Year: 1878




There are MANY indications that the solid
front of opposition to resumption and honest
money upon which the inflationists have
scounted at the South is beginning to break
up. We have never doubted that with refiec-
ton and calm discussion, the business men OF
the Cotton States. at least. would come over to
the side of hard money, where they naturally
belong. Even without the action OF the New
York banks, they would have been sure to
perceive, as soon as the present clamOr and dis
turbance came to an end that their commercial
interests were with us rather than with West
ern dcmagogues and embryo communists, and
that the South would lose far more by placing
itself outside the pale of honor established by
consent of the whole world than it could hope
TO gain by raids on the National Treasury,
supported by the Tammany and Pendleton
Democracy. The commercial instinct is
sharp one; and although the South may
honestly believe that il is lawful and equita-
bic to repudiate ten per cent OF all debts
many people do honestly hold that strange
doctIinc-yet it could hardly fail to see that
code of mercantile morals obnoxious to the rest
of mankind will not answer for communities
in its situation.


We have already commented upon the action
of the New Orleans banks and Board of Trade.
We now have series of excellent resolutions
adopted unanimously by the Charleston Cham
Der of Commerce. The bankers and merchants
composing this body declare that the efforts to
remonctize silver and postpone resumption are
reactionary and misclIcvous, and incompati-
bic with "national. commercial and personal
"honor;" and they protest that 1t cannot
"possibly be honest for the Government,
"after what has passed. to pay It's
"notes or bonds in anything but gold,
"and that it is shameful to permit by
claw, and even to encourage by National
"lcgislation, the payment of public, corporate
"and private debts in a dcbascd coinage spec
"ialy. and av0wcdly created for the purpose"
This is taking the high stand which compoits
with the Southern ecntlcmans iayOritc boast
of nice sense of honor and chiyalrous tenn
per; and it ought to be initiated wherever
the same qualities are held in esteem. In an
other part of the resolutions these Charleston
gentlemen manifest hard common sense
from which Northern men who pride them
selves upon their shrcwdncss might take les
son. The distress of contraction. they tell
us. has already been endured. Whatever





turn to hard money involved, we have already
met AMI overcome We have got down 10
the lower level of prices, and accommodated
our commercial calculations to the change,
and We need nothing now except stability and
tranquility in financial matters to revive our
industries and develop our unused resources.
II is the height of folly after enduring all the
inconvcniences of resumption. to run away
from its benefits and begin anew the course
of alternate imitation and depression which
has already cost lis such miscrics.


Among the better sort of Southern poli'i-
clans we see the same hopeful signs which are
dsceriIiblc in several of the marts OF South
EN- commerce. Senator Hayard has made an
admirable speech against the silver fallacy-
one OF the irankest most digniiicd, and most
convincing contributed 10 that side OF the dis
cus.iou by either political party. Senator Hill
has had the courage to oppose the errors OF his
constituents, and there are others from whom
we shall doubtless hear in due time, "a IT be-
comes understood that the natural alliances
of the Southern States are not with the West
ern wild mon, but with the comparatively CON
scrvajiyc and rational Democrats of the At
Jantic cities.