Year: 1877

custom, political exeitements and misunder-


standings. and the remains of the war bitter


ness q feeling combined, could have so long


t,lllsd our appreciation Of the fact that there


co. oe no heaRh In the body while there IL palsy


y orc member. II is d favorable symptom


that this dullness is disappearing; and It Is


now In order 10 push on the process of ''re-


construction not by alien interferenees. but
by emigration I, Of labor and capital which


hting In sense the old South. until finally


Tho four names sha lose oil sectional sgnif-


cance and be used again merely for conye4


nignCe Of designation.


i n Neyertihesiess , 1i = s possible that the hin
appreciated in tho South, and In sotns cases asses
the disposition Of tho debtors concerning
them Is not what 1t should be. An excessive
debt which destroys tho gains of labor. par
upon commonwealth thisis appreciated By
The creditor. together with other extentating
facts about these debts, on which we need not
dwell and, generally, ws think. he II dis
posed TO take tho reasonable position
towards adjustment which generosity aud
shrewdness concur, in Suggesting On
the other hand, the duty Of the indebted com
monwealths Is equally positive. and in IL
justice and good policy as fully concur Re-
Z as NOT n1ys aons 90 Il yssg sBMufg Mnngs
sofa, and it never will pay; the experience Of
Massachusetts, for example, shows that rigid
honesty is the best policy for States. the
Charleston Ne1es, In discussing the attempt
pregnant remark, which ouaht to be ponder
ed well NIL over the South, 20 the effect that
resitming interest payments would do more
than all else 10 aid individuals to borrow
for their private enterprises. As the greater
includes the less, 1t is impossible for indvi-
duals, as q rule, to have good credit outside
when their State has none. The people Of the
defaulting States are in danger Of accepting
the situation as hopeless and drifting into u
condition ,11 y OF moral insat,sbllity and indus
ut tho North that they ore too Indifferent
about their obligations and are willing to pay,
not what they can, but what they must. and
the growth OF just this state Of mind among
perfectly natural and is little suspected unit,
1t has become confirmed. Their proper
part is therefore, to look the facts in
the face without, fear, to drive out the word
"ean,t," and adopt TIE word Try" Their
that they will not discuss what Is the least
the bondholders will take that they will not
even talk about reputation, and that they
will 'visibly and seriously make an effort.
Whatever self-denial is necessary to sucl,
effort will be the soundest policy. The palsy
Of debt will never yield except to vigorous at
tempts to stir, and it should be well under
stood that the natural effect of improving
State credit Is to improve individual credit.
but bring in capital for Investment
both these processes being what these com
monwealths need IT is an old lesson that
much which seems impossible when we stand
off and look ut it becomes practicable as soon
Us we take hold Of 1t, and In this process Of
financial Improvement each successive step
for the State and tho citizen would react upon
one and the other, and would mike the next
step easier. Even II the first step should cost
q great effort, its effects might be Immediately
felt In aiding the second This should not be
forgotten In considering the subject, for the
lesson which ths South perhaps needs the
most to learn just now is faith in herself more
than In oil 9th ers, courage, pluck and self
reliance