The Portland daily press., 1874-06-09
New YORK, June 7. 1877!


| cumstances under which it has been promul-
gated are full of significance. 1t will be recol-
| lected that the Senate Finance Committee re
| ported bill, which was intended as compro-
mise OF the conflicting opinions of the "hards''
and "softs'' on the currency question. 1t was
| in reality measure of extreme concession TO
the infationist majority. 1t provided for an
expansion of two dollars of national bank
notes for every one of treasury bills withdrawn,
| with the still more Objectionable condition that
| the retirement of the latter should cease when
| $164, 900 of national notes had given place
| to $50, 100000 of treasury notes; while there
was no Limitation whatever to the volume of
substituted paper money authorized. Then it
| postponed specie redemption for four years and
provided for it after that in hating and equiv
ocal form. Altogether the scheme involved, as
too often happens in cases of compromise,
surrender of the vital principle of early re-
sumption, which was the cardinal point of diff
ference between the advocates and the oppon-
ents of specie basis
| But the indationist majority, not content with
the much that had been yielded to them, de-
manded more, and emasculated the act by pro-
viding that only one dollar of government mon
| ey should be cancelled for every four dollars of
new national notes created. In this shape the
| bill went to the House And here began sys
| tenn of tinkering and patching, which excited
| no small degree of alarm among the men who
| deprecated any departure from the true stand
| ard as the fatal first step in the downward
| road to chronic irredeemability, which once tax
en- would be so difficult to retrace AS the bill
l "a
| becoming law of the land. The Presidents
financial opinions had been so clearly set forth
in his veto of the 22d of April, that his approx
al of this infinitely more Objectionable measure
| could not for moment be counted upon. Ac-
| cordingly it was sent to a committee for repairs
| and some amendments were incorporated into
| it which were intended to make it more accep-
table to the contractonists, and possibly to save
| it from Executive dissent. One of the altera-
tons was the substitution of forty per cent for
| twenty-five as the proportion of contraction to
| expansion. Another strengthened the reserves
On the whole the changes improved the bill as
it came from the Senate, but left it still worse
than it was when reported from the Finance
Committee of that body; and that would have
been bad enough in all conscience. And yet it
~
both houses, hitherto considered perfectly or
thodox on financial questions, were captured
by the alluring colors of this variegated piece
of patchwork. 1t is cot worth while to call
names, but some of the ablest and most inf1u-
entail representatives on the floor, were not on
ly ready to vote for it, but strongly urged its
adoption. Of course they voted from patriotic
motives 1t is presumable that they were im-
PEELED by an earnest desire to bring the whole
matter to definite conclusion, and not allow
it to become issue in the coming con-
gressional elections But there is such a
thing as giving up too much for the sake of
peace, and this was one of the instances in
which the spirit of Cancellation had been car
red to such an extreme in the terms of the
original bill, that any further yielding would
have savored of pusillanimity. Nor is it by
any means certain that the concession would
have secured the results anticipated from it.
1t is yet to be determined whether the people
of the great producing section of the country
are SO deaf to the teachings Of history, SO dumb
in Withholding any expression of the opinions
attributed to them, and so blind to the obvious
fact that they are far more interested in
stable currency than ally other portion of the
United States, that they VIII array themselves
against the Chief Magistrate who is simply
endeavoring to protect them against the spec
ulators, who would fain swap off money which
is at discount, for grain which will always
command gold. There seems to be DISPOSE
ton to treat the people Of the West, as if they
were as ignorant as the Indians of the border,
and could be humbugged out of their wheat
and corn with bits of handsomely engraven
paper very much as the savages are lured of
their furs and wares, with strings of beads and
kegs of New England rum. I am inclined to
think that it would prove a political mistake
to legisate on this hypothesis, and certainly
there can be no other plea for further Vita
ton of the currency except the doubtful one of
expediency.
Fortunately the House did not pass the bill
after it had got dressed up in such a shape as
was intended to woo hard money men to its
support without disaffecting the disciples of
irredeemability. The whole matter got into
one of those congressional tangles which COM
PEELED a reference of the subject to a confer
ence committee. There it has been hanging by
the eyelids for several days. The committee is
imitation, all over, at both ends There is only
one member of each house out of the six, who
holds conservative views on the currency aues-
ton, and one of these is Senator Sherman who
has carried the spirit of compromise to the ut
most verge of principle already, if not little
beyond it, a as
just at this point-when these six gentle
men are debating hesitating, delberating-
four of them infexibly bent on keeping as far
away from specie standard as they can get
a fifth i1nbued with the idea that any sacrifice
almost, is better than adjourning without
reaching concluson-and the sixth hard
money democrat to be sure, but representing
state in which there has been developed
painful degree of heresy on the currency issue,
the President OPPORTUNITY comes to the relief
OF this perplexed council, and frankly informs
them in advance that he holds opinions SO COM
pletely at variance with those of the majority,
that an agreement among them will result in
nothing. In other words he spares the minor
ity the humiliation of surrendering their con-
victions for the sake of arriving at point of
settlement, by quietly letting them know that
he has no idea of approy ing any measure they
will be likely to concoct.
This may not be in exact accordance with the
strict rules of parliamentary etiquette, but
there is so much genaine common sense in it,
that it will certainly commend itself to the APP
proyal of the American people. Had Gen.
Grant been an ambitious man, intent on pro-
noting his own political fortunes, he would
have kept silence till the bill had been adopted
and then returned it with veto in which he
would have embodied the propositions contain
ed in the paper to which he has just given pub
lcity But the session is nearly at al. end, and
he has no wish to see its closing days wasted
in devising scheme which he cannot sanction.
He has given diligent and assiduous thought to
this great subject, His judgment in refer
ence to it has been maturely formed. and has
become steadfastly fixed He did not take his
first decisive step towards specie resumption in
the April veto, without calm elaboration and
studious forecast. He has taken his stand and
will sight it out on that line" whether If
stakes all summer" or all the residue of his
The unofficial acts of the President will i'm.
part new phase to political discussion. In the
dearth of living issues, polemical themes were
last growing unworthy the intelligence of the |