It is in two conspicuous forms that Repudiation flaunts: first, in the barefaced proposition to tax the bonds, contrary to the contract at the time the money was lent; and the other, not less barefaced, to pay interest-bearing bonds with greenbacks, or, in other words, mere promises to pay without interest.
Sumner outlines two forms of repudiation that threaten the integrity of financial contracts.
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They belong to a system so essentially irrational, that all the admitted virtues of many of its agents cannot save it from judgment.
Again I repeat, so long as the War System prevails under the sanction of International Law, these painful incongruities will be apparent.
Their existence is a disgrace to civilization; for it implies the common consent of nations to the Arbitrament of War, as regulated by these laws.
At Baltimore the delegation of the most important State in the Union, known to be in favor of the Wilmot Proviso, was refused admission to the Convention.
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