The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-12
THE FOLLY OF INITIATION.


= 01snC1 EkASHoCsh HUM tm0 EhUnh VI ssAS
Country.
The Burlington Nowa) HdcEeve lrepubhcan)
has this to say:-
is guilty Of one OF the greatest bunders ever COM
United by a legislative body, and 1t Is disgrace
our history as a folly so absolute and inexcusabie
as TO be little less than great crime. The effect
al us Rcy upon ine party % e
New England States, make New York dead sure
for the opposition. render Ohio more doubtful tnah
ever, and IN every State make lukewarm or drive
into active opposition ian element which mas
been one OF the CHIEF sources OF strength and per-
manency TO the republican party. Though the
question in Congress is not party one, the repub-
hcans being in large majority, they are naturally
ana properly held responsible for legislation anu
measure, adding one more to the load under when
the party now staggers to Its TALL.
The davenport Qowa) Gazette republican,
says
Much has been said during the discussion OF the
bill about the conrict between the East and tne
West on the subject OF imitation, and strong Efforts
have been made to get up sectional differences IN
the premises. But there Is really no such diner
ence. Iowa no more wishes to see a plethora
Of deprecated currency than Pennsylvania ana
the Missouri Senator struck more and harder
blows against the ruinous principle than
all the Eastern Senators put together. The west
we have seen give larger vote IN favor o. me
popular feeling, and when the night actually
comes, forced upon tue nation BY an irredeemaoie
any geographical boundary line. What con-
1idence can be felt in financial circles Gle,
lar, worth ninety-fve cents to-day, It may be
paid tomorrow with one only worth eighty cents
The vote IN the Senate Yesterday may be entitled
a vote to injure commercial credit and TO destroy
confidence; and. worse than that, IL Is acculnuia-
tive aud likely lead to further attempts at fact
tiOusly easing a tight national money market,
going on till greenbacks will be handed round
without mutual belief in their face value and their
final reputation.
nho ~ II fdo
that ''f President Grant fails In his duty to veto
the Imitation bill he will meet public censure
such as lew Presidents have experienced"
The Sacramento Record republican, says
II President Grant wishes to prove himself the
friend OF the people ana Is not afraid OF tenn
porary mlseonstruction, he Will never have bet
ter opportunity to lmmortalize himself than Is
Afforded him by the power OF vetoing this most
pernlcious measure.
The Montgomery tAla.) Journal republican, de-
cares:-
Congress may vote 500, O00 600 more greenbacEs
this week. put them and in thirty days $780,
OF them would be back again TO the commercial
centres. Our timber lands have never yet been
cleared OF trees by cutting or the branches at the
top. The Congressional currency doctors ought to
be sent to some financial school and take lessons
in the primary studies Of currency and monetary
matters.
The Atlanta (Ga) Commonwealth Gndepen-
DENT has this to say
What the country needs now is business based
upon standard values. Gold-solid gold-is the
only real standard Of value. The more we initiate
the currency the further we separate from this
a'us solid i0 prosperity t. The lessons Of the
panic of last iall are too soon forgotten.
II was s o. na
then were placed upon their proper levels,
and after the amazed stupeiactiOn began TO clear
away and men began 10 see how they really did
stand the times were slowly beginning TO move
on again, when now comes this new expedlent to
build upon the solid foundations thus liked
structure the tumDleQ into dust.
1t requires no prophetic eye to see that tumble
as disastrous win overtake this new one.
The Cape Ann (Mass.) Advertiser independently
remarks:-
vetoing this monstroslty OF Currency DILL can
Tor himself such laurels as will lar exceed those
gained as commander o. the Union forces. The
question now Is, "Will he do lt?''
The Lawrence lMass.) Sentinel (democratic
says
The deeds done, and we care not whether these
trucking, cowardy demagogues were democrats
or republicans. II the democratic party cannot
survive without the sacrifice OF all the principles
and all the sentiments which 1t exists to embody
and contend lor, the democratic party had better
Gle.
The New London Telegram independently says
In all his messages, as well as in private CONVEX
tiOn, the President mas declared his intention to
stand by the pledges which the republican party
gave to the country. He Is in every way squarely
committed against the schemes Oh the infatIonsts,
and 1t now remains to be seen whether he Will
that placed MIN in power and have the courage to
follow out the dictates OF his conscience and good
judgment.
The Elkton (MdJ Democrat (democratic) be-
rates the democrats Tor voting for imitation thus:
This knowledge should have held them firmly
bound to adhere to the principles or their party.
They should never have yielded to temporary and
inane camOr Tor more currency when they knew
it was financial poison their sections demanded.
Like al temporzers, they may live to see the fruits
OF their folly and to find III their hands apples Of
Sodom.
The Yonkers Gazette (demOcratic) says
The arrogant assumption OF the machinery
makers OF the Republic which prompted this out
rage on the community calls for reputation for all
time OF the party who secured its consummatiOn,
and vndcatiOn OF the democratic doctrines OF
Tree trade and nard money as the only sure pro-
lection against sucn outrages in the iuture
The Harrisburg Patriot (democratic) says Of the
bil:-
1t is compromise merely between two
classes OF innat0nists IN which each takes half,
legal tenders and national bank notes to be in
creased in nearly equal quantities. The DILL now
gees TO the House and 1t Is not improbable that the
result in Connecticut will bring that body to a
realization or the true condition OF public sentl-
ment on the currency question.
Referring to the statesmen and others who have
been alienated from the President by his errors,
the Philadelphia Every EUeniRg remarks:-
With what a sweep, then, tae waning affection OF
ali such would return 10 President Grant should
he have the courage to take this imitation monster
by the throat and strange 1t!