Charles Sumner: his complete works, volume 16 (of 20)Sumner, Charles
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Charles Sumner: his complete works, volume 16 (of 20)
Sumner, Charles
Slavery -- United States; Speeches, addresses, etc., American
The cheat of paying interest-bearing bonds in promises without interest
is kindred in character to that of taxing the bonds. It is flat
Repudiation. No subtlety of technicality, no ingenuity of citation, no
skill in arranging texts of statutes, can make it anything else. It is
so on the face, and it is so the more the transaction is examined. Here
again I invoke that rule of conduct to a weaker party, and I insist,
that, if, from any failure of explicitness excluding all contrary
conclusion, there can be any reason for Repudiation, every such
suggestion must be dismissed as the frightful well-spring of disastrous
consequences impossible to estimate, while it is inconsistent with that
Public Faith which is the supreme law.
Elsewhere I have considered this question so fully,[273] that I content
myself now with conclusions only. Do you covet the mines of Mexico and
Peru, the profits of extended commerce, or the harvest of your own
teeming fields? All these and more you will multiply infinitely, if
you will keep the Public Faith inviolate. Do you seek stability in the
currency, with the assurance of solid business, so that extravagance
and gambling speculations shall cease? This, too, you will have through
the Public Faith. Just in proportion as this is discredited, the Nation
is degraded and impoverished. If nobody had breathed Repudiation,
we should all be richer, and the national debt would be at a lower
interest, saving to the Nation millions of dollars annually. Talk of
taxation; here is an annual tax of millions imposed by these praters of
Repudiation.
Public-domain text, read in full here on John Shaqi.
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