New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1873-10-17

pruning II at tle treasury department
&C. D." will see, therefore, if he reflects
moment, that we are the masters of the
situation, and need not feel any great con-
Germ about the future movements Of our
cousins across the Atlantic. They will
be as glad to meet US on change as hereto
fore, and we shall treat them with as much
politeness and fair dealing as though they
had never sympathized with our discon-
tented statesmen, who once tried to smash
up our whole Republican machine.
REPEAL OF THE LEGAL TENDER ACT.
In attacking the legal tender act and
calling for its repeal as means of rene
dying our financial troubles the Chicago
Tribune does not display that courtesy,
foresight, Judgment and skill that usually
accompany its views on matters of public
interest. 1t certainly shows great want
of courtesy and skill in adopting the
proper means to accomplish its purpose
when it coarsely assails those whom it is
necessary to convert to its views in order
to make them effectual We see nothing
that is convincing or pleasant in the as
sertion of that paper that "the great ma
jority of Congressman are themselves so
ignorant of the fundamental principles of
currency, and have been so awed by the
elaborate schemes with which Senators
Boutwell, and Sherman have contrived to
addle their own heads that it is doubtful
if they can be made to comprehend the
simplicity of the remedy of our financial
troubles in the repeal of the legal tender
act
This hasty judgment of a newspaper is
hardly sufficient to convict the majority Of
Congressman of an amount of ignorance
that if true, would seriously reflect on
the congregeted wisdom of the nation, as
well as the constituencies that made choice
of it. Newspaper men are too apt to for
get the sacred injunction Judge not lest
ys be judged" The very judgment that
DEGREES the ignorance of Congress and de-
termines that Senators Boutwell, and Sher-
man are without brains, may seriously
subject its author to the charge of lunacy
or something worse, in the minds Of men
unaccustomed to the freedom exercised by
the press in the discussion of men and
measures in connection with the public
service.
The REPUBLICAN, though great stickler
for the freedom of the press, can not ap-
prove of the free denunciation of men who
think different from their assailers in mat
ters of public policy.
The Tribune, after abusing Congress-
men, gives the opinion that Congress,
when it next meets, should repeal the legal
tender act. 1t proposes this as remedial
measure, taking the ground that ''a circu-
lation of paper money, limited by law to
a certain amount, and made a legal ten
der, SO as to exclude specie, furnishes the
element of a more distressing crisis than
could occur if we were on a specie basis. l"
The point here made is that the present
national banking system and currency
BuOulu NC NudIBCN3 4Ob DSSah6C bISy La W
failed to prove beneficial to the best in
terests of the country up to the present
time, but because, in the opinion of the
Tribune they may in the future be "the
element of more distressing crisis than
could occur if we were on specie basis. "
This is certainly reasoning with ven
geance. Could anything be more absurd
than this argument, put forth at time
when the country has just been convinced
of the benefits of its present national
banking system and currency? We have
Just had trial of what would be the re-
suit of panic under the circumstances
named by the Tribune, and the govern
ment, under authority of law has been
enabled to confne. it to where it be-
longed-among those who created it. II
can safely be asserted that no financial
crisis before experienced in this country
has been without serious effect to all
classes of the people, particularly the
working classes. The present one has
had but comparatively little effect
on the general interests. The object
of the Tribune is to have the country
return to the old systematic Demo
cratic system-that pretended to give 9
specie currency, yet took good care tC
food the country with all kin DIS of paper
money, having as many values as there
were kinds. Under this system the pow.
er to limit currency, complained of by
the Tribune, would be taken from the gov
eminent and given to the banks, and w
might possibly soon have combination
of banking interest that would bring
about state Of things similar to what ex
listed in this country in the days of Jack
son. Under the present system we arr
protected against moneyed power tina
might aim to control the government
and considering that our present curren
cy does not war on gold and silver, bu
simply aims to be as good and is rapid!
approaching to that standard, the neces
sity for the repeal of the legal tender &C
may be well doubted.
eEAWIEG THE FILE.