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Show REPUDIATION. It is generally understood that a portion por-tion of tho people of tho United States1 are in favor of canceling the bonded, obligations of the nation by disowning j the debt and blotting out the accounts. To a simplcy-houcst mind this proposal bears the stamp of dishonesty on its face. Vice-President Colfax, in a recent speech in Indiana, said: "We must pay the national debt, for several reasons first, because we promised to do so." Had he stopped here, his argument would have been unanswerable; but he followed up the text and adduced other arguments not so good, which, have a tendency to reflect discredit upon the first proposition, by the force of assoei ition. He denounces all persons per-sons who even wish to sco the terms of( the contract modified, in order that in- J dustry may not be crushed, as disloyal i and unworthy citizens of a too generous gener-ous country. On the other side, apart from the! extremists who clamor for the abroga- j tion of tho entire cm tract, are luanyj who tirmljr believe that the interests and prosperity of the people of the na-j tion should be consulted, as well as the; nation's honor maintained; that coui-tuerve coui-tuerve should be iue;isuniMr untrum-. moled, and high tariffs ai:d bi-h taxa-; lion reduced to a lower ebb th;m pre-1 vails at jire.-eut; aud ihat the word: which u;u;t fitly detenUs such modification is "bankruptcy," and not "'repudiation"' Politicians, they say, m and out of Congres, contracted the debt with tut exercising a sufficient degree of foresight to see what a tortuous tor-tuous series of difficulties they were, pluugitithc- nation into; and they ask, shill industry and enterprise of all kinds be dwa'ted into in.-igniacance through excessive national demands for money, and foreign traffic bo impeded im-peded by high tarilfs It is certainly a two-bided juetion ; for tf the Vice-President, who holds to the former view, be a patriotic citizen. citi-zen. Chief Justice Cbas is certainly none the less so, and rn and many other prominent men take the latter position. Srill, the principle which is held to be the Kifest and most honora-' ble in private business will in the end be found to be tha best in a national ; point of view. Pay the debt ; but he would be a miserably-selfish, unwise nd cruel creditor a very Shyiock 1 who would crush bin debtor by exac-) exac-) tioni) until that debtor was rendered unable to meet his obligations ; and ii J is a..i uowL-o to burtheu the nation , with a heavy taxation to imet the no-lion no-lion of an officer of State who yirarn-' yirarn-' to pay off the d bt in a r'-iiiurLaU i short hp ace of time, no matter ho the country snfivr.s by the procc-. |