The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-10


muzzling ordinance into force.
Repeal OF tho Legal Tender Act.
An evening contemporary, whose discussions
of financial subjects are always clear and able
and generally instructive, does scant justice to
President Grants recommendation of an early
repeal of the Legal Tender act. While con-
ceding that lin theory this plan is defensible, =
our contemporary contends that it would
work mischief and ruin if an attempt were
made to put it in practice. The argument is,
that in so short period as will intervene
before July l, 1875, it would be impossible to
accumulate gold enough in the country to
supply new legal tender for that which
would be discarded. 1t is unjust to the
President to suppose he considers that par
ticular date as an essential part of his plan.
He expresses willingness to make deviations
from his views in spirit Of concession and
Difference TO other opinions, and it may be
presumed that there is nothing which he
would yield with so little reluctance as the
particular date at which the repeal of the
Legal Tender law should take effect or
course he would require that it should be
early, for its chief value would consist in it's
compulsory effect on the banks in hasten
ing their preparation for specie payments
Nothing is more certain than that If a certain
day were fixed by law after which nothing but
coined money would be legal tender for the
discharge of debts the banks would make
timely provision for the change, since it
would be impossible for them to continue
their business without stock Of gold. If the
date were placed five years hence they would
pay no immediate attention to it but wait
until the period approached. If one year is
not long enough let them have two; but do
not impugn wise recommendation because
it happens to err in SO slight point as date
The banks ought to have reasonable time to
prepare for 50 great change, but the mere rec
tifcation of date would make this step the
soundest and most efficient that has been yet
proposed for expediting the return to sound
currency. The Legal Tender act is the main
prop Of our system Of false money, and rea-
sonable but early limit to its operation would
dissect out the cause of the disease and enable
the patient to get well
A man who puts upon q house or . ship q
price from which he expresses willingness to
fall merely invites offers which may lead to q
bargain. He does not expect to get that
price, but only to come to On un.
derstanding with purchasers. II Congress
should evinoe On honest intention to take the
decisive step Of an early repeal Of the Legal
Tender act there is nothing in the Presi-
dents memorandum to justify belief that he
would insist on the particular date which he
inserted to make his recommendation definite
and specific and to give emphasis to his
opinion that the repeal should take effect
early enough to operate as an immediate
stimulus to the banks.
A competent supply of gold could be pro-
cured more readily than our critical contem-
porary seems to suppose. We are exporting
every year cotton, grain, petroleum, tobacco
and other products to the value of several
hundred millions of dollars, and it is in the
choice of the holders of the bills of exchange
drawn against these products--that is to say.
in the choice of the banks whether they will
receive the proceeds in money or in merchan-
disc. Gold should not be imported SO rapidly
as to derange trade, but hundred millions
can be had any year when we choose to take
it, and still leave handsome surplus Of our
exports for the purchase of foreign goods
The CARLIsT INsURRECTIoN. The defeat of
the Carlists before Bilbao does not seem to
have disheartened the followers of the Spanish
pretender. From the information furnished
by the cable an important battle seems immi-
nent, as both parties are concentrating their
forces for decisive effort 1t is probable,
however, that the struggle in the northern
provinces will continue for heightened pc
Rod, as, owing to the nature of the country, a
small band of resolute men can maintain
themselves indefinitely. The most important
item of intelligence is the apparent willingness
of Great Britain to recognize the Spanish Re
public. Hitherto the great European Powers
have sought to frown it down, and the fact
that they are now ready to acknowledge it
would give it a moral support which would be
valuable even in Spain. AS for Carlism, it is
a species OF nightmare from which the PENN.
sula suffers periodically. 1t can never be any
thing more than nuisance, and it will con-
tinue TO exist until the public school system
roots out the prejudice and ignorance which
make the gallant and loyal peasants of the
North the dupes Of fanatics and Adventures
LABOR STRIKES. Considerable excitement
exists in the uptown districts owing to the
employment of number of Italians to replace
a body of laborers who had struck for higher
wages. The strikers as usual lost their tenn
per as soon as they saw their places taken by
men willing to accept the wages they rejected
skirmishes took place between the hostile par
ties, but fortunately the disturbances were