The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-11
THE CRIME OF INITIATION.
The Press of the Country Over
whelmingly Against It.

| We continue quotations from the press Of the
country upon the policy Of expanding the currency
careful examination OF the exchanges during
the past few days show that LOT journals have most
unequvocally protested against the policy OF In
hatiOn, while twenty-five favor 1t. or those 0p-
posing sixty are republican Journals and the
balance democratic and neutral in politics. Be-
tween twenty and thirty Western dailies have
spoken In opposition, while only SIX eight have
pronounced IN its favor. The press OF the South.
too is divided. at least onethird having expressed
an opinion antagonistfc to the measure
The Hartford COu,ant republican, declares that
"he moral and political aspects OF this act OF nna-
tion bad as the financial. 1t is avioIation Of
the constitution. TO make dollar OF forced loan
In time OF peace is to violate the constitution. II
Congress does 1t in this instance it may do It In
any, II the Secretary OF the Treasury. unpublished.
violates the constitution any oficer may do it.
We are entering upon period OF lawessness and
anarchy Of which no man can see the end. Tho
only hope or the country is now In the frmness Of
President Grant. Let the intelligence the brains,
the business probity Of the country speak and sus
tain him in the exercise OF his veto power The
hydra he has to STAY is as dangerous as tue rebel
lion"
The Trenton IN. ~ Gazette republican, says
The bill now goes to the House for concurrence,
l
similar IN principle, there is no doubt OF It's rcceiv-
ing But 1t also has to pass the ordeal OF the Pres
iaensa veto winch we, IN common WIN an the
lions of the country, most ervently trust that 1t
will be unable to surmount. II the President viii
veto this bill he will be more popular will be the
object OF more genuine and heartfelt applause,
than ever before.
The Utica Herald administrator wants veto.
and speaking Of the President says:-
1t is not because he will be carrying out what
believe 70 be the real conviction OF the republi
party that elected him that we call upon the
President to hesitate long and consider carefully
before signing bill which shall add 500 100000 to
the irredeemaDle paper currency or the country.
1t Is because his failure to sanction such meas
ure, however wildly 1t Is clamOred Tor BY mistaken
and illogical sectlonalists, will be in accordance
with the teachings OF sound political economy. and
the warnings OF all financial history II Is because
such failure TO sign Will redeem the good latin OF
the nation.
The Boston Advertiser administration, discus
sing the probability OF q veto, says:-
It is a great opportunity for the conquerOr OF
rebellion to crush out the dlsloyalty involved In =
movement toward population Upon him rests
te ,n With MIN IS presently 20 r 90
country is to stain Gself with dishOnOr-wnether,
to relieve an imaginary want, lt is to CHEAT It's
creditors out OF percentage or the debts IT owes.
Every consideration OF craftsmanship calls upon
him boldly to face the clamorous petitioners for
breach OF the national faith, and to teacn them
that their Dreposterous policy Will find no favor at
the Executive Mansion.
The Milwaukee Wisconsin, administrator
says
As an evidence of the absurdty or the demand
OF the natonists for more currency, it is reported
from Washington that OF the 1854 100000 author
lied by law to be issued in ma onal bank currency.
49, LAG, 1928 remains untakcn Here Is enough cur
rency to establish twenty banks or more. and all
that is necessary to get it into circulation Is for
Capitalists to comply with the banking law, and
establish banks n the West and South are In
such terrible straits Tor more currency. why do
and bring the currency out mere? Five millions
Is good round sum and would 90 great way IN
SUCH scarcity as innatlonists represent For ali
legitimate business enterprises there Is abundant
currency, as VIII be FULLY demonstrated.
The Worcester (Mass) Press (democratic)
says
II the House Of Representatives shall pass the
bill 1t Is difficult to see how the President can ail
to veto II. He would be boand to do so by the
regard for constitutional principles and the vel
iare OF the country. II may be that the voice OF
Connecticut will help hlm to realize the force or
the popular discomfort and give him the requisite
frmness to do mis- duty II SO, it viii bear early
near the end ns Of the reckless and dishonest svsa
ton OF the last few years
The Columbus State Journal administration
does not like the idea 20 abroad that innaton Ia
q Western heresy. 1t remarks:-
We 40 not know why imitation should be dubbed
specially ''Westernn heresy. For example, Ben
Butler Is almost the leader in favor OF imitation.
Our two OHIO Senators and respectable share OF
were need for it we might add Kelley, OF Pennsyl-
SYania. and number OF other prominent Eastern
men, as favoring lnAation while number OF otner
Western men are opposed to 1t. Speaking TOT our
own state the newspapers OF the State are largely
Ia OPPOSITION 10 innatlon. me Cncinnati 81
that favOrS innatiOn.
The LItchneld Conn., Enquirer says:-
Here is an emergency in which President Grant
might, by judiciOus use OF his constitutional veto,
regain the public confidence he has unquesti0naDly
been losing BY an injudlcious use OF his appointing
power. We hope he will now develop some OF that
career, but which he has not often manifested In
the unfamiliar field OF civil administration.
The Syracuse Journal republican, thinks that
"Presldent Grant Will soon have an opportunity to
exercise the prerogative OF the veto in q manner
which will avert financial disaster to the country.
give stability the credit OF the government. and
be in accordance with those principles or finance
which are recognized as the only sale basis for
civilized nations to ADOPT"
The Hartford times (democratic) thinks ut Is
greatly to the credit OF the New York opponents OF
imitation that they show a sufficient regard for
principle to lead them to oppose measure which
might be for their own pecuniary advantage at the
expense of the welfare OF the country"
The New London Telegram urges the President
"to nterpose his veto, and thus maintain the
honor Of the nation and gain for himself the graft
tude and admiration OF the people,"
The Lowell Courier (democratic) remarks: -
The President Is committed against IT. the Sec
Rotary OF the Treasury Is opposed TO 1t. But the
House would like TO go even further, and the only
hope OF preventing the contamination OF the act
lies in a Presidential veto. Ii that don't come
this generations knowledge OF silver and gold dol
lars will all be purchased at heavy premium.
The Philadelphia Herald (democratic) says that
upon the RUNS OF the republicans ana democrats
ga new party must be constructed, pledged to the
resumption OF specie payment and the liquidation
Of the national debt Our failure is dark indeed II
we calmly accept the decision Of five unprincipled
Senators ana make effort to remove the ms
grace which recreant Senate would anix TO US
and our posterity."
The Boston Transcript democratic) asserts that
'the only remaining point is whether the food OF
irredeemable paper shall prove as potent at the
White House as in the halls OF Congress- II Presi-
dent Grant stays its proud waves the act will be
one that he will hereafter contemplate with az