The Republican journal. [volume] (Belfast, Me.) 1829-current, 1874-04-16
A Southern View Of the FINANCES

New York Herald, who has his eyes open,
and is well posted on the opinions and in
tentions in and about Washington, sends
to that paper, under date of the 18th the
following
In a conversation Yesterday morning
with an old Southern politician of thirty
odd years experience in public affairs, he
advanced some startling but growing
opinions touching the necessities OF the
South and West calling for more currency
and the advantages that will be gained to
these sections from an imitation and a de-
probation of our paper money. But,
proceeding still further, this Southern
philosopher not only expressed the opinion
that imitation at this late day would open
the door to reputation. hut that repudia-
ton. the time-honored method of abolish
ing dishonored paper currency, would
be cheerfnllv accepted by the South, and
not very seriously resisted by the West
and would be great blessing to the whole
country.
The South and West, said he, want
more currency, simply because not one Of
the Southern or Western States has any
thing like the currency facilities which il
had before the war, and most of them
have less than half the amount OF their
ante-bclum circulation. This. too, when
their business affairs call for more. and
more they are bound to have. OF course.
in proportion as the currency is inflated
ii viii be deprecated; but suppose it is
deprecated so tar that So in paper will be
an equivalent for only s. in gold; do You
not perceive that the Western and South
crn States. as the debtor States, will gain
largely by this depreciation? A Southern
merchant we will say. owes a debt to 4
New York importer of $50. 900. He pays il
in legal tender paper money, and if $50, 900
of this paper are in value equal 10 only
100000 in gold he saves upon the gold
standard $4,000 by the operation; and
SO through all the transactions between
debtor and creditor As individuals, States
or sections; and if through Congress these
debtor States can enforce this system of
settlement. is it not according to
The good Old rule. the simple plan.
That he shall take who has the power
And he shall keep who can:
Sel-prestavation and Self-interest are the
first laws of nature. The interests Of the
East are the creditors interests, the inter-
estS of the West and South are those of
the debtor. and. to use 4 familiar Southern
expression. 1.-THE longest pole brings down
the persimmons" That is all there is of
it. and if we have the power over them in
Congress our creditors must take the con-
sequences. Vice versa. we would be the
sufferers. The balance OF power happens
to be on our side, and we avail ourselves
OF its advantages. What else could you
expect us to do? | grant you that intla
ton at this late day opens the door to re-
pudiatiOn. through Il financial collapse :
but as a Southern man. whose interests
are those of the South. what is reputation |
to me? Ny idea is that, looking al the |
general welfare, reputation will be Il |
blessing, and a great blessing, to the coun-
try. Was it not blessing to France, in |
the matter of those deprecated assignats9 |
Was it not blessing to the United States |
in the extinction of that deprecated Con-
tinental currency9 Was there any other |
way to get rid of this deprecated rubbish |
than the short and decisive way of repu-
diation? 1t operates, to be sure, like a |
hurricane; but it purilies the atmosphere |
1t may sweep over the country like fire |
on the prairies; but, like fire ON the
prairies, it will not touch the living roots
of the grass. Indeed the grass will spring
up again with renewed life from the visi-
tation. But what of the dishonor OF Il re-
pudiation of the national debt , YOU ask.
Suppose the bondholder gets in his inter
est payments 4 sum total amounting to |
the principal Of his bond and six per cent
interest in legal tenders, will that be re-
pudiation? Are we coming to that? In
tlation will surely carry us to this idea or
to the shorter catechism of our continental |
currency. But again ask YOU what is
this to us of the South? You compelled |
us to repudiate our Confederate debts of
all descriptions, and do you suppose that |
il is matter of pride or pleasure to us to
be further compelled to tax our mpovpr-
ished people to assist in the payment Of
your debt or tomeet Your tayations? Don't
YOU know that
Time Al lt>l sets all things even i:
Sponge out the national debt and, deduct
ing our bonds, viii not the act be equal To
an appropriation Of 500. 600. 600 for the
relief Of the Southern States, in relieving
MS of these heavy federal taxations inter
nal and external? Does it not appear
strange that the producing States should
be the debtor States? But so it is, and so
it has been in all ages. Your middlemen.
the merchants and money changers, pocket
The profit of the producers, and keep them
in debt. The day will come
when these relations between producers
and middlen en- will be better understood
and regulated than they are now; but the
producers already understand where the
shoe pinches, and the Changers will know
what To do in 1876. Imitation, you NAV
depend upon it, is the remedy for all their
for ~ c,tr oft .fl
these heavy taxes and these grinding rail
way and money ed III nopolies, and brings
them all down to the common level of
general settlement and new beginning.
call it u general collapse or universal
bankruptcy, or reppdiation, or what you
please. Can you imagine that this national
debt will be paid off in gold within the
next twenty years? Can you believe that
with its heavy burdens Of taxes and bond
holders it will be tolerated even ten years
longer? We are travelling too fast for
this, DO you not perceive that the repub-
lican party is breaking up on this financial
question? That the West and the South
have entered upon what you call "a new
departure. From the voting on the cur
rency bills in both houses Of Congress is
it not apparent that the republican party
is gone, and that the democratic party is
also sectionally cut to pieces on this vital
matter of imitation? | believe that our
National Centennial will usher in another
American Declaration of independence
that will astonish the world quite as inn
pressvely as the great Declaration of l776,
though it will be upon the same broad
platform of equal rights
Such are the views of more than one or
a score Of the active politicians of the
South. and that to some extent they |
underlie the imitation movement in Con-
grfes there is no reason to doubt
Dairymen III Council.
The Maine Dairymen's Association met |
at Augusta on the 10th. The fee for MEM
bership was fixed al 81, and for life MEM
bership at s.. The time for the annual |