New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-27
MISUNDERSTANDING THE SOUTH.

Those who intellectually represent the South
are but few. Their place is one OF much
honor, and they should not spurn it. But Ihe
Louisville Courier-JOWrndI thinks it out OF
place that its words are held those of the
Southern people. Twenty to two Southern
Representatives in Congress vote for the Bland
bill, which The Courier-JOurnal must know is
n form of reputation. We judge the men of
that section by their record. 1t seems good
to that paper to entite THE TRIBUNE the
bOndhOlders' organ" The term does not fit,
but never mind We defend the public faith.
Where we find the most dangerous form OF
hostility to the public credit, we mean to
meet it.
"Tramp suffrage" The Courier-JOuRal now
arraigns at the bar of public opinion, instead
of universal suffrage, formerly arragned. The
term is without meaning, and the thing does
not exist. Votes of people who have no resi-
dence do not trouble us. This country is stag
gered in its industry because certain people
who have Il local habitation and name are
disposed to trample upon its credit. The South
is not governed by tramps. 1t has trampled
out tramp suffrage" and everything that can
be called by that name, and a great deal of
honest and well-enttled suffrage beside. in
the process of making the South "solid." We
do not raise the question whether this should
be blamed; we see the fact, and name its
results.
"The Shareholders fate is the bondholders
warning" gays The COuier-JOurnal i'll capt.
tails. destroy the Democratic party, and the
National debt is gone. 1t was the conserva-
" tive character of this great party which Sc
"cured the STAKEHOLDER his right to his slave
"property under the Constitution. It's the same
conservative character which now secures
"the bondholder his property in his
"bonds.n If we remember, the ICON
" servatiye character" of that party did
not ultimately secure anything of much
value to the owners of "slave property"
If the bondholder leans upon the same thrice
broken reed, he can guess his fate. The
Democratic party is pOwerless to defend any
thing. 1t can hope to get power only by lend
ing itself to the most reckless and shameless
assault upon rights of property, and in that it
has the aid of some men who ought to be
more decent.
The "bondholder" means the people OF the
North. There are semi-barbarc friends at tho
South who do not quite understand that the
and invest it, We have a state OF society
which yields more than one depostor for each
family IN New England New-YOrk, and New
jersey. The number of people who will lose
their savings, if financial rascahty takes
away or lessons the value of United States
bonds, is very large. In other forms,
every industry in Western States is depen-
dent upon the public credit. These peO-
pie trusted the Union, and have not lost money
thus far, and the party which proposes to rob
them now, be the motive what it may, will
have a very hard time to get votes in North
err States. The beautiful conservatism" of
Southern character we can appreciate 1t is
shown in the treatment accorded to Northern
creditors by Southern States and cities. A
little less of that sort of thing would bring
fewer burning bushes to the cheeks of Ameri-
cans abroad
Now, back to facts. Two Senators from
Kentucky are ready to vote that United States
bonds, interest on the public debt, and GUS
toms duties, shall be paid IN dollars now
worth ninety cents, and those dollars" may
be worth little more or great deal less
than ninety cents hereafter. We call that re-
pudiation. Out of twenty-five Democratic
Senators at the South. twenty are said TO be
in favor OF tho same thing. Twenty
repudiators-and from States which re-
beled the debt was created in sup
pressing their rebellion. These are facts.
When men at the North who love the Union
get ready to turn over the Government to the
repudiating Confederate brigadiers of the South
the bOndhOlder will take warning" and will
get ready to put his money elsewhere. Until
then, he trusts the conscience and commercial
honor Of The people who were not beaten twelve
years ago.