, 1874-07-15
REVIEW OF THE CURRENCY oUEs.
TON.

a. bAAS Anpb RO661OA VA OOUQrHSS.
says -
The prompt and easy defeat of the latest in
Hation bill in the House is a final demonstration
that all the attention given to this great sub
Ject during the resent session has been a sheer
waste OF time. e shall stand on the day of
adjournment precisely where we stood at the
opening OF the session, unless, perchanee, q
bill should be passed for a more equal distribu-
ton OF the bank note circulation. The pros
poet tor the future is indeed somewhat better
than 1t no action had been attempted, since it
has developed the fixed resolve Of the Presi-
dent to negative schemes of imitation and so re-
moved an element of uncertainty in commercial
calculations. The community has complete as
suFance that the currency will not be materially
expanded beyond its present limits in the en-
sulog three years. Such business engagements
as reach final settlement within that period will
be exempt from any fear Of payment in a cur
rency stIl further deprecated. This will
operate rs some relief to the prevailing stagna-
ton. Capital will now be more willing to ao-
commodate enterprise with loans when it is
sure that the money parted with will be paid
back IN a medium not less valuable than that
which was lent. During the winter and spring,
business has subsisted by hand-to-mouth feed
ing, waiting for the action of Congress and not
daring to plan for anything very far ahead.
Most new enterprises require an Investment of
fixed capital, from which returns are not expect
ed until after the lapse of considerable time.
Both borrowers and lenders have been repealed
from long engagements by the uncertainty and
suspense which have attended the action of
Congress-lenders because they fear robbery
by further imitation, and borrowers for an OPP
poslte reason. We may now count upon a tole-
rOhiy ok1V1n o-s-o r L-s -
always dull summer months are over.
Those republican members of the House who
voted against this last initiation bill because
they dreaded the political effect of another veto
have evinced more party sagacity than those
who voted for it. The party cannot be so bad
ly injured by the failure to do anything as it
would have been by a new veto, resulting in an
open breach with the President. The oppo-
nents of the administration overrate the politi.
cal effect Of this wasted session.
In the first place it is rather a sectional than
aparty difference which has brought legislation
on the currency to a deadlock. So far as it is
a national and not a sectional question the
elected national representation Of the republi-
can party occupies ground of which the demo-
Gratis can take no advantage. If they have
anything to gain in this ~junoture it must be
ClthC D oil IulIdGlOH party OF DIS al dnL-ln1a-
tion party. II, like the republicans, they show
a divided front on this question they can make
nothing of it for party effect. They must, as a
united body, exhibit aggressive yigor on one
side of it or the other to secure even the atten-
ton, not to say the respect, of the country.
Now, supposing the difficulties of perfect union
to be surmounted after the division of the
democratic votes in Congress, on which side can
the tardily united party make any Roadway?
An accord delayed till the eve Of the elections
could gain little credit for sincerity. But sup
posing it accomplished or simulated, it could
not sit upon the fence. To make itself felt it
would have to be very positive and strenuous
on one side or the other. To consolidate as a
fighting imitation phalanx would be too absurd.
Thurman and Bayard, the two ablest and most
respected democrats in public life, are men of
too much strength Of character, depth of con-
viction and devotion to principle to permit a
union of the party on a policy they detest.
The solidarity" of the democratic party on
the currency question is possible, if possible at
all, only on a hard-money basis. Even suppos-
ing their internal discussions got over by an
eleventh hour arrangement, what can the
democrats expect to accomplish by means of
this issue ? Nothing, surely, against General
Grant. All their invectives against paper
money would be so many eulogies of the re-
publican President. The drift and effect of