The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-12-29
Our New York Letter.
The Finance Bill-A Move in the Right
Direction-Anoihcr Deluded Congress-
man-Thc recently Deceased NewsPa-
per-Honesf and Dishonest journalism.
New YORK. Dec, 2S, 1874.

per-Henesf and Dishonest journalism.
NEW YORK, Dec %, 1874.
The new finance bill is a step in the right
direction, at all events. Considering the
diversity of opinion prevalent in the ranks of
the majority, it was as much as could be ex-
pected. The country has got to be educated
up to a thorough comprehension of the neces'
stiles of the situation, and while that process
is going on, it will be well If we prevent bad
legislation, ithout being toe particular as to
attaining the best. That must come by and
by. 1t is hardly to be expected that new
banks will be created to issue the additional
hundred millions necessary to ensure the
wished for reduction of legal tenders to three
hundred millions, but it is something to have
Congress admit that such a reduction ought
to take place. 1t is long time to wait for
resumption of specie payments-ive years-but
if we can once get the principle established
that it is necessary to resume. we have got
started on the right road, rough though it be
and slow the facilities of conveyance. 1t is
not very great while ago since some men OF
note and standing were in the habit of ridi-
culing the idea of return to specie payments,
as an old fogy notion, which the Republic had
entirely outgrown. 1t is a point gained to
have that delusion cured. There are inhuen-
tial men in and out of public life who cling
pertinaciously to the theory that government
notes are the best sort of currency, and tha,
there is no need of making any provision for
their redemption, inasmuch as they are Sc
cured by the pledge of all the property in the
United States. The inhationists of the Demo-
cratic party are intent on making this polit-
ical issue IN the next Presidential campaign.
There will be some difficulty in reconciling the
conflicting views of the leaders, east and west,
on this momentous question but the Republic
cans have done wisely in agreeing upoa pol
lev which will have the effect of throwing upon
the Democracy the responsibility of perpet-
uating an irredeemable and deprecated cur
rency. Eschewing details about which it
would be impossible to expect unity of thought
and action they have taken the initiative in
support of two propositions which constitute
the very essence of financial restoration. They
are inter-dependent and indispensable to
fina! solution of the great problem which in.
wolves the honor and prosperity of the country.
The Secretary of the Treasury and the Comp
troler of the Currency have shown with great
clearness Of statement and force of reasoning
that the retirement of some twenty per cent of
the outstanding legal tender notes must pre-
cede resumption. The pending bill recognizes
the correctness of this theory, and whether the
result can be attained by the plan it embodies,
or not the party stands committed to the prin-
cipe and must sustain it by more effective
q f,,t, .bo @ha
adequate. 1t is a gratifying sign to see Repub-
lican senators interchanging counsels, surren-
dering individual preferences and trying with
honest purpose to lift the country out of the de-
preston and stagnation occasioned by the pre-
vailing sense of uncertainty in respect to the
safety and stability of the circulating medium.
The caucus system is the only thing which can
keep great party together. Those who de-
claim against it, are either moved by the wish
to destroy the power of political organizations,
or else they take an extremely superficial view
of affairs. The right of private judgment
must have suitable limitation, in order to main
tain the harmony and usefulness of a gre at
body of men, banded together for common OBJ
jects, but as matter of course, widely diver
gent as to the methods by which the highest
good may be accomplished.
The ''press gag" humbug has immesbed
another distinguished victim within its drag
net The last martyr is our own Representative
at large, Mr.. Lyman Tremain. Undaunted by
the fate of his predecessors in the same dan
gerous field for the tillage of buncombe, he
threw a sop to the Bohemian cerberus in the
shape of bill virtually making libel a privi-
legged right. Instead of getting thanks for his
pains, the head centre of the libeaous fraterni-
ty was so shocking.y ungrateful as to set about
throwing mud at the unfortunate member who
had made such sacrifice of manhood and
dignity to ingratiate himself in his favor The
assailed party made the matter worse by intro
ducing it into the House as privileged ques-
tion. Answering newspaper attack is about
the most absurd thing an aggrieved man can
undertake. The aggressor has the advantage
of a steam power press, constantly at his COM
mand, and is not restricted by any obligat to
respect the rules of fairness or truth. The con-
is that he not only adheres to his
calumny, but forti6es it BY new statements, in
which he makes up in yigor of rhetoric, what
ever deficiency may arise from his paucity of
facts. But this is not the least of the embar-
OIL MI. 1rcuidln pooitiOu. ho 20 %
lawyer of no mean repute, and if he had ever
examined the Poland amendment with sufi-
cient care to understand its meaning and in.
tent, he would have discovered, what is plain
enough in its text, viz, that it relates simply
to the punishment of crimes and misdemean-
ors committed against federal law. Nolc as
there is no federal statute making libel crime,
that is an offence which cannot be punished
under the obnoxious amendment. 1t is strange
that even the newspaper craft should have so
overlooked this point, but it is still
more incomprehensible that it should have es-
caped the attention of any man OF average
standing in the legal profession. of course
every Congressman who has sought to curry