The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-09
THE CRIME OF INITIATION.
Further Warnings that Congress
Should Heed.
The Voice Of the Press in
Emphatic Protest.


Hanything is wanting 10 convince the advocates
Of innaton that the people are bitterly and very
largely opposed TO II we would point TO the opln-
ions Of the leading journals OF the country that
have been given hearing Ia the HERALD and
Others quoted below. 1t is very evident from the
extracts we have given that the West Is largely
opposed 10 expanding the currency, while the
South is net by any means In iull harmony with
the views OF the Congressional majority
me EImira Daily Gazette (democratic) Is greatly
excited over the subject, and thus speaks the
warning
Whatever is TO he the action OF the President no
one who looks 1T this IMITATION business the light
OF the present phases OF general politics can nelp
seeing that the republican party has not since che
war closed been placed In so critical position as
now 1t has slnned grievousy against the people,
IL has proved false to Its principles. 1t has oroke
every promise. 1t has proved itself unworthy Of
standing these forfeltures: notwithstanding he
has proved himself the weakest, wiIullest and
most dangerous President that mas ever SAT At the
the mere writing OF his name, get oack somewhere
near the position OF respect when ne occupied be-
lore he accepted the drst nomination Tor the Pres
dency The vetoing OF this lnnat0n bill would
stren up not alone the republican party. but also
the whole country financially and politically. 1t
given over to the bad. Ii would be an assurance
that Tune really worxng cure q the national
The Fall River tMass.) Herald trepubncan), re-
ferring to the recent demonstration at Faneuil
Hall, remarks OF the Congressional majority that
.there seems to be sort OF judicial blindness
fallen on the eyes OF the innationists. No argu-
ment can reach them, no facts disturb their be-
sotted dreams, and no experience OF nations can
stop them day IN their mad career or dishonesty
and charlatanism. BY sending such men to Con-
gress we have sown the wind and we know what
we shall reap.n
The New Bedford (Mass.) Mercury republican,
thinks that while 1.-THE debtor and the creditor
may seem to be affected differently by the issue OF
mass OF irredeemabie currency, in the long run
the disastrous results that win come as the neces-
sary and inevitable consequence OF imitation VIII
weigh heavily upon all classes and stine prosperity
at the West as well as at the East The moment
is favorable one for averting the danger that
threatens. The innationists at Washington have
received check, and a vigorous protest rom the
people at this juncture may prevent the final pas
sage OF . bill that promises nothing but eviln
The Boston Neics independently, discussing the
probabilities of a veto, says
We have but little confidence that he win take
advance, specie payments to become more distant
and ditncuit and speculation and extravaganza
become the order OF the day. We only hope that
Polnt and that this may be the final cup INDUCED
In by . country already staggering drunk.
From the Pacific side we have the following prot
est from the Sacramento Daily Record republ-
CAM -
In the meantime prices win go up. the farmers
bushel OF wheat will lose an additional percentage
OF purchasing power, speculation In Wall street
win rise to lever heat the profits OF Legitimate
and not improbably the same astute dnanciers
VINO are engineering this imitation movement now
viii propose as q remedy Tor the evils inseparable
from the success OF their policy. further lnfatlOn.
The truth is that when q nation falls into the path
OF such financial cyclone as great wars create
their fate depends upon very similar laws TO those
which govern ships In actual revolving hurricanes.
II the storm comes from one quarter OF the compass
the rule ID to port or starboard the hem the case
may be. II the direction is faithfully followed the
vessel gradually sails out or the track OF the
and 80 escapes but should the helm be put the
wrong way the fated craft drifts deeper and
deeper INTO the heart OF The cyclone and often
perishes at last IN the vortex. Now. to adopt the
policy OF imitation In storm OF lrredeemable cur.
rency Is to put the helm the wrong way. and con-
sequenty to drift deeper into the heart OF the
hurricane. The right course is toward specie
redemption, and none other Will bring any result
but disaster and ruin.
The Hartford Times (democratc) enters its
protest thus
The Senate yesterday consummated the wild and
reckless scheme OF innating the currency to the
extent OF 50 000, 600. 1t is an unconstitutional
currency, and TINS act, now completed by both
houses OF Congress piunges the nation far into the
road that leads to reputation, national bank
rnptcy and dishonor.
The Rutland w.t. Globe tdemocrattc) says
Our senators and Representatives In Congress,
or the majority OF them, seem determined to do
AL IN their power 70 push the country on to the
verge OF bankruptcy and ruin. In this determine
ton New England has no part or lot Her repre-.
sentatives have struggled manfuly against the in
evi.able, and they go down still fighting. II needs
not argument or reason 10 show that an Undated
currency means. in the end bankruptcy and rum
For time TO be sure, all will be prosperity. Bust
ness viii increase and flourish. Real estate Will
r,se higher higher in value. Men OF all trades
and DccuD3tOns Will aDUareQtly a golden r
vest; out when the end comes, as 1t must surely
come, what then 1t is written broad and deep,
not only IN the history OF country, but IN that
OF the world. We know what the year 1887 brought
about.
The Providence Press tdemocratlc) thinks that
Elf the House Is insane enough TO concur IN this
legislation and the President weak enough TO ap-
prove OF it, what little cohesion is left IN the ad.
minstration party will be sniveied. II the House
concurs and the President yetoes are TO have
q repetition OF Tylerism or Andy Johnsonism. In
either case there Is no good look for party unity
prosperity. The indications are all fatal. The
break up has commenced and the new ana better
Will be out OF the DID, decayed, disrupted and
corrupted partles.n
The st. Louis Republican tdemocratic). while
fearing open conflict between the West and
South on the one hand and the East ON the other,
Is or the ''opinion that the West and South would
suffer more by imitation in the end than the East.
for the reason that the Eastern banks would have
the control OF the REDUNDANT currency, and thus
easily save themselves from the losses which the
agriculturaists Of the West and South could not
escape.n
The New Orleans Picayune (democratic) argues
that imitation means that 1--WE must depreciate the
pubic securities in order to prevent the foreign
holders from making money therefrom,n and de-
ciares that
This IL 1.-THE morality OF tue party in power. To
induce foreign capitalists TO invest in the bonds OF
the nation every appeal and effort were made TO
convince them OF the good altn OF the natiOn-of
ITS AGILITY to meet Its obligations in short time
and oflts purpose TO reduce and gradually retire
Its paper currency and resume specie payments.
Having by these representa- tons passed OF our
bonds upon foreign people, II IS regarded Us honor
able and equitable to innate our paper circulation
IN order TO depreciate the value OF tnese bonds IL
Is only ''scepicism and ignorance 10 the view Of
the republicans, to advocate a different policy.
From q long article in the Cincinnati Gazette ire
publicanl we extract:--