New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1874-06-08
THUPLOW WEED ON THE PRESI~
DENTS MANIFESTO.

THE NEGLECT OF CONGREss-INEFFIciEScY OF Tim
SECRETARY OF THE TREAsURY-THE PREsIDENra
HOSTILITY TO SMALL BILLS DIsAPPROYED-FOk-
MER EXPERIMENTS IN THAT DIRECTION -TiiS
WELCOME CONSTITUENTS HAVE In WAITING FOR
THIS CONGRESS.
TO the EdttOr Of The Tribune.
SIR: The first session of the present Congress
approaches the day of adjournment and yet Its hrse
duty the duty to all Others is no nearer
being ACCOMPLISHED than it was when the session
opened Indeed, the question of resumng specie pay
ments instead of being advanced has been retarded
At the opening not merely high hopes, but confi-
dent belief was universally cherished These hopes
and that belief have been disappointed And yee
many will not, cannot, renquish tho idea
that Congress WILL the session closes. dis
charge duty which its members cannot fail To
regard as indispensable to the honor of the country
and the prosperity of the people. Other govern
ments like our own, in prosecuting expensive wars
have been compelled to suspend specie payments
but on the restoration of peace those governmental
like our own, IN obedience to tho njunc-
tions of duty and honor, have made il
their first business to provide at as early day al
practicable for the payment of their debts in coin
and thus restoring their varied industries to the
prosperous condition from which they had fallen.
Congress could have been aided essentially in tho
discharge of its financial duties by capable Secre1
tary of the Treasury. The too long delayed
but finally suspicious change in the head
Of that Department may even yet encourage
and stimulate Congress- Of one thing members may
be assured. and that is if they adjourn leaving the
country in the wretched financial condition theN
found it, the places which know them now will bo
hereafter unknown to most of them forever So
strong will be the popular feeling against delin-
quent Congress, that the good will be confounded
with the bad.
The recent publication Of the financial views Oh
the President designed to explain and fortify his
veto messages message rejecting the highest
credit upon his wisdom and cOurage-is in On0
respect at fault and will fear weaken the chances
of any wholesome legislation. The President has
fallen into the once popular delusion relating to
small bank notes. The attempt to exclude from
circulation notes under the denomination of IS waa
tried in this State under circumstances as favorable
to the success of the experiment as could possibly
exist Relying then. as now, upon the ex-
ample of England and France, the Federal
and State Democratic Administrations demanded
specie currency. Our Legislature passed law pro-
hibiting the issue by our State banks of any note
under the denomination Of five dollars. The result
proved not only inconvenient and unsatis-
factory to every business interest," bus
accomplished the signal overthrow OF
the Democratic party in this State IN 1885,
and that of the Union in 1910. What tho
American people require and what will
best promote their convenience is mixed currencys
consisting Of coin and paper. the latter properly
restricted and regulated, and convertible at all
times and places into gold and silver. Small
bills mot fractonal are Q positive convenience
while the substitution for them of gold and silver
would prove as positive an inconvenience. I
will not stop to show why in this respects
our circumstances and conditions place the question:
Of small bills upon q financial basis differing from
those which exist in England /, and france h put
:.svsns in Europe % e.. out S.,n Of ev1 s isS
IS. and $40 of the Bank Of England to the
gold and silver with which they are Surdsn 1;S III
circulation Of small notes were now prohibted tho
Border States from Maine to Wisconsin would Oeph"
undated with the small bills of Canadian banks. '
The welcome from its constituencies which , awata
with national question vitality and directly CON,
corning the commercial, agricultural. man9faSS
turing, and laboring prosperity and welfare OF tine
people and country viii not be calculated to enoour~
are imbeciity in future Representatives. Tw.
Nam York June D. 1874.