14 The South is adroit. It does not speak openly as yet. It understands that it is important before everything to gain admission to Congress, and to avoid the establishment of serious guarantees. But can you be deceived in the slightest degree concerning its intentions ? Not only docs it reject negro suffrage, and oppose every measure which would insure the real freedom of the colored race, but it is determined to seek revenge. Now, a means of revenge offers which, be sure, it will eagerly attempt. You have borrowed three billions, for the purpose of levying armies against the South, of attacking its strongholds, and of subduing its rebellion. It could not be expected to entertain much love for this national debt. To pay the interest and to redeem the principal, it will be necessary to levy taxes. Do you think that the South, which also had its debt, and which has repudiated it, will be eager to support heavy burdens in order to pay the creditors of the Yankees, to meet the obligations of the Yankees ? And do you think, on the other hand, that it would be absolutely impossible to form party cabals among you that would propose, if not openly to repudiate the debt, at least to diminish the revenues without which bankruptcy would come of itself with giant strides ? In support of the observation w’hich I present to you, I might, as you knowr, quote wrords of strangely serious import which have been uttered in the South. Despite the prudence which they have decided to show till further orders, these states, accustomed of old to repudiation, have let slip more than one threat which should be to you a solemn warning. If you do not enforce upon them, before their readmission, a positive and direct pledge with respect to the national debt—a pledge which shall be the condition itself of their readmission—you know to what perils you expose the honor of the country. The creditors of America know it also, and your credit will gain nothing thereby. But I had rather speak to you of your honor than of your credit. You are resolved, I know, faithfully to pay your debts. You are giving proofs of it at this very moment,
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