, 1874-04-06
ONLY 4 LITTLE INITIATION.

Tho in1ationiats In Washington llavo received
back-set. They have been losing votcs in tho
sonate for week paAt, and cannot count on
majority Of more than three or four when they
poll thoir maximum strength. And now II is
announced, with considerable show of author
ity, that the President intonds to veto their bill
II they pms 1t, and To yoso any bill which docs.
not make provision for tho redemption Of tho
new groonhacls IN coin. Under these discourage
Ing circumstances, it is stated that they aro pre-
pared to compromise on ATerrimon's bill, which
provides for m incronso Of SIC, ,000 900 Of Naton-
al Bank circulation.
Such compromise, however, is not probable,
for the reabon that nine tenths Of the support
ers OF initiation throughout tho country arc not
only opposed to moro National Bunk notes, but
in favor Of wiping out those NO already have,
aud filling their p1ace with grcenbaokH. Lot
Logan and Morton como homo and toll their fol-
1owors that they couldn't got any more green.
backs issued, but that thoy did tho next best
tbing-they got moro National Banks au-
thorized-and they will hear Rome howl.
And tho new banks will not DO
sta1tod even II tho bill passos. So they will
lave failed to secure iunation in any form, but
will have attempted to secure 1t in form in
tensely Objectionable to the great mass Of those
who want It. For thoao reasons, tho proposed
compromise ia improbable il not inudmiaaiblo.
4 good deal has been said lately about con-
Aiet betwoon tho East nnd tho West on tho SUBJ
jeot Of imitation, aud pains has been taken In
somo quarters to oreato suoh conflict. It has
boen represented that tho limo Of tho Alloghanios
substantially divides those who arc in favor Of
to It. In point OF fact, tho State Of Pennsylvania
ia moro thoroughly onn1nored Of shinplastors
| than tho State Of Iowa. All tho Eastern States
| together have not struck such heavy and woll-
directed blowB against imitation az Senator
| Schurz has given. The "loading statesman OF
Massachusetts, is q loud-mouthcd advocate Of
infation, and hrr. Dawes himself reported Tho
944, 900, 900 bill from the Committee OF Ways and
Means. There is undoubtedly q proponderance
OF votes from tho West for inf1ation, and a
prcpon1erance from the East opposed to 1t, but
tho conflict, when it come8-as COMO it will it the
I -
dcomablo cur1cncy-will not 10 aectional ono.
It will bo d noighborhood fight everywhere. Let
tho Government commence debasing tho cur.
roncy, impairing tho obligation OF old contracts,
and rendering now oncs impossible by destroy
Ing Or threatening to destroy tho yaluos In which
they are to be fulfilled let 1t carry out tho sys'
tenn logically, and add frcah lot Of grocnhaole
whenever demanded by people who arc hard up
and tho honda Of society will DO sunlerod in
oyory direction. Tho East will hayo ouougt
fighting to do without coming West and tht
WoBt will have enough to do without going East
Wo will do the inaationistB the Justice to 81,
that very fow Of them want unlimited inlation
Tloy want only ]ittlc-just enough to go
atartel again after the panio. They do not re
fleet that tie panic signiles want Of capital
not q want OF oarronoy,-tlat currency conBstI
Of nothing but tickets by which oapital ia OK
changed and distributed-that since Congress-
cannot create capital It cannot increase tho pro
portion which each ono shall enjoy, howoyor
may multiply tho number OF tiokotH. But, tue
say, 1t will start up business. twill start up spoc
ulhtion undoubtedly, but it will start up no indus
try. Tile only thing that vii! put vigori logiti
nlate business s tho element Of certainty. Give th
, country ASSURANCE that Investments shall b
seoure, and that dollar lent to-day shall be pai