Savannah morning news. [volume] (Savannah) 1868-1887, 1881-04-07
Ex-sesTetarT Sherman a Repudia-
ffoRsaf-

Il tee usual daily war Of words in the
c. s. Senate, which was reported in our
issue of yesterday. Mr.. Sherman, now
Senator from Ohio. but late Secretary
of the Treasury during the de factO ad-
m~inistration of the past four years, open
ly announced himself a repudiationist.
He said ''he was glad to cooperate with
the Senator from Virginia (Mr. Mahone).
and believed the Mahone) movement
would be the dawning of a new day for
the South"
The country is indeed to be congratu-
lated that the dc factO administration of
Mr.. Hayes made its exit before MIR
Sherman had an opportunity to reveal
himself in his true colors- We knew
that he had been on all sides of the finan-
clal question, from that of a pronounced
Greenbacker to that of an enemy Of the
silver dollar, and an advocate of "gold
Alone" as the standard of currency
in the United States. Never be-
fore, however, has he declared
himself in favor of outright Reputation.
Had not crops been good, money plenti-
full, and thanks to the political com.
plexion of the past two Congresses) the
financial condition of the country been
healthy during mis- possession of the
Treasury portfolio, Mr.. Sherman, so far
from having aspired to the Presidency
because of his success as Secretary of
the Treasury, might have long since
wrecked the credit of the government by
boldly advocating that the national debt
of the United States was too heavy q
burden for the government to bear, and
should, therefore, be repudiated. This
is what Mr.. Malone tells the creditors
of the Old Dominion, and Mr.. Hayes
ex-Secretary of the Treasury announces
in the United States Senate that he is
glad to cooperate with the Senator
from Virginia"
1t is, nevertheless, due to Mr.. Sherman
to state that he says he takes this po-
sition because be believes that Nh. Ma
homes movement in repudiating the
debt of Virginia viii tend to render
American politics not sectional but
national. We dare say that, on this
point, Mr.. Sherman is speaking wiser
than he knows. He is mistaken about the
solid South" being broken politically
by any such movements as that of Ma
hone and himself; but that his repudia-
ton ideas will break ''the solid
North" there is no doubt.
The South is solid in favor
of h0nesty-always has been, and always
will be-and if the Senator from Ohio
hopes to break the Democratic front in
an issue of dishonesty, he will find that
he is calculating without his host. But,
as the honest debt of the State of Vir-
ginia is owed largely in the North, and
as the bulk of the creditors Of that State
are Republicans, it is but reasonable to
suppose that those creditors and those
Republicans will be governed by their
interests, and, repudisting the party
which seeks TO repudiate their
dollars, affiliate with the honest
old Bourbons Of the Old Dominion.
Neither will the movement stop here;
but all of Mr.. Sherman's old national
bank and other capital friends in the
North, seeing that, since his interests are
no longer identified with theirs, he is in
clined to sell them out, will withdraw
from him and the party of which he is
a prominent representative, and trust
their fortunes with the Democracy, upon
whom they can rely.
This Malone movement" may, there
fore, prove, after all, a blessing TO the coun-
try, inasmuch as it will probably work
a political revolution. The Republicans
have heretofore relied for success on a
"solid North" This movement will in
deed make our politics national by break
ing up Northern solidity and uniting
honest men, North and South, against
repudistionists. 1t is needless to remark,
however, that in such a reorganization
of parties Mr.. Sherman and all such as
be viii have to go to the wall. "Hon-
esty is the best policy" and will surely
triumph in the end.