Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-03-24
TIE CURRENCY QUESTION.

siye vote is taken. There seems reason
to believe, however, that the lnilalionists
will succeed in increasing the amount OF
currency, though not to the extent the ex-
tremists demand The compr omise re-
ported In the Senate from the financial
committee indicates this result.
II is reported that President Grant has
expressed very decided opinions quite re-
Gently against any measures tending to in
fate the currency. Although the rumor
as to his use Of the veto power has been
contradicted, there is no doubt that the
President views with dissatisfaction the
schemes of the inflationists. He has re-
peatcdly declared himself in favor of steps
leading to resumption of specie payments.
ID will be remembered that though pressed
severely in the height of the late panic he
refused to give his sanction to the reissue
of the reserve in the treasury. His mes
sages invariably point towards a return to
specie as early as practicable. Whether
he would feel it obligatory upon him to in
terfere with his veto to prevent the ex-
pansion of the currency we are not able
to say, but there is no doubt if such a step
were necessary on his part to check the
power of the inflationists, it would meet
the appreciation of the soundest financial
thinkers and business men and the CON-
munity generally.
There are some members of Congress
who appear to believe that that body has
the power to issue unlimited quantities Of
currency. forgetting that it was only under
the necessities of war and the war power
granted in the constitution that our
present inconvertible paper money was
authorized. The making paper legal
tender was war measure, as much as
the calling out of men to fiji the armies.
When the war was ended it was the duty
Of the government 20 return as speedily
as possible consistent with the public well
fare to the specie basis. 1t was expected
of course that some some time must elapse
before complete resumption would take
place of reasonable delay there could be
no cause of complaint. But the war
closed nine years ago, forty-four millions
of legal tender had been withdrawn pre-
paratory to getting back to specie pay
ments, and yet at this time Congress is
discussing the question of legalzing the
reissue of this forty-four million, and
postponing indefinitely a return to sound
currency. There is no war, there has
been none except with the Indians. since
the day Lee surrendered, but Congress is
debating in this time of profound peace
the adoption of a measure which is only
justified under the war power of the con-
stitution.
We trust our New England repre-
sentatives will hold fast to the position
they have taken in opposition to the in
fiation of the currency. At the same time
il is necessary that the decision of Con-
gress in regard to this matter be rendered
as soon as possible. If we must submit
to imitation, the sooner the country knows
it the better, so that business may not be
Kept in suspense and retarded by uncer-
tainty. Experience will demonstrate to
those individuals and communities who
clamor'for initiation that the government
which embarks in such an enterprise is UNI
wise, and that currency though distributed
in the west Or south will be governed by
the laws Of business, going where it can be
most profitahly employed. No edict of King
or Kaiser, Or law Of Congress. can make
currency 60 where it is not wanted, or
remain where there is nothing for it to do
And just as certainly is it true that any
addition to the amount of our incenvert
IDLE currency only adds to its depreciation
from the true standard, sinks the credit of
the county, embarrasses honest trade, ana
subjects all to the uncertainty Of a medium
for the transaction OF business which
varies in value with nearly every day that
passes. a4 gn
Should the inflationists succeed in get
ting a majority in Congress for an Issue
of currency additional to what we now
have, we trust the President will promptly
and decidedly interfere with his veto.
Rash and bad measures must be checked.
The honest and sound men in Congress
must stand up manfully for safe legis-
lalion. Rogues must be made to feel the
halter draw, and reckless dangerous leg
islation should be resisted at the threshold
and to the very last. 4. t
DUCHESS or EDINBURGH IN ENG
.fNf r "A LAND.
The Duke and Duchess of Edinburgh left
Antwerp ON the night of the 9th and reached
Gravesend the next morning. A eorfcspon-
dent of the Times says:
The weather was lovely, the liver flashing
like sheet of silver, the white chalk pits
cleaning in the sun, and the dirty little town
tricked out of all recognition with flowers and
flags and draperies Of gay cloth. The river
was crowded with steamers from London
gorgeous with fluttering bunting the pier was
crammed With privileged spectators. and the
narrow streets leading TO the station were