Why did some people believe the federal government should not pay back bond debt?

Some people believed the federal government should not pay back bond debt due to concerns over the principle of "speculation," arguing that many bondholders had purchased government bonds at a discount during times of financial distress. Critics contended that repaying these debts would reward speculators at the expense of the public. Additionally, there were fears that paying back the debt could lead to increased taxes or reduced funding for essential services. This sentiment was rooted in a broader debate about fiscal responsibility and the role of government in managing its financial obligations.