The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-20
Politics and Business.

rTOIH We LtWeS
The opponents of the reconstruction mea-
sures of Congress are positive in their pro
phecies of business disaster as a result of the
position to which the South is reduced The
st. Louis Republican, one of the most trust
worthy of the class, expresses itself upon the
subject thus:-
LET all who are forecasting the chances for
business in 1867 take special account OF the
political elements which may affect ii. Never
was caution in that direction more necessary
than now. The measures which are finding
favor with Congress are the political ruin of the
South, and they invoke with it the commercial
ruin OF that section OF the country. These
measures will do more to send down n blight
ON the fields of the South in 1867 than did in
1866 disastrous season almost without a
parallel. There can be no prosperity at the
South under the withering touch of such legis-
latlon. II these measures paSs-even II the
menace of them is not speedily withdrawn
let no man look TO the South expecting To find
prosperity at the South, will there be pros
perity at the North? What rejecting man does
not anticipate the answer to such question?
"Tbe political aspect warrants the expecta-
tion that we shall have year or more Of COM
mercial gloom, depression, and disaster. Pru-
dent men villas all should-Jake warning,
and be setting their houses in order. They are
now at the mercy OF men VINO, in aiming at
and republican institutions, would laugh at the
ruin OF the whole mercantile class as the merest
bdgdtelte"
The effect of the Republicans statement is
weakened by its closing remark, which reveals
more partisan feeling than harmonizes with
cool business judgment.
1t must be admitted, nevertheless, that the
general purpOrt of the warning is justified by
probabilities. Whether the Sherman plan of
reconstruction becomes law or not, the effect
of the recent action of the House will be ex-
tremely preiudicial to Southern trade and
industry. We consider the Sherman plan
preferable to the rejection of all plans, and
infinitely preferable to the adoption of the
Military Government bill, with no provision
! tor recognizing State Governments. We
! accept 1t because in existing circumstances the
choice OF the country is confined to evils, and
! senator Sherman measure appears to be the
! least OF the evils now before Congress Almost
! any toIm OF reconstruction, provided it operate
early, would be better than the indefinite CON
unuance of the present condition of affairs.
besides, the terms offered by the Senate bill
are neither cruel nor unjust. Unpaatabe
they must be to the Sonth but they perpe-
trate no taglant wrong and involve few of
! the perils that would have attended Mr..
| Stevens, original scheme. Some time will
! elapse, however, before reconstruction will be
! Onsummated, and events render certain mar
tial law in the interim. For considerable
! period, at least, military authority will be
supreme in the South
! Now, military authority is not favorable to
industry or enterprise. II may insure order,
ana Wlthai, perhaps, substantial justice. II
| may be expected to prevent the outrages
which now occur, and to inspire confidence in
the minds OF loyal citizens. So far il will do
! good. But 1t will throw no clear light upon
| the future of the States. It will not reconcile
! planters and merchants, who were dragged
! into the Rebellion, to the prospect of negro
! supremacy II will afford them no guarantee