National Republican., 1878-01-22
Sectional Aspects OF the silver
Question.

Pending financial questions cannot be prop
erly discussed without reference to the sec
tional aspects Of the policy Of such a funda-
mental change in the standard of values in
this country, as is involved in the demonetizs-
ton of silver. II is an essential part of the
case that while the relation OF debtor and
creditor exists internally among the citizens Of
each State, 1t exists also in a marked degree
between the different sections Of the country.
1t is not more true that the United States as q
whole are the debtors Of Europe than that
certain divisions of the United States. embrace
ing the larger part Of its area, and all the
more newly occupied portions of it, are indebt-
ed to vast amount in the aggregate to
smaller division Of the United States, where
realized capital has had time to accumulate
under favoring circumstances Of commercial,
manufacturing, and banking concentration.
The line which separates these two divisions
may not be so exactly definite as that which
formerly separated the slave and free States,
hut it is sufficiently distinct for popular and
political comprehension.
OF the inc between the free and slave
States now happily existing no longer, Mr..
JEFFERSON said in ls20
A geographical line, cOlncldlng with marked
principle, moral and political, once conceived and
held up to the angry passions Of men, VIII never
he OblitCntcl, and every new irritation Oil mark
II deeper aud deeper
A geographical line coinciding with a di.
vcrsity of material condition so marked as
that which separates debtors and creditors, Is
quite as dangerously susceptible of being
conceived and held up to the angry passions
of men, and is quite ~ certain to be marked
a., n,,J itb irFii tot Ia n
as Is geographical line coinciding with di-
vcrsity of moral and political principle. Or
dnarily, indeed, diversties of mere theory and
sentiment are much less powerful irritants
than those questions which directly atioct the
| personal fortunes Of men.
Railroads and other public works, and very
considerable proportion of individual real
estate at the West and in less degree at the
South are loaded by mortgages held by the
capitalists of the Northeast, who are also the
principal owners Of the State, county, aud
municipal bonds issued In all parts Of the
country. OF the national bonds held in the
United States nearly the whole are held in
the Northeast, and in whatever excess they
are held there relatively to the amount helt
in other parts of the country, they really make
| tne NOfln'tht u CItultbr Vi thc othsf ppi'iou'
of the country. of that large part Of the ma
tiOnal domain granted to railroads, it may b.
said that il does now exist, or eventually will
exist, In the form of equities of redemption
the ownership Of the membranes being il
the East Mr.. EATON, one ofthe United State
Senators from Connecticut, and a resident o
Hartford, said, recently:
In the little city of Hartford with population o
| 5000 people, We have permanently loaned IN tn
West slOOONlGO.
Agencies for investment in Western mort
cages are regularly advertised in all the East
ern cities. The intgcst on these various form
of Indebtedness, III no case low, is heav,
burden even iu periods of average prosperity
and leaves at the most but small margin TO
accumulation to the South and West.
A duplication, or an approximation to q du
pication, of these debts, by a c9ptractiUn 0
the standard of values, would assume tO
nearly the proportions Of a general cOnfsca
tion. Undoubtedly, the West and South hav,
great natural resources, but not greater thar
those Of Egypt, where millions of people ar
reduced to the condition. of receivicg nothinj
from their government except the bastinad
which extOrts its taxes; while the fruits of al
their toll and privation, added to the fertilt.
OF the Nile, barely suffice for the semiannua
demands Of the London and Partisan holder
of Egyptian bonds.
That the demonetization Of silver tends de