When Republicans Supported the Debt Unconditionally

Oct. 11 (Bloomberg) -- From the moment it was introduced inCongress in 1866, the 14th Amendment has inspired intensepolitical and judicial controversy. Most has centered on thefirst section, which declares that any person born in the U.S.is a citizen and prohibits states from depriving such citizensof life, liberty, property or the equal protection of the laws.The second and third sections -- a complicated formula relatedto determining states’ representation in Congress, and politicaldisabilities imposed on former leaders of the Confederacy --have fallen into abeyance.

Until recently, the fourth section, which mandates that the“validity of the public debt of the United States ... shall notbe questioned,” while prohibiting payment of the debt incurredby the Confederacy, has attracted little attention (except fromSoutherners who over the years have hoped to be repaid for themoney their ancestors patriotically lent to the secessionistgovernment). With the threat that the U.S. may be unable to paybondholders if Congress fails to raise the legal debt limit,Section 4 is suddenly in the news.