, 1874-12-02

Line INFORMATION from washington to tho
effect that tllo President in lis message to
Congress- a,,l the Seerotnry of the Treasury
in hia annual report OH the finances, will
both ta1c strong grounds in favor Of fixing n
definite tlato for tho resumption Of specie
payments, will hnve widespread and bonc-
fetal influence upon the national credit. Nee
essarily i'll such T. declaration there is implied
an cssurenco Tint tllcre will bo no further i'll
crease of irreileennablo currency. There can
oo nothing 80 calculated to strengthen our
national credit in nll parts Of tho world as an
assurance Of r. purpose OIL tho part Of tho Nh
tional Government to rotum to honest money,
honest dealings, cnd honest credit. There
lnvo been inccssant efforts ,na:lo Binco tho
close of tho Civil War to repudinto the public
debt aud impair tho public credit There
hayo been nbly-writtcn egscys published to
show tl,ut Ill War debts ought to ,o repudi-
nted. The lato Isaac Bntts, of ltochester, N.
T., MI ablu and Influential nan in tho Demo-
cratic party, published a yollrminous document
against tho payment Of tho Wnr debt, and
A1nlrow johnson, when President Of tho
United States. always insisted, nnl now in
sists, TINT, when the United States shall have
paid in interest n sum oa,al to the principal
Of the debt, tho principal should bo declared
paid. Mr.. Pentlloton, Of Ohio, Inns attacked
tho public credit by tho Same remarkable
proposition in another form. Ills plnn was
TO discharge the bonded and Understanding
debt by forcing upon tho public creditors
nntionnl currency not bearing interest, re-
t1comablo at no time, MID issued untlcr n
general indicnlion thnt it was eventually. to
bo repudia.ed. 'rhis plan has been tho
favo:ito ono with large portion Of the Dem
ocratic rnrty, and, unfortunately, there have
been Republicans who have thought it neces-
sary to meet this denngoGis1n by proposing
to do the very Same thing. To tho
credit Of the American press it should
DO stated tlat, with very few excop-
tions, it Inns from the beginning opposed
NIL tic schomea Of repudiation, aud hos n,ain-
tanned the necessity for good faith and llon-
est dealing with the public creditors, mud tho
carly abandonment Of the rotten paper-,noney
aystona. Congress Inns repeatedly given na-
t!onal assurance TINT the debt should be paid
in tho worlds recognized currency, but de-
spite iii this Tho exposition las carried OF its
war mon the pubic crutlit. Indirectly this
,vor bns l,oen encouraged by tho c.trayacant
expenditures of Congress-, neccssitating the
continunnco Of excessive texation.
Tho t;n,o bas con,e when film uot;on ran ,,o
louner riohtfullv defer tho pdoptiou Of de-
c;siye and ne,,nnne,,t financial no]icy. When
tl,o co,nfnr ec,s;on of Congress- will oloso OH
f1,t i}1, rf ATbr.1, f1nro' will r}eo c{oco TIM
tenth -eor Of neeeo after tic War. Tho m
t;ona1 cro7it nndor lin hon, of n resumntion
or .,er;o novmsnty l,ns mt bcen ahio tn
ro;so tba xalno or ,nra,,}ncl,s nhovo M ccnt,
nv IN d1l,,r and avn, th;a y,,,o 10
or,,,.S;1 tn non.tont oni1 ov;l tlnctnot;ons
:. :: .;,so ,,,at u,; nt;o,,,, ,o,,,,oo,, 81, o,71
=. ., .as ''' - IN ~ 1a.t sarna harnro H.
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