Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-06-09
THE CURRENCY.

THE CURRENCY.
The publication of the views Of Prssi-
dent Grant in favor of speedy return to
specie payment renders it certain that
nothing further will be done at this session
of Congress to improve the currency. All
attempts at compromise will be useless,
for the President, holding the opinions ex-
pressed in his memorandum to Senator
Jones, would be sure to veto any bill
which is not positively for the resumption
of specie payments at an early day; and 1t
is morally certain that no bill embodying
his ideas will be adopted by the confer
ence committee or would receive a pas
sage by Congress if adopted.
The President we think is more radical
in his opinions than the great majority
of hard-money men are. We believe the
most of them would be willing to accept
bill that would bring us back TO specie
within the next five years. If the infla-
tionists would yield the struggle for more
currency and consent to resumption full
and complete within the period named the
specie men could afford to meet them on
that ground. By asking more we shall
probably get nothing, not even the fixing
of any definite time to resume. 1t would
be great step to have the time of re-
sumption fixed. 1t would work powerful
ly to produce the effect desired. If the
81 tho ar1 of
five years, finance and business would
begin at once to adjust themselves
to the coming emergency, and probably
before it arrived we should be ready to
meet it. If, however, Congress adjourns
without time certain fixed for resump
ton the advantage of such step will be
lost. We shall he able it is true to point
to the Presidents veto as the promise that
no measure to increase the currency can
be fastened upon the country, and that is
a great deal to be able to do, for which
we have good reason to be thankful. but
we ought to do better than that ifpossible.
1t is a negative assurance which we should
like to see exchanged for one of a positive
character. 1t has re-established confidence
wonderfully in the honest purpose and
ability of this government to redeem its
promises to pay, but the enactment Of an
obligation to begin payment at time
fixed would 60 much farther in the restor-
alton of the confidence of the people in
their government.
The President is DESTROYS Of getting
back to specie payment during his term of
Office. This is laudable desire, in the
promotion of which all friends of sound
currency will most heartily unite. 1t
would indeed be great honor to his ad-
ministration to be able to say at its close
that our paper dollars are equal to gold,
that our credit is re-established as it was
before the rebellion. But with majority
in Congress in favor of initiation and the
postponement of resumption radical ad-
vance towards specie is impossible. If
we advance at all it must be by such
measures as they will consent to; possibly
by such course we may accomplish what
we are aiming at sooner than by standing
out unyieldingly against any but radical
propositions. We admire the Presidents
stubborn opposition to imitation; we only
question the policy of refusing concession
on points where he might safely do so and
indirectly advance towards the specie
basis. We do not say that his purpose is
wrong, but we think that the opinions ex-
pressed by him to Mr.. Jones will scarcely
find favor in any conference committee that
may be named or receive the sanction of
Congress, and this of course will end any
farther attempt at this session to make
the currency better
The question will then 90 into the cleo
tons, with what effect cannot be accurate
ly calculated. We hope that an appeal to
the people would increase the sound cur
rency strength Of the House. but it might
result the other way In party point of
view it cannot amount to much, for the
currency question will be Independent of
party lines, standing entirely upon its own
SeiChStA nAAohS tho PcoPic' II IL couiu
be settled at this session a disturbing ele-
ment would be removed from the elections
in the House. We trust the voters may
return majority for sound currency if the
question is thrust upon them, but we would
make sure Of every point possible before the
struggle came on. The Senate cannot be
changed upon this subject in all probability
during the administration of President
Grant, so that however the character of
the House may be affected by the elections.
that of the Senate will remain about as at
present, and this will stand in the way of
any radical steps for resumption.
The project adopted by the House for
the Improvement Of the Mississippi river
was the plan reported by Mr.. McCrary of
Iowa. 1t discards the Eads or jetty prop
osition, and takes instead the plan for the
construction and maintenance of the Fort
St. Philip Ship Canal, by which commune