The New York herald., 1874-12-10
The First Debate OF the Session ON
the Finances.

| We do not concur in the view expressed
in the House by Mr.. Cox that currency
disc cussions at this session can produce
only mischief and ought to be avoided He
is, douotless, correct in his opinion that such
discussions will lead to no legislation in the
divided state of opinion on this subject In
Congress, but we cannot accept his inference
that to debate it will unsettle business by
diffusing feeling of uncertainty. 1t Mr.. Cox
would allow that the business community ls
as intelligent as himself he would see that
they are as capable of judging whether Con-
gress will legislate on the currency as he is,
and that debates which are certain to result
in nothing cannot be a disturbing element in
their calculations Discussion can do no
great harm even if it does no good As to
legislation the way is effectually blocked on the
side of the greatest danger If an imitation
bill should pass it would be stranded on the
Presidents inevitable veto; SO. let Congress
do what it will, business is subject to no kind
of uncertainty on that side. Legislation in
the other direction is more to be desired than
expected. 1t ought to be rather ground of
hope than alarm. But no such good fortune
awaits the country at present The course OF
business will not be materially affected by the
abortive projects or heated discussions OF the
present session. They will be beneficial in
keeping great subject before the public mind
and contributing to the public education. We
shall never reach sound currency except as
the result of widespread popular agitation,
and the debates in Congress- however wild
and absurd, lift the subject into prominence
and enable the press to hold public attention
while exposing imitation sophistries and main
taining sound principles. The more discus
sion the better, both in Congress and out
of it; for truth always gains by opportunities
to grapple with error. We therefore totally
dissent from the view Of Mr.. Cox, who wishes
the problem to be silently passed over to
democratic Congress. The democratic party
needs great deal of education on this SUBJ
ject and every occasion should be improved
for so enbghtening public opinion as to make
future legislation easy.
This currency debate, though precipitated
on a supremely foolish measure, may be Of
some service in developing, at an early stage
of the session, the relative strength Of the in
fationists and resumptionists and showing to
what extent the elections have changed the
position of members. It will be found, we
suspect, that there has been no considerable
change since the last session, and as soon as
this is demonstrated it will be clear to every
body that President Grants financial recon-
mendations are failure. If members adhere
- <1n;~ x,;o So Too hat tho
majority who were foiled by the veto
will successfully Withstand all legislation
looking toward specie payments. That
majority was, indeed, made up of infation-
list democrats as well as infationist republi-
cans, and it is quite supposable that some of
the democrats may incline to waver. But
the party leaders are unwilling they should
be put to the test, and it is in that view that
Mr.. Cox demonstrated against any action or
discussion at this session, shrewdly masking
his purpose under pretence that such de-
bates tend to disturb and unsettle business
The democratic leaders hope that by postpon-
ing the subject they can let their own infa-
tionists down easy and pave the way tor an
appearance Of party unity at the next session.
They are unwilling on one hand, that the re-
publicans should have the credit of sound
measures, and, on the other hand, they shrink
from q new exposure of the democratic
division on this question. 1t is, accordingly,
the democratic policy to defeat all financial
legislation, whether good or bad, at this ses-
sion, and the irreconcilable differences among
the republican members will render this an
easy task.
1t is noteworthy that the first discussion of
the session has sprung up on q proposition
which flies in the very teeth of the Presidents
recommendations. Mr.. Kelley's bill bids bold
defiance to the policy of the President The
resolute promptness with which he called it
up illustrates the weakness of party discipline
among the republicans and notifies the coun-
try that the President has no personal or
oficial control over large section of his
nominal supporters The inAationists in Con-
gress have practically renounced their alle-
glance to the President, and are ready to
oppose him with as little scruple or respect as
the reconstructionists exhibited for Andrew
johnson The ordinary forms of respect for
President of their own party should have
held the republican infationists in check
until the recommendations of the Message had
been referred to the appropriate committees
and time had been given for maturing and re-
porting suitable bills But instead of this
they hasten to meet the President on the
frontier and fling down the gauntlet of def
ance. Their unHinching opposition and the
unwillngness of the democrats to act on the
subject at all confirm the foregone belief that
there will be no financial Legislation during
the present session.
Kelley's bill is foolishncss itself, but we hope
it will be brought to vote in order that the
country may see how many of the republican