The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-04


journal that heartily approves the blu now await
ing President Grants signature.
I'm Opposition to Imitation.
From the Detroit Free Press-democratlc)
IL may possibly puzzle the new countries
OF the future, beginning life free from debt, and
Win revenues sumcient to meet the expenses OF
government to got themselves sufficiently in dept
to supply the people with that currency which the
lnnati0nists consider the only perfect one. TO
get the currency into the hands OF the people the
government must clearly buy something which 1t
does not want or incur unnecessary expense in
some way. Perhaps when the, reflection comes
that the debt is not SO much DEBT as an addition
to the national wealth, the necessary extrava-
gance WIN suggest ltse; but the statesmen Of the
fashioned notions about honesty, economy and
prudence, Will find 1t exceedingly difficult to real.
we IN practice the perfect currency Of Ferry,
From the Providence Journal-repubcan.l
IL Is sad that even II the $500, 600 900 bill should
become law, the amount OF actual Innatlon OF
the currency would not be near so much as many
Vi the friends OF the measure have anticipated.
When the minimum OF $3.50, O00, 600 was recognized
currency balance OF rom $1o,0o00O0 $1,000 600,
with the knowledge that, II absolutely necessary,
the 50, 1900 reserve could be drawn upon, The
old currency balance was paid out during the
panic, and since then $4,000, 600 OF the reserve
nave gone after it.. The department., therefore,
cannot leel sale II 1t should let the whole of the
naming $S,00O0O0 go into circulation. 1t will hold
on TO the greater part OF It, aaless some reason
urgent as those which have been operative thus
lar In drawing out the money OF the department
shall again occur. The SIS 600 600 1t is true will
DC ,ranserlea ana be nominaly n CIRCULATION, but
at New York. This, IL true, VIII be q heavy disap-
polntment to the lnnatlonsts, who calculated that
the whole amount OF legal tenders would be at
once thrown upon the market. 1t may MITIGATE,
TO some extent the evils OF this threatened act or
legislation, but viii never JUSTIFY it or deprive it OF
its perncious effect as a precedent !nqeed the
lnnationlsts may carry another law limiting the
amount amour OF reserve to be Kept by the Treasury,
when would entail bad consequences or q new
Kind. The whole measure, in TACT, is evil in its
eects, and as nation we shall have to pay for it.
The Chicago tribune independently discusses
the inhaton question from constitutional stand
point, claims that the present bill is illegal under
the ruling OF the sapreme Court, and closes
thus;- s4.s,4s1
the reissue OF the $4,000 600, therefore, is
equivalent to passing legal tender act at time
wnen 1T cannot be pleaded that self preservation
demands the measure; when no enemy threatens
Inc overthrow OF the government; when the
government Is in no need Of money which cannot
De raised by taxation; when it cannot be said that
the Treasury is empty, the credit Of the govern
nent exhausted; when there is not soldier in
the field, nor u man.o-war engaged IN hostlllies
on the ocean; when we are in peace with all the
gained but evcrythS to 81 LOST by hls act &c Of Of
congress; when there Is no excuse TO plead for
the extraordinary Weasure-a measure which,
like the clipping Of the coin in times past. was
never resorted TO by civilized nation except
under under most exceptional circumstances or oy
strange action Of Congress2 That business de-
Mands 1t. 1t is not business, however, but specu-
lators that demand it, And now comes the ques-
tion:-Has Congress the power TO resort TO . most
extraordinary war measure In order to help Tom,
DICK and Harry to succeed in their specu.ationss
II it has NOT, then plainly the reissue OF the
$44, 100000 Is unconstitutional. Nothing can war
rant such reissue, under the ruling OF the United
States Supreme Court. but the salvation vi the
nation.
from the Boston Post-democratlcl.
Those democrats IN Congresses who assume that
they were licensed to vote as they choose on Il de-
luerate pr0uQSlttUn to DESTROY the public credit
ana precipitate national bankruptcy, with no re-
spect or obedience for the unchangeaole
belong, will not have long to walt before
making the discovery that they have erred
with shame and confusion OF lace that the
democrats, ever welded to the doctrine of hard
principles which neitner time nor circumstance
can change. Democrats have voted to depreclate
the currency indefinitely. This question that
dissoves party relations all ut once, Tor 1t IS vi
tai not more TO the prospects OF business than to
the character OF The national credit Congress
mas only taken a blind jump on into the air. The
Executive veto Is the one force that can pull 1t
BACK before it lands, but oil that there is small
hope. A mania seems to have taken possession
vi the majority, and they vote to indefinitely IN
crease the national notes and to revOutionlze the
banking system OF the country together. THIS,
eral distress winch Is not yet wholly past, III the
face OF the earnest protest OF the whole business
community anu with perfect CONSCIOUSNESS or
the fna results.
From the Concord IN. H. Patriot-democratic1
The great wrong done to the people and the
business interests OF the country by the action OF
Congress IN increasing the volume OF the currency
20 $500 900 has aroused the press or the North
which Is speaking out against the measure. II the
ure II would be considered partisansnip and dis
loyalty.
from the Concord tN.H.) Republcau-de mocraticl
The in1aL0nlstS have trIumphed in the United
States Senate as well as In the House, and passed
the 00,000OO0 bill 1t now remains to be seen
where they can be arrested in their schemes for
Initiating the currency OF the country by the issue
OF lrredeemaoie, inconvertiblc paper money.
from the Boston rnal-repubiicanl
The lnnat0nists talk as II our present financial
situation was entirely anomalous; as II no light
could be obtained either from other countries or
from former crises In our own. Tie truth u.s. how
ever, that s'that which mas been Is that winch
snail be-" financially as well as morally; and there
is not a feature OF the present financial ex,gency
winch has not been experienced In the past and
has not been LUMINOSITY and permanently DIS
cussed by American statesmen rom Alexander
Hamilton down. The forthcoming number OF the
Bankers Magazine will abunJantly prove this by
giving copious citations from former secretaries or
the Treasury. Hamilton alone had to consider all
ana the business interests OF the country besides
concerning himself with others which we nave not.
otherwise how would he have been able 10 deal
our pubic men the iolio wing blow, as unerrngly
gwen as II he were among US to-day
There is general propensity in those who administer
man 10 SHIFT OF the burden from The presentto
n Tf om may y STAKE Is apS
10 extngrish debt which exists and 70 avoid the con
ing and opinion pay the the other
purpose which the only means Of avoiding the evil
- Always more lc unpopular These contradictions
are IN human nature and happy Indeed, would be the
iot o country that should want ready turn
nsm 70 he account Of their own popularity to some
other sinister account
: There Is the whole existing trouble In nutshell.
Nor was Hamllton's diagnosis In other particulars
ess acute. He declared, for instance. that .every
preach preach OF the public engagements, whether from
,noce or necessity Is, III different degrees. hurt
m 10 pubic credit, " and that II the EVIL was
svltaDIe It was the duty Of the gov
'rnmeht 10 make IL as slight and
Drlel as possibie .that no change IN
the rights OF It's creditors ought to pe attempted
without their voluntary consent, and that this
consent ougnt To be voluntary IN fact as well as in
name" ~ tnis great statesman mad been endowed
VITA propheuc powers he could not have spo ken
70 this geuerauon WIN closer regard TO our well
arc than seems to have dictated the following
WOrds:--
True patriotism and genuine policy cannot II is re.
spccWuity presumed ne better tho,
Of The United afe at the present unciure Than by i'm
PrOv,ns eicacIoGsN ihe very ia.orabic situation in