, 1874-06-13
THE CURRENCY "C0MPROM1sE."

DO impossible for Congress- to pass any Currency
bill this session, thore wAs one contingency that
wo did not count upon, viz: that Morton, Ao-
gan, and tho inlationist rarty in tho senate
would :" ilop," and girc their support to moaa-
uro Of contraotion-a measure proposing to re-
store specie payments within four years.. Gould
anything moro fully domonHtrato the demasoguo
character OF tho speeohes they havo boon max
luz aud measures they hayo boon urging during
the past three n,ouths7 Tho so-oallcd "oom-
promise" reported by Mr.. Morton, which PASSED
tho Senate yoBtorday, and which printed In fuin
our Washington dispatches this 1aorning,iB anoro
thorough-going measure for spscio payments than
tho bill reported by Senator Sherman four weeks
ago, and which Morton, Logan, and Wright e1aas-
oulatod with their amendments before It went to
the Houao. II proposes TO make the groonbacks
convertible into s per cont gold bond on tho
1st Of January, 1878. Mr. Morton, by way Of
showing whore tho compromise comoH III, said
that it toas hoped TINT per cent bond would
then DO at par, In point Of fact, tho per cont
bonds arc per cont above par In gold now.
Pass this bill and they will bo or per cent
VA
tho credit Of tho Government Is Its failure to
provide for the redemption OF tlo greenbaoks.
Romoyo this cloud, and tic whole list Of Govern
mont Yoouritioa will advance. This bill is some-
thing like tho compromise between et.
Afiohaol md tho dragon whom tho lattoz
was utterly cast out. There never was
a moro ridiculous surrender, or moro convinci ng
-..H II, +on
Logan believed what thoy have boon telling tito
people about tho currency tho past wintcr,
thoy aro now voting for measure fraught,
in thoir estimation, with ruin to all iu-
dustral interests. II they did not be-
love what they were telling, thoy arc self:oou-
victed charlatans, unfit 10 DO trusted with any
public employment. Tho truth is. thoy Ind no
opinions which they dared to put in opposition
to tho opinions OF tho President. Ever einco
tho veto Of their bill, their kuecs have boen
knocking together, until now tho Jones memo-
randum has aont them sprawling. A. pretty
spectacle they aro. for gods and mon
It Is said that the President will veto even
this bill, because 1t ooa not reatore specie pay-
| mcnts soon enough. or because it provides for
free banking boforo Bpecio payments are 70.
atorod. Wo think ho will not veto 1t. Very
likoly ho would prefer measure which should
restore spooie payments during his term Of Office,
but tho public will hardly synpathize with that
aeutimout when thoy reflect that he has endured
tho aggrayatfons Of irredeomablo paper six
yonrs with tho utmost equanimity. And, SO fur
as FREQ banking goes, who, we ask. Ii likely to
rusl into that business under tho present Inv,
| with tho ASSURANCE that llo muat hn prepared to
redeem III specie within four years II tho In
1ationlsts sot any store by the froo-banking
olauso, VIC take leave to assuro thom that
for their purposes 1t is not worth q
Eush. Moreover, the clasa who aro hraw1-
ing for more currency aro just the class
who don't want FROG banking. On tho contrary,
thoy want to got rid Of the bauks wo now have.
Tho bill really provides for resumption Of specie
payments inside Of four years. We hope 1t will
paaa tho House and TINT tho President will sign
it, There is danger in throwing this question Int
tho field Of politics. Thoro Is no knowing what
tho next Congress- may consist Of, or what form
OF currency madness may bo developed by the
elections Of the present yoar. II bill is now
enacted into law, tho fuith Of tho nation wi!
hayo been pledged iu way that everybody car
understand, and that will ba tho ond of it.