare that the national debt shall not be paid. Mr. Johnson is fully aware such a declaration would elicit an indignant opposition he never could withstand. He is satisfied the loyal masses are honest, and that to pay every dollar of the national debt every dwelling house and perch of land have been pledged. Hence direct repudiation is not recommended. What is urged is, that as the Government of the United States has annulled the rebel State governments, as Congress with the aid of the army and navy, has destroyed the rebellion, put an end to the confederacy, therefore Congress is bound to pay the rebel debt. "Mr. Johnson evidently desires it to be understood that, if the confederacy had been a success, the debts of the rebel States would have been paid. Congress prevented that success from being realized. Congress destroyed the rebel States. Congress, with the army and navy, crushed rebellion. Hence (insists Andrew Johnson) Congress must assume, and the loyal men of the country liquidate the rebel debt. This is Andrew Johnson's mode of getting at the repudiation of our national debt. If he can compel the country to assume the rebel debt, that load added to our already great burden, will of course crush the nation, and escape from repudiation will be thus rendered impossible. Judge Sharswood declared that our debt was illegal—that our currency was not legal. Andrew Johnson insists that the rebel debt is legal—that Congress must assume its liquidation. Both Sharswood and Johnson are endorsed by the Democratic party. In view of this fact, what honest man can support the Democratic party, or any of its nominees?

—Telegraph.