Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1874-04-10
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for relief to a more perfect union bs
tween them. If this idea shall one
possess the minds Of the people of til
| two sections the work of regeneratio
will be well nigh complete, and W
therefore commend to our readers tn
extracts to be found below, one fron
Chicago and the other from a Gin
cinEati paper.
| There is no music SO sweet to on
ears as to hear the West talking abou
the South rs its natural ally aud tn,
great things that are to be accom-
piished when the natural alliance shall
be perfected.
The following is taken from the
Cincinnati gazette:
TIE FINANCIAL ISSUE THE CONFLICT OF
EAST vs.. WEST AND SOUTH.
The financial question threatens tc
prove almost as sectional is that which
formerly existed between the North
and the South about negro slavery.
The votes in Congress for several
years have been indicating it, and
especially have they manifested them
selves at this season. The elements
of sectional difference exist. The
money creditors are in the East The
money borrowers are in the West and
Sortb. The National Bank circula-
ton is mostly in the East. The great
amount of bonds are also there. The
great majority of those who are to
In 10 IcI, 1,o
est upon them are in the South and
West. It is from these people, also,
that the enormous profits of tie Ma
tional Eank monopoly are derived. In
commenting upon these sharp antago-
his speech in 1853, spoke of the East
South as the debtor sections of the
country. We do not admit that in this
fight the real industrial interests of
the East are represented, for they are
naturally with the West and the South.
But the monetary intluenceis so strong
that they cannot struggle against it,
and they are nlisrepresented.
All the great Eastern newspapers, as
well as many il. the West, are in the
interest of the monetary capitalists of
Wall street The shareholders were
not more emphatically the South, and
did not control its political action more
certainly, than the National bankers
and bondhoiders do the East at this
time. They want money scarce and
interest high. The West and South
want money cheap ard interest low
One fayors a monetary monopoly. The
other is against it. This question is
rapidly coming to dominate all others.
The business. panic and industrial de-
prcssion are steadily leading to it.
Dem ocratic and Republican members
of Congress from the South and West,
other differences of opinion,
are together, shoulder to shoulder, de-
some relief for their suffer-
ing constituents. Democrats and Re-
pubiicans from the East, representing
Wall street and the bondholdipg and
Bank monopolies, are united
On the other side.
For nearly four months this has
oeen the great question before Con-
5ress. whether there should be an ex-
oansion of the currency to n figure
which the commercial interests of the
req ire, the present amount
being entirely inadequate. We are be-
coming so used to the divisions as to
regard as political friends and oppo-
lents those who vote on the one side or
me other. Those who speak for the
interests OF Wall street can not politi-
,ally fraternize With us. no mat
ter by whatever name they choose to
call themselves. To the South and
West they are equally enemies, wheth-
II they term themselves Democrats or
IF the money sharks of
he East do not yield on this question,
t Is, like Aaron's rod, bound to swal-
ow up all others, and upon it they
viii be overwhelmed We feel like
God that by the census Of
1870 the political power of the Union
passed the East across the Allghanies
TO the West, never to ret1rm through
Ill the cycle of ages.
With the South as Our natural ally
we are two to one in the House over
The East. We can spare many West
ern and Southern "dough-faces," and
yet win. The late most important
vote i'll the House of Representatives.
by whinh one hundred and seventy
one members pronounced for 4
crease OF the currency again sew
enty-ona, and the manifestations of
fcvor oy which the proposition is re-
cieved to break up the National Bank
by making it free to all who
desire to engage in it upon the present
have created the most in
tense feeling among the Wal! street
gentry. In it they see the beginning
of the inevitable end. The language
indulged in by their organs shows how
badly they have been hurt. 1t is
groan of pain AMI an exceed
ingly vituperative yell against the
peoples Representatives who have at
last voted that some stop ought to be
put to their public and private rob
berry of the debtor class of society.
Remarking upon the declaration of
the Portland Press, that the effect of
the action OF Congress in fixing the
Greenback Circulation at 500, 900, ,OOO.
would be to impose heavy tax upon
the labor of the country, the Chicago
Inter- ocean says:
1t is not even polite way of saying
the Western and Southern people are
a parcel of idiots for the votes in the
National. House and Senate show that
Western and Southern Congressman
are both for the addition to the present
clrculatiOn OF the balance OF lHe Si1,-
O9O, 900, and for free banking. 1t is
scarcely necessary to say, In response
to these imputations upon the intelli-
gence OF the West and South, that
they are very ungraciots, if true. and
very mendacious If false. Whether
.hey are true o: false, must be deter
mined by the results of the financial
policy about to ne inaugU.ate.,. 1T
all events, the position OF the repre-
sentatives OF these sections on the cur
recy question is heartily supported by
the bulk of their constituencies.
Turkey and Russia are said to be
quietly preparing for war against each
ether. Turkey is purchasing cannon
and pushing the constructions Of rail
ways, and Russia is rebuilding Sebas-