Year: 1878

| tbe fact should be mentioned, although it is
| sadly plain that all the cOpperheads or war
| times and all the unrecOnstructed rebels are
cheering them on. 1t does not please them to
see noticed the Indifference of many western
counties and municipalities to financial
obligations, even after the highest Courts
| have held those obligations valid. 1t does not
| please them that there is growing feeling at
the East of dstrust in regard to Western bor-
rowers of all sorts. owe are as honest as
"you" these Western people say. "We know
ga great deal about finance and you know
nothing We think it wise and honest to do
Z" as we are doing and have right to our
" opinonn No doubt. Eastern people also
| have a right TO their opinion, which happens
TO be that of the rest of the civilized world.
| Western people ought to remember that we
cannot make a new standard of honor for civ
ilizcd nations, however much we try. This
country can reject that standard in its dealings
if it chooses, but it will then pay the cost
which civilization surely fasens upon an
act considered of bad faith. If we honestly
think it not an act of bad faith. that does not
hclp us. The world makes national credit,
and the world has standards of integrity to
which we must conform or pay the cost in
raised interest, tarnishcd honor, and scanty
capital The West cOOlly says that men who
have been for years in daily contact with the
facts of commerce, and have spent years in
the study of the laws of finance, know nothing
about the matter. There is a genuine amaze
mcnt in that region that the world does not
instantly accept the notions OF politicians
whose sole inquiry as to the laws OF finance Is,
"What does the majority shout for now TOT
demagogues who wouli gladly get some con-
tcmptiblc Office at the cost OF lighting IN tins
land the fires of strife between capital and Ia
bor which have dcsolated other lands-and OF
farmers and mechanics whose supposed inter
csts or prcindices, il is fair to say. affect their
Judgment the more because they are conscious
that they have given to the question no adc-
guatc study They feel that the man who deals
in money or has studied its laws knows very
much about the matter that they do not, and
are the more suspicious that some advantage
is 10 bc taken of them. But in serious kind
ness. are these the opinions and prejudices for
which all the experience of the world, and
the study Of its ablest thinkers, should be dis
cardedi


Harsh words are used to the West, 1t is said.
We are very sorry that there is occasion for





why should there not be plain speech Let
it he granted that the advocates OF the Silver
Bill, for instance, do not generally mean to
wrong any one. But the fact is there; hey do
it, Thousands of honest and industrious
workers, who have saved what they could,
thousands of dcfcncccss widows and orphans,
whose sole support is the money invested Ill
rcctly or Indirectly in Government bonds, know
that they purchased because the law then
gave payment in gold They trusted that
great. proud, free nation would not wrong IA
creditor, no matter how humble or poor. over
three millions OF men. women and children,
in nine Eastern States, have invested their say
ings in that faith, and they think it cheating
when n polltican tries To make bonds payable
nj the rate of 90 cents on the dollar. Will
any Western, man tell us what sort of words
ne would use if that sort OF thing were done
to him


The papers and public men are mainly TO
blame, it is true. IL was their duty to make
known to Western voters the standard oi
honor which, held by all civilized nations,
would inevitably govern the credit of this
land With very few exceptions, they have
failed. gust of popular feeling came, and they
bowed rs towards bend before danger or diff
Guilty. Was it hard to tell the hasty Western
voter what the world would think of his act 7
Hard or not, it was duty-thcir duty, above
all. Kept alive by the West, they owed to the
West lust and wise counsel. Ii WAS Their
mari 10 stem and stop the current of disregard
for public obligations as soon as it came.
How many can say with truth to-day that the
spirit now 80 strong and so mady bent upon
acts which would rob millions, PROSTATE trade
and industry, and disgrace the country, might
not have been checked if they had done their
duty?


The West will come to clear knowledge OF
this question. Perhaps before harm is done
perhaps after the Nation has been disgraccd,
and its prosperity thrown away If before,
the West will gain more than any other Sec
ton. If after, we shall see once more. and
with keen regret, Il people taught by ter
rible disaster to obey the simplest laws.
Nature does not spare those who break the
law of grayitatiOn. The sincerity or ignorance
of the man who jumps from the sDirc OF Trim
ity Church will not save his neck from break
irg. Laws of money are just as pltlleSs.
Break them, and sure loss brings the penalty. |
More than any other section, the West needs
TO borrow, and yet it is trying to Kill its own
credit. The rich capitalist can always protect
himself The millions of poor investors at the
East will suffer, if any act passes which the
world holds dishonest. But far more, and far
longer. the West will suffer, if men who have
money are taught never to lend it there.


TIE SAN FRANCISCO DEM1GOGUES.


San Francisco gives good indications of
substantial social advance. Prompt measures
have been taken by that municipality to save