Year: 1878

A few weeks ago it seemed to be beyond
doubt that wherever the rabid Western Dem
ocracy chose to lead. the solid South would bc
forced. if not willing, to follow. If the Noor-
hecs nflationists and regulators determined
to throw New-Yorb, New-Jersey and COnnect-
cut overheard, and .tO make the next cam
paign On the issue of cheap money and dear
bread, it was taken for granted that there
was no one at the South to say them nay, and
they assumed that they could safely 90 on
shaping the course of the party to suit
themselves. But signs multiply that the South
is not so docile nor so blind to its own i'll
terests after all. The commercial associations
of New-Orleans and Charleston, many of the
Southern banks, strong and very respectable
minority of the Southern press, and two or
three of the ablest Southern men in Congress,
have shown that there is a much better COM
piehension of finance beyond the Potomac
than the windy West seems to have supposed.
Mr.. Lamar made an admirable speech in the
Senate, against the Matthews resolution, and now
Senator Hill has written TO a hard money meeting
in Atlanta an able letter which ought to have Il
considerable effect upon the public sentiment
of the cotton region. 1t does not appear that





has the fanatcal character which distinguishes
the silver delusiOn at the West. A great deal
Of financial ignorance prevails among the
Southern people, and great deal Of financial
indifference, too; but they are not obstinately
deaf to instruction, and they are not delber-
| ately dishonest.


| Senator Hill shows very clearly that a stable
gold currency is essential to the prosperity of
the cotton planters, and lie estimates that
during the last twelve years they have lost
nearly fifty million dollars by deprecated
paper The accuracy Of his estimates is mat
ter of opinion, but there can be no doubt that
he correctly describes the effect of dcpre-
ciated circulating medium, whether it be paper
or silver upon all cl ls5es of producers, and not
the raisers of cotton only. The planter
paws the cost Of making his crop III
the high prices Of an inflated and
irredeemable currency, and he sells it at the
low prices fixed in England on the basis OF
gold. every pound OF cotton ralsed," says
! Mr.. Hill, was priced in gold, and everything
"bought to raise it was priced in deprecated
paper; and every time he bought and every
time he sold, the cotton producer was
cheated Tie farmer is cheated i'll the
| same manner in the sale of his wheat, and the
lahOrer is cheated i'll the sale of his labor
and the only men who profit by cheap
money are the spectators who are shrewd
enough or lucky enough to guess the course OF
the market, and bet on its fluctuations. 1t is
not for this class of persons, If we understand
the state of the case, that the honest advocates
of unlimited silver imagine they are working
Yet nobody can secure any benefit from re-
monetization except few fortunate specula-
tors and the bonanza mine owners who will
coin millions for themselves at the expense of
the public.


The natural allies of the South arc the COM
mercial cities Of the Atlantic coast, through
which must be transacted three quarters OF
more of the business of the planters, and from
which must be drawn nearly all the capital Sc
urgently needed to restore Southern prosperity
We are confident that the Cotton States will
learn that their financial interests are identical
with those of hard-money New-YOrk and
New-Engand and that nothing could be more
disastrous to them than tho acceptance of tho
manias Of the bowling prairies 1t is to bt