The New York herald., 1876-10-27

and exert healthul conservative influence IN south
the ne of property in the southern states owned by
I'll. co ored race and which pays taxes. iew years
viii double that amount II this work Of progress re-
ceives setback. and the only possible danger OF IL
have already mentioned, Is political one
The 'army bummers' who, with peace, took 10
plIaderins through pol,ics In the PROSTATE SOUTH
and deceived the negro into their support
are rapidly disappearing either 10 ma con-
genial company N ne psnlien.ary or. or sa'ety r
pub party, TOO reforming out OF office tins class
oi professionals" 1t hs kept and can Keep the con-
ndence OF tho coorec which the latter Will not
Tor this generation, accord 10 The democrats, whose
coming 10 power would, Il am satisfied, bring TO he
front the same class Of old Bourbon extremists, vio
lent able ana reckless OF all their selfish pas
sonate ends who forced secession on an unwilling but
sluggish majority, and who now. poor, hungry ior
spoils, yIndictive still smarng under defeats AMI
losses of tho war or wrongs perperated py ase 70.
publican leaders, would force on the south, and
through !. on .he country, policy which would arouse
which wou ann al further reputation OF Southern
state debts; nj legislation to 'watcr' our national
credit by inaton and increase It's debt aud our taxes
by the recognition OF thousands OF millions OF South
claims all which would be disastrous to iruc
Southern interests as well as preiudcia credit
and to the country al large.
THE FINANCIAL QUESTION
And this subject OF discrcdit abroad allow me to say
few words. Ilauded yesterday from the Russia, and
within thirty days past nave oonversca with many
prominent capitalists and bankers (members Of the
are interested in American securities, and IN these
conferences was struck with the general feeling OF
nty and dstrust manifested IN the contingency
OF tho change Of the federal administration into DEM
ocratc hanus and The upprchcnsions excited by the
possible effect Of Southern influences upon It. This
seemed 10 be considered Imitation, and the probable
increase OF the dcbs through the admission OF
untold amounts oil Southern claims and OF some posi-
BILE nkerng OF the legislation upon winch our present
Ana here would add further that pleading ns | do
when abroad, whenever suitable occasion oilers, the
cause of the South with Europcan capitalists. as Iu-
crative field for invest mcnt, 4 have been impressed
with the universal disrust-i am sorry TO say could
almost add repugnancc--with which the very words
"Southcrn Stntcs' is met
The sympathy with which the governing classes
abroad their interests In secession times encouraged
the ready Reputation OF constitutional obligations
utterly waning now in the financial classes there,
who with bitter memories besides OF former repuda-
tions of State debts, w for long time TO come, ven
turc no money IN southern securities ], Tor one, do
NOT regret H. Good credit would encourage borrowing
promote cxtravagnnt expenditure the South Is rap
IDLY earning all she can need and will DO The better oil
Tor her discredit abroad ana the matter attach
Importance as have interest In the Syndicate, in
the possible depreciation Of our credit abroad IN The
unknown abyss OF democratic rule We should DC much
better OIL II VIC kept our dcot in our own hands But
am little surprised az the letter OF astute friend,
Mr. Belmont, which have just road Carefully and
cautiously us il avoids the real point at issue think
his hopes as a democrat have ttlc dulled his
a banker, whose principals, with no political SYM
alhies WARP may possibly take different view OF
the results OF the election than he affects TO dol At
any rate tho cable gives reader means Tor positive
data with limo on that lead than his long and aple
dissertation
part OF the class OF professional politicians have
referred 10, whose violence and mallgn influence in
secession times fear 10 again repeated, the dem
ocratc, conservative party as It calls itself south
difference the old line gs, comprises many OF the
very best men tho country, among ihcm all the
members OF that glorious old wing party who
reluctantly serve win the party .hey comoat'ed so
patroticaly tor the Union, TIL tho war xed the
Of secession on the land.
count in It's ranks many Of my best friends South,
l would so lar to serve. A republican, have
been than rendered their party support and
assured election TO high places and declined. am
none the less proud oi me confidence ana Nbcraiy
ed, when honorcd themselves much as me.
And in their own interests would seek IN my humble
sphere 10 them from themselves and the
table consequences ot democratic rule upon
tho prosperity OF the south which, left 10 ITSELF will
take OF ITSELF and in a very few years will 500 it
the solidy prosperous portion OF our Republic,
as II Will be politically the most powerful
fear little for my own State, Florida, whatever
1t has reached point OF solid basis for perma
nent growth and prosperity which nothing abort OF
earthquake would snatter while, however still open
TO political Improvement But do fear Tor the result
in the south generally, which wish ses and which
should be- the same road TO wealth. undisturbed by
the perturbation and dstrust and legislation which
will follow he accession to power at Washington OF
the democratic party.
few items TO the results OF protection to
American industry may be Of place hero. The
Russia whence have just landed had iiko most all
ships from Europe, but small amount OF manuinc-
tured goods on freight Tho agent at Queenstown told
ding while thcy crammed with produce and
American articles inward at high rates show are
our good Captain Cook 'bothcrs me-"
On board the steamer several Englishmen,
coming with their capital TO erect mills Tor lost
toners and. 10 be numbered among our home con-
suncrs-m0st remarkable among all, the representa-
iivcs OF company alone with f5O0 900 capital
erect blast and works In East Tcnncssco
Another associate in OF the large English
pet establishments and said his firm gong TO erect
IA mill here. Some Sheffield people told me ihat two
large cutlery establishments were In course OF erection
by Sheffield manufacturers IN this country; that after
importing from kno blades for English cutlery they
aud labor saving machinery which their work
prohibited tho use OF nt home. ! could multiply sim
liar instances; in nc have thus incidentally learned
OF six large manufacturing establishments erecting
north, or about to be, with English capital
Again, q gentleman from New Zealand on board told
me that he landed thence at San Francisco by the
monthly steamer with 205 passengers their
way 10 England mostly to buy goods; that,
attracted by the superiority or chcapncss OF Tho
through the mentioned large invoice Of crosscut
among other things), but now had returned to
complete purchases OF manufactured goods for his New
England trade which no could make To better advantage
here than in his iormcr markct-Eng land-whch no
remarked seemed TO have made no Improvement in
twenty years compared with tho progress hero; and
he sand with sigh that the probability their
people would soon abandon England Tor their sup
pllcs, which, he addcu, could more advan eously
furnish 10 them; and to complete the picture,
English apostle Of free trade his way to
eolIghten us us to tho preJuiice-thls tlmo In .
Humanitarian point Of vicw-caused by our villanous
protective laws
have been in this centre OF manufacturing indus
try oil Connccticu the Naugatuck valley, but thirty
SIX hours, and what have learned hero wou.
derul still as TO tho good results Of protection to
people and manufacturers
The first three men met In tho streets had each to
toll me tale OF unexpected orders IRON England for
their products, exhibited at the Centennial Meeting
later, at a friends Office, number OF manu-
lecturers, and making inquiries on this subject.
to the conclusion on their statements that of
the 100 lao different artces OF IN ths
valley one third and perhaps onc-haf were de-
mand salablc abroad where but two hreo were
twenty years ago. What more amazed mo was the
fact given ny Of them, that friend OF his had
ceved recent order from England tor portable steam
engines eve nave them cheaper here" wrote his
correspondent, but yours arc better, and better
made.n
There several very intelligent English manu-
facturers on board with whom l convcrsed On this
painful subject Of the loss OF their markets with us.
All admitted that protection had commenced the work
VIII ich had completed by the superior
and inventive spirit oi our workmcn, which is stimu-
la,e 10 produce labor saving machines which their
English trades unions will not permit to work. anti
cipatcd serious competition IRON other markets
H. \. s.