, 1874-07-15

. GIdCys
It may be said, moreover, and said with
great truth, that the p0stponement of currency
legislation till the next session is the best thing
for the, country in the present divided state of
public opinion. The worst of all evils in legis-
lation affecting the measure Of value is insta-
blllty. 1t is not safe to make changes unless
they are supported by such a strong preponder-
ance OF public sentiment as affords a reasona-
Die guarantee of permanence. The advocates
OF a sound currency have more to gain by ad-
yournlng the question than their opponents.
Inc west itself will yet come round to correct
views. 1t has already made progress in this
direction since the beginning of the session.
When 1t finds, as it will next fall, that there is
abundant money for moving the crops, the
clamor for more currency will die into silence.
They measure their wants by what they suf-
tered In the panic, making no allowance for
the fact that it requires double the amount of
money to transact the same business on the
a m scale of prices in periods when confidence
IS Frustrated. AS soon as the panic set in
everybody who had or could get money hoard
ed it, fearing he would be overtaken by wants
for which he could not provide. The banks
lost so large a part Of their deposits that they
resorted to the makeshift of Clearing House
certificates to meet their mutual daily settle
meEts. The savings banks would have been
drained had they not taken advantage of q
clause in their charters and refused to pay
without sixty days notice. The community,
by withdrawing confidence and Withholding
deposits from the banks, deprived them of their
chief means of lending, and curtailed the use
of checks, the great substitute for money.
All this happened in the very height of the
season for moving the crops. It is not sur.
prising that the vivid impression outlasted
the calamity, and that the West, whose bust
ness suffered most, looks forward with ankle
ty TO the coming autumn. When the Western
people find they get through it safely and east
ly, there will be an ebb Of the imitation tide
favorable to revised legislation next winter.
Had Western opinion been different, there
would have been great advantages in a revi-
sion OF the currency laws at this session. But
Western opinion being what it is, the country
will gain much by the postponement, for
which it is wholly indebted to the combined
frmness and wisdom of General Grant.
We believe the President has served his
party instead of injuring it by forcing a post
%ponement Of legislation on this subject till the
next session. The party in its collective capa-
city is, no doubt, responsible but responsible
ty for doing nothing is not SO heavy q load as
responsibility for bad laws. Congress did act
it did pass a bill through both houses in the
customary form. 1t cannot, therefore, be held
reSPohslDio lOF Inc TACT that nothing has been
done. Whether for praise or for blame, the
fact that we do not get a new currency law this
session is due to President Grant. Congress
cannot be censured for non-action, but only for
wrong action. If the republican party is held
up to reprobation because nothing has been
done, it must be the republican party as repre-
sented by the vetoing President but he can
not be blamed for the deadlock without indorsing
imitation and supporting Congress. The demo
Gratis are under a moral and political compulsion
to support the policy of the President if they
present the currency issue at all, and it is not
easy to see how they can do much harm to the
republican party by extolling the views and
vindicating the course Of its elected official
head. They are also under a peculiar disabili-
ty, Of which their opponents will be likely to
make a handle, by their formal separation Of
fiscal questions from the domain of party re-
sponSibility in the last Presidential election.
We refer to their curious declaration on the
tariff in their national platform of 1872, where
in they acknowledged irreconcilable differences,
among themselves upon this question and re-
mitted it to the separate Congressional districts
for settlement. Such trimming subterfuges are
pretty certain to bring their own punishment,
sooner or later. The democratic party, by
committing itself to the doctrine that party
responsibility does not extend to questions