The Portland daily press., 1874-04-07
NEW York, April 6, IS,

Nothing, apparently but executive inteIposi-
ton can now save the country from the 81 anne
and suffering which further debasement of
the currency are sure to entail. The public
impatience for speedy action has driven US
towards a precipitate and unwise determine
ton of the gravest question of the times. 1t
would have been better far, to have devoted
the entire session Of Congress to discussion. or
if need be to have left the matter unsettled till
a new house had been chosen rather than to
have hurried to conclusion, at war alike with
the common interest and common honesty.
The argument was conspicuously one sided.
The contrast between the robust and healthful
tone of the advocates of sound currency and
the weak excusatory plea of necessity by
which the inflationists in Congress have ex
tenuated the evil they champion, presents
forcible illustration of the absolute impossi-
bilIty or Tuvcuriug any srrvsuuurruz rcrrucc OF
a system which is an impudent defiance of the
teachings of history and the laws of political
economy. The abest Senators who have de-
tended irredeemability have failed to adduce
any new or tenable reason why we should re-
main in condition to which the country was
brought by the exigencies of a gigantic civil
war duu HULL WHiCH ~ OuSub " nave uCCh GA
tricated as soon as that contest had ceased.
We are constantly told of the Inconvenience
of a return to specie payments; how it would
check industry, interrupt business, and distress
the debtor class. But suppose we concede all
that these prophets of evil forebode on the
subject? Will there ever come time when
we can meet such trials with less difficulty
than now? We might have done SO with
comparative ease in 1866, for then the indi-
vidual debt was extremely light. We took the
other direction and revealed in initiation for
the eight succeeding years. The volume of debt
augmented steadily until it became prodigious
in magnitude Corporations of every con-
ceivable kind issued their promises to pay ad-
libitum. Debt is thing which has no limit
save in the dstrust of the creditors. just as
long as there are lenders there will be no lack
of borrowers. And so we went on piling up
obligations until the awful collapse of last Sep
TENDER brought the whole thing to dead STOP
Since then the people have been getting out
of debt, some by payment in full, some
by compromise, and few by bankruptcy.
The whole nation has been waiting before tax
ing fresh start to see whether Congress would
make dollar worth less or more than it was
before. If less, why the true policy would be to
trade largely, to speculate boldly, to get trust
ed to the utmost possible extent and thus de-
rive profit from the rise in prices which every
body assumes to be the inevitable sequence of
fall in the value of the medium by which COM
modties are exchanged; if more, necessity as
we'll as common sense would compel a nearer
approach to liquidation, closer equalization of
wages, prudence in the use of MEANS great de-
crease of peculation-simplicity and economy
in the style of living-not quite SO much luxu-
ry for the few but great deal more comfort
for the many, substitution of frugality for
profigacy-an inclination to cultivate the mind
rather than to pamper the body-in short the
exaltation of the real above the artificial, SUBJ
stance above show.
As long as this question is in allegiance it
ought to occupy the exclusive consideration of
every thoughtful mind in this land. Its solu-
tior is fraught with consequences only second
;-;--r--."-no En- those which were bound up in
the issue of the civil war. Liberty stands first,
material prosperity comes next in the order of
the subjects affecting the welfare of any people,
which demand the earnest and studious care Of
statesmen and publicists The one we have
settled definitely and for all time. 1t took a
great while to do it. We stumbled and fell Of
ten andpainfully in learning to walk. We pal
tered with sin and paid fright
full penalty for it. We sacrificed man
hood for ignobe peace and lost both in the
disgraceful barter. The same wretched whine of
expedency which kept us in the toll of the
slavemaster so long, only to bring us to the
carnage of war at last CRATES upon our eaN
now, when we demand that there is but-cne
rule of conduct for moh or nations. applicable
like to misunderstanding person or property.
Ind that is to do TSght and accept any results
that may follow
Ii we obey the fixed law, we must sternly re-
[use to increase the currency Nay, more. we /
must 2 instantly set about. Providing far-its red
aemption. Legal tepder WIS pothingISore nor |.
less then debt of honor incurred at a critical
when the life of the Republo-C At
stake. When the crisis was over waHwere
bound to make good the involuntary loan "a.
bained from a patriotic people. .TAe1Supreme
Court has onee-decided that the legan tender act
was vlolat of the constitution A bare
najority-of.the judges have SINCE decided other
"lse.' In such confusion of judgments there
IS room flor serious doubt as. tc which view is
tne correct one. But measure so obviously
sustained on the score-sS legality, and so utterly
ndefensible on the grounds of morality. ought
TO be promptly repealed
IL may eeHgen that the people themselves
ire sanction'ng 1ne imitation policy. inasmuch
IS majority OF their Representatives support
t. But this is not fair inference. The last
utterance of the voters of the
ountry was when they so emphstlcally endors-
d the Philadelphia platform of 1872 on
vhich was inscribed declaration Of the invio-
ability Of the obligation to return to specie pay