New-York tribune., 1879-04-12
4sS1JLIyG TIE NATIONAL CREDIT

The Solid South Is dangerous because oi us
revolutionary methods, and because OF It's
destructive and disloyal aims. Alone, 1t
would be impotent. But it uses as its willing
tools the cipher-using and ballot-boX stuinS
Democracy OF the North, and the misguided
fanatics of the Greenback faction. The
North has been slow to see tins. Thanks to
the extra session, aud to the TACT that the
Greenback leaders are fanatics rather than
tricksters, all possible doubt is to be removed
in season. There will be displayed III formal
acts, not only the rule-OT-ruin spirit of the
revolutionary South, but its hostility to the
uublic credit, to resumption, to honest money,
and to the whole fiscal system upon which
the industrial prosperity of the country rests.
In a word, we shall see that the South threatens
revolution in order to reach reputation. The
beginning was made on Thursday, when the
Mcmahon amendment was fixed upon the
Legislative Appropriation bill.
In itself this measure is but a pointleSs
arrow. not well aimed. 1t requires the SecTe-
tary of the Treasury to pay out for arrears
of pensions the $4,000, 600 in legal-tender
"currency now in the United States Treasury,
"kept as a special fund for the redemption
"of fractional notes." AS usual, there is a
Llnnder in fact the amount remaining in
that fund was only SIS, 45S, 991 on the 1st of
April. Though the Secretary should be re-
ouired to pay out this amount, which now
virtually forms part of the redemption fund.
he will have ample power to replenish that
fund by sale of bonds The amendment
serves only to exhibit the dishonest and re-
pudiating purpose of the majority. Even if
~
large part OF the resumption fund, these
would be impOtent also, as long az the
Secretary has power, under the Resumption
Act. to sell any amount of bonds that may be
required. But the spite which spends itself
for the moment in such iruitless efforts Is
restrained only Ivy a Presidents veto from a
complete overthrow Of resumption. This
most important truth will be made so plain,
before the extra session closes. that even the
dullest partisan must see IT.
The attempt to pass other measures of re-
pudiation will begin on Monday. The Demo-
cratic caucus has so directed. Such votes as
may be taken on financial questions will have
a peculiar interest and Republican members
ought not to let slip single chance to force
the majority to the yeas and nays. The
record will count powerfully in the elec-
tons of next year. 1t will establish beyond
possible dispute the fact that tho Democratic
party is composed of three distinct clements.
namely:
|. Open regulators, who mean to defeat
resumption and break down the public credit
if they can. These are "A clear majority in a
Democratic caucus. and they embrace nearly
ali the members from the Solid South.
III. Double-faced knaves. who are at heart
willing enough to 20 with the majority in
any measure Of Reputation or warfare upon
the public credit. These men want to conceal
the real aims and character of their party, if
possible, until after the Presidential election,
so that they may gain some hard-money
votes by false pTetences. These are a very
large proportion Of the minority in a Demo
cratic caucus.
III. Honest hard-money Democrats, who do
not want to impair the public credit, or TO
defeat resumption. OF these, there are some
whose intense partiSanship, or overshadowing
desire for triumph of the Solid South, will