The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-17
THE RAG MONEY QUESTION.
The Boston rlaz.aFapt 1peasinssl the bill as IL

/
mas passed both Houses, remarks:-
| here II may not be amiss to say there are good
reasons l0r believing President Grant Thoroughly
sV4h b on ne matter or resuming specie payments
taking the necessary steps to this desired end. II
Tue lhnationlsts dragon Congress into any act
ind tle Executive an obstacle n their patn I'M.
posed opinions probably deferred the upper branch
Of CONGRESS rom engaging in an indscrimnate
may, therefore, proceed with safety on the theory
that the heresy Of expansion and nconvertible
House. Now let the President cali to his aid such
Cabinet advisers as It is possible for him select
beers, place his administration on an uneauivocal
resumption" basis. and ne VIII be sustained BY
close OF his Presidential career.
The Scranton PAL Daflv Times says:-
Thus far In Grants administration ne has done
no act and identified himself with no measure that
will make his administration remarkable. or for
which he will be honored or remembered when ne
shall have retired from office. He now has such
an opportunity as no President I, !. has mad since
bill In that case the popular camor for the bank
was far greater than it now is for imitation, and
the issues involved were much the same. For
standing firmly by his own convictions OF right
Jackson was covered with torrents Of abuse, but
when the passions OF men had had time to cool
and the vents OF time mad proved the wisdom OF
MS CONVICTIONS, his highest honors were the acts
Tor which he had been most bitterly assaied.
few days will now decide whether Grant will stand
mr urn ~ ms own convictions and those Of the best
s the ba pary or ne will weakly
Morton, Logan and Butler
The Detroit Post savs:-
Those who talk OF a currency CHASED upon tho
the question, what will the government credit be
worth II Congress Is at liberty alter 1t or with
pledged faith Of the government, II Congress can
repeal or violate any law which pledges the gov
eminent credN, what safeguard Is there that the
government credit will stay pledgedS In fact how
can any pledge OF the government credit be made
ase Ss nSe tss that sg
1t is acknowledged that the credit OF the govern
ment Is OF the mercy OF Congress and may be
altered or Withdrawn or expanded at will, that
moment the government will cease to have any
credit, except such as may be forced and un-
natura-a changeabe, uncertain. Elusive credit,
without any fixed and definite value.
The Baltimore Gazette has this to say:-
Disguise the measure as we may, 1t is one OF ex-
panslon. 1t violates the pledges repeatedly given
sumption OF the currency IN coin; 1t embarrasses
trade and commerce, launches US in new sea OF
and while the rich may profit by the cneapness OF
money the poor will suffer from IT., and the end OF
all VIII be sudden shaking Of confidence panic
and q crash.
The Milwaukee Wisconsin says:-
The large majority OF the most thorough business
men and financiers Of the country are and have
and their emphatic protests against the ruinoua
and dishonest policy OF increasing the volume Of
Gempaion viii have their 0 full effect in time in
spite OF all the hue and CRY about capitalists die
tating the financial policy OF the country.
The Troy times thinks that
1t was not the activity OF the inationists outside
OF Congress, the datoriness OF the resumptionists
nor tue influence OF newspapers that led Senator'S
sacrce the honor Of the nation IN regard to TINS
question The spirit OF demagogtsm did the mis-
Chief most Of the prominent inlasionsts N Con,
! doing, but nearly all Of them come from constitu-
encies largely made up OF Q class OF people whose
appreciation Of financial wisdom is bounded by the
catchword Of ''more money" TO them anything
is q dollar which nominaly passes current as such,
how it is that every additional issue OF paper cur
rency reduces the value OF the greenbacks ana
DanK notes n IN tner IS he3
earnings. 1t is to want Of comprehension like this
that the paper money members Of Congress appeal
hope to be Carried back into their seats, or, per
political preerment. A day OF reckoning VIII
/ come, ne trust, tor these delinquent pledge
| breakers.
The Boston Ne,cs says
1t now remains for the President to sign 1t, and
then 1t becomes a law which Will Tor ever faster
| upon the country the stigma OF breach OF faith
civil war, no end OF dssension and disaster. W.
stake our reputation as prophets upon the fulnt
ment OF the foregoing prediction to the verJ
| letter.
The New haven Journal says
But II this bill becomes a law the worst Of 1t Il
! that the eXpansiOnists will not stop there. Repu
diation, in all its naked ugness is what they ara
alter. The permanent adoption Of an absolutely
| irredeemable currency can lead to no other con
| cusion. The United States notes are promises
| to pay In gold or silver. II these promises are
neglected until the world loses confidence In them
Will inalllbly be the case II we continue to ISSUE
more OF them and get deeper and deeper IN debt
instead Of gradually WORKING toward specie basis
reputation will have been practically proclaimed
already. Can the honest men OF America stand
/ lawmakers
NIT them TO policy OF Reputation ? We will
believe it when we see 1t, not before.