Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1873-10-03
From the New York Journal Of Commerce. Sen, p
The Presidents PoIIey.

Inc Ift>iutHts IOutl.
We feel sure that from no body Of nor.
chants, at this stage of the difficulty, woull
have cmanated the proposition to issue s33
600 600 of the Si4, 900, 200 in reserve to tho
banks, and take any securities they mieb.
offer for the money. That is q very radical
desperate measure, for which we find M
warrant in the Constitution or the laws
In fact those who counselled it admitted
that it could be sanctioned only by that ne.
cessity which knows no law. To ask for +,
then. was to ask for n violation Of lar D.,
cain supposed good. The President Wa
insufferably besct with demands 10 \,
this but he resisted with great firm.
ncss That il was cOnfessedly illegal w.
all he cared to know, and on that position
he planted himself like n rock, and Stood
unmOyed in all the angry swirl Of cam.-
that roarcd about him. IL required .res.
decision of character and steadincss Of nor.
Ia refuse the solicitation of many who were
Of the Presidents best personal friend,
lint he did so, and the country will than
him for it. That the proposed measure +.
ILLEGAL would suffice for its rejection. ia-
hcvon1 this there arc doubts whether i
vv1nId do more then temporary good. and
that chiefly to the Specializing cla-s. d.
would most likely make buoyant stock
market lie is JUS what the bulls want
R1t its effect would only be for a time
With the recall Of these extu1riinar.
loans from the banks-and they must D.
recalled some timc-w0uid come aud-f.-
tumble. And then the government wIa-I
be called on to Interfere again illegally
following the precedent Il would do So, auI-,
the eonsnmmate folly Of speculation wll.I
be directly encouraged by the government
itself. and the end of sucha system Of alter
nate commissions and quacS remeIe
would be the prostratlon OF the whole c1l1-
try. The arrangement OF the national tr1l-
ees consequent upon the adoption Oh --.-a
system would interfere with bd~ine7- ua.-
vcrs1llv. Now il IS only the spccultr
VINO are inilr;nuslv affected. Then 10 WOO.
he everybody in every kind of hs-ra.
There Is another and even more serious a--
pcct of this great question. If Caesar Cd a
America Is ever to be any more than news
paper chatter and bugbelr, if IL avel g.
take n real sep towards actuality. look
for that stride in the direction Of oycr-re-.-
lating the business Of the country. W.at
the hnancicrs asked President Grant
Is that which the Caesars are always r.4..
to do. Ii i the paternal theory of ima -.
governments to be interfering M the ..--
ncss concerns OF the people, and ra-.-
ting everything down 20 the price o. read
and beer. If President Grant Lad
ed 10 the urgency Of his adviser
he would have been for tie u-
ment Caesar. lie would haverCll.z.I Gil.
idea Of strong. personal government sui
rs that Of Russia. where the only 81.
that of the Gar. That the President. -.
sisted the temptation 70 stretch the exon
tive authority at this time is one Of the te--
pieces of evidence we have yet seen taa- ..
does not mediate the C3Sarlsm attr. ..-aI
to him by some Of the papers. By Dis i---
ness he may have lost for the present q.
applause Of the specializing people, VIII.
think that the Treasury Of the Jl.aI
States ought to be emptiei % save -.e
from failure but he viii surely receive Pill.
approval Of calm, judici0us men, wa. M
lievc in the supremacy Of law. TIE pole.
adopted by the government WIS r.e t--
practicable in the actual condition 0tt.Ir--