The national Republican., 1867-12-17
UNwIsE LEGISLATION IN RESPECT
TO THE CURRENCY.

We observe that Mr.. sherman has introduced
q bill into the Senate recommending the issue
Of Q per cent. demand notes. All such issues
are mere expedlents, and might have been justi-
fable during the war, but now, In time Of peace,
they can be OF no advantage whatever, but must,
on the contrary, cmbarrass the Government to a
degree that will lead to the disparagcment Of
the national credit. In war times the Govern
ment might make almost any shifts, the necessi-
tics of the hour were such as to Justify the ex-
pcdent which promised the most ready tempo
rlry relief. No such excuse can be pleaded now,
and there Is certainly no necessity for a measure
OF this sort at this time.
Mr. sherman undoubtedly Is acting In this In.
stance in manner which, to him, appears to be
both necessary and profitable; but we can see no
good end to be subserved by such q temporary
Cxpedlcnt, fer temporary II must be. We do not
mean to say that some people might not be bene.
htcd by this project. 1t Is very probable that
somebody might reap some advantages from this
plan; but are we constantly to keep up this
tinkering with the currency, and never to lay
down the foundation for permanent system,
broad and deep-a system that shall inspire pub
lie confidence and work out these practical,
healthful and bcneaclal results which stable
and well-reyulatcd system, or financial policy,
will certainly accomplish.
An argument is adduced in favor Of Mr.. Sher-
mans proposition, that these demand notes will
prove good substitute for the advantages to be
derived from contraction. The Secretary Of the
Treasury has wisely concluded, and Congress
has endorsed his policy, that contraction for the
present must cease. What is there to fear or
hope for in that quarterl Is there anybody who
desires a further expansion OF the currency in
times like thcsel II so, VIC can confidently as
sure them that they are certainly doomed to dis
appointment. The question is settled for the
present; contraction and not expansion is the
rule. Business Is at q low cbb, navigation Is
closed, and there Is certainly currency enough
for all practical business purposes. What, then,
We would most respectfully Inquire, is the use of
this tinkcrins and patching upl Let well enough
aloac, til this whole and complex question OF
finance can be thoroughly Investigated, and all
that careful preparation given to the adj justment
Of our national financial policy which the ne
tcssitics OF the times demand. We don't want
any dodglng here and there, any ephemeral pro-
Jccis which must pass away like the morning
dew. In short, we want no more patchwork and
iragmcntaFy legislation, but we do want wise
and comprehensive measures, which the ablest
aad most learned ananciers can devise; measures
that, when matured and adopted, shall work har.
moniously and result In the greatest good to the
greatest number.
We believe in Mr.. Sherman's honesty, ability,
and integrity and moreover, we know him to be
sincerely devoted to the best interest of the
country. As chairman of the Finance Commit
tee he means to do the right thing But not
wIthstnnding all this, find It difticult to sepa-
rate this scheme from some deep-laid plan Of a
speculation projected in Wall street; but we
shall see.