The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-10-04
The Resumption of Specie Payments.


would be less inconvenience, but the rela-
tions between gold and greenbacks are con-
stantly fuctuating-less from natural causes
than from the manipulation of set of reck-
less gamblers in the Gold Room of New
York. In good times, when our exports ex-
coed our imports, there is very little demand
for gold except for payment of customs du-
ties. Occasionally moderate amounts must
be shipped to restore the balance of ex-
change. The vast majority of all transac-
lions in gold is purely fictitious, involves no
transfer of the article and consists merely of
the operations of men who have bet on the
price at a future time and make offers Of pur-
chase or sale in large quantities to influence
the result of their wagers.
If the people engaged in this species of
gaming were the only ones whose interests
were involved, the public would care no more
for their fortunes or misfortunes than for the
fools who lose their money over John Nor
rissey's faro tables. But the legitimate bust
ness interests of the country are the sufferers
from this irregularity of the currency, and
they cry loudly for relief This unsound f.
nancial condition-one of the legaces of the
war-should be healed with all possible expe-
dition. There is but little difference of opin-
ion as to the desirability of the result. but
there is an infinite diversity of views about
the process of effectlng it.
There are those who think an announce
ment of the Treasury Department on any fine
morning that gold would be given for green
backs on and after that date would instantly
equaliEe the value of the two currencies, es-
pecialy if it were accompanied by an act of
Congress providing that duties on imports
might be paid in greenbacks. The theory is,
that if gold could be had for the asking no.
body would want it and that there would be
no run of consequence on the Treasury.
The people, however, have become so fully
accustomed, in all these years, to difference
in values between gold and greenbacks and
our whole system of business and finance has
become so thoroughly regulated with a view
to that difference, that, in the furry cons =
qnent npon SO sudden and radical change.
general arrangement of all affairs would en-
sue, the banks would be closed and an en-
larged edition of the panic of the last few
weeks would acknowledging great disaster
to all business. The finances of great COM
mercial nation, although they may be little
unhealthy, are of too delicate nature to
justify the heroic treatment as matter of ex-
pertinent.
A safer course would be to announce that
on future day-say July 1, next-gold
would be given for greenbacks at the Treas
ury, Congress meanwhile passing law per-
uniting the receipt of greenbacks for customs
duties after that date. Under such announce
ment gteenbacks would rapidly approximate
In value to gold and government would have
no difficulty in securing sufficient gold to pay
the interest on the public debt and our ex-
penses abroad. Should any attempt be made
by spectators to take advantage of the gov
ernment's necessities the Treasury, with its
boundless credit, would have no difficulty in
making arrangements with some large bank
ers abroad, like the Rothschilds or Earrings,
TO advance all sums needful at moderate
rates of interest until affairs should regu-
late themselves. The banks and business
men thus having due notice could prepare
themselves for the change and avoid the disas-
trous effects of sudden revulsion.
There will undoubtedly be some objection
to any movement looking to return to spe-
Gle payments. The operators in gold will
lose their occupation, the debtor class gener-
ally may object to being forced to pay in a
more valuable currency than they borrowed,
the steady curtailment of currency and the
spirit of retrenchment necessary on the part
or the government in the intermediate stages
will be dreaded by those whose enterprises
are likely to be retarded; all these classes and
some Others will fiercely resist the necessary
steps to resumption. But the great body OF
the people will heartily approve all steps in
this direction, and will cheerfully submit to
any little bitterness of the medicine which
brings health. We want cheap food, cheap
freights and commerce with all the world.
Return to specie basis in our currency is an
essential prerequisite to all these good thin gs.
Conference Committees and Fouls.
There is class of fools who will never
learn because they assume that all wisdom is
theirs by inheritance. Of these conspicu-
GUS number among Democratic editors have
for months past been advising the world that
Speaker Blaine was really responsible for the
salary grab because he appointed Confer
ence Committee majority of whose members
were favorable to the grab. As if, indeed, I'M
der Parliamentary Law and the law of COM
mon sense the Speaker could possibly have
done anything else. If the House votes in a
certain direction and the matter is afterwards
referred to Conference Committee it is the
simple. plain, imperative, absolute duty of the
Speaker to appoint committee representing
the views OF the House. One Democratic pa
per always over-wise cries out ''Why did not
Speaker Blaine appoint Gov. Hawley, Mr.
Burchard and Mr., Cox on the Conference
Committee, all of whom were opposed to the
grab?" Why, the simple reason is that these
gentlemen were not appointed because the
rules of the House forbid it. A Conference
Committee in the language of the rules is ap-
pointed to ''insist' on the vote of the House.
Would it not have seriously compromised Gov
Hawley, Mr.. Burchard and Mr.. Cox to Gin
sist'' on vote, to which they were opposed?
In announcing the Conference Committee
on the salary amendment, Speaker Blaine
took pains to state as we find by the Globe
that she had carefully analysed the votes
and had selected Conference Committee
aoh'ch fairly represented the uieocs of the ma
Jority Of the House." Had he done any
thing else as presiding officer he would have
grossly transgressed the rules which he had
taken solemn oath to administer impair
TALLY. For the result the Speaker was no
more responsible than the Judge on the
( , bench is for hardship that may result from
correct judicial opinion. So far as the
Speaker was personally concerned he washed
his han1s of all participation in the salary
grab and SO far as the bill itself was concerned
he simply subjected it to the rules of the
House without fear, favor, or affection,
Had ne done otherwise he would have shown
himself as ignorant of the rules of tbe
House as are the Democratic editors who
criticise his action.
THOSE desiring to enter the civil service If