Year: 1877

The indications are very strong that the
Western infatienists will be reinforced on
all financial questions by well-nigh solid
South. Some of the Southern leaders are
friends of an honest currency, but the most
of them have no sympathy with sound f.
nancial policy and are utterly Indifferent to
the preservation of the national honor and
credit. Naturally they have no strong de-
sire to assist in discharging debt which was
Incurred by the loyal people of the country
while striving to maintain the Union and for
the purpose of subduing the South. But
leaving this out of consideration and judging
them from their conduct at home and in re-
lation to debts they themselves contracted,


we have everything to fear from their course
on financial measures.


In even the most conservative of the South
ern States the respect for the obligation of
contracts is singularly weak. Reputation
was the issue in the latest election in Virginia
and the majority of the Legislature then cho-
sen favor it. In North Carolina there is a
very strong element opposed to paying any
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only question is whether portion or the
whole Of the debt shall be repudiated. In
most instances the debts OF the Southern
States were contracted for good purposes.
With the money thus borrowed the South
has developed new and promising industries
and greatly strengthened old ones. 1t has
built factories and opened mines, and by the
extension of its railway facilities has attracted
immigration. The capital of which it has got
the use has led to rapid and wonderful de-
velopment OF its material prosperity. And
yet Notwithstanding the borrowed money has
been expended in the construction of public
works which have stimulated greatly local
development and wealth there is a cry for
reputation in almost every Southern State.
The repudiators are entirely unmoved by the
consideration that they are destroying their
credit, that if they "readjust" their debts
they can never borrow dollar again.


Now il the Southerners with all their
State pride do not hesititate to let their State
governments borrow money and then refuse
to pay 1t, to pledge the faith and honor Of the
States and then violate them, they will not
hesitate at the reputation of the national
debt, the payment of which has, according
to their way of thinking, even less claim
upon their consideration and which was
contracted in obtaining money to carry on
war against them. The South may be looked
upon for long time to come, as the enemy
OF the public faith. 1t is not strong enough,
of itself, it is true, to do harm, but with the
aid of its Northern allies it can work incal-
culable hurt. 1t has indisputable control Of
the organization of the Democratic party,
and as it furnishes that party with its Con-
gressonal and popular majorities the right is
claimed to dictate the party policy and an
neunce the party measures. The South will
commit the Democracy more thoroughly TO
reputation aud imitation than it has yet been.
Even in New England, the hard-money
stronghold, Democrats will not long hold out
against the declared policy of their party.
The weakening has already begun. A DEM
ocratic Representative from Connecticut is
found voting with the infationists in the
House, and the tone of Eastern Democratic
papers in discussing the silver bill is omin-
ously significant. 1t is well to bear in mind
that any Democrat sent to Congress from
New England or elsewhere, is possible
nay probable-recruit to the ranks of the in
fationists.