The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1874-11-25
From the New York Republic. Personal
Administration Organ.
no Resumption os Specie Pay
lnentS.

1nents.
The Journal Of Commerce. and the
Tribune. since the election, are vast
ing their energies on the question Of
how to carly resume specie payments.
They had as we'll as reserve their labor
in this direction. There is no proba-
bility that any measure of this sort
will be attempted by the present Con-
gress. There is still less probability
that the Congress to come in next
December year will be suffered by the
South and West to seriously discuss
the question.
The present Republican Admins
tration, since the election of last week,
feel relieved from all obligations to
force hard money on the country
Six months ago the President, advised
and urged by the hard-money financial
people in New York, did consent to
recommend the early return to specie
payments. He event went to the eH-
tent of recommending the repeal OF
the Legal-Tendcr act Of 1862, after a
given notice to the country. He was
made to believe that this WAS the pop
ular sentiment-at least in the great
State of New York. He therefore
took issue with q score of his best
friends in Congress from the West,
who. insisted that the party could not
afford to 60 to the country on contrac-
ton and hard money. Such men as
Mr.. Morton of Indiana, Mr.. Logan Of
Illinois, and Mr.. Ferry of Michigan
were so earnest in their protests and
convictions on the subject that they
were almost driven to open revolt
aeaint the Administration on the an
expected veto Of the President. 1t
was a nicely balanced question, as We
happen to know, whether they should
denouncc in the SeDatc the mistaken
views of the President, or leave the
whole subject to be settled, later in the
session by compromise. The latter
alternative was adopted. for the sufi-
cient reason that the Western Senators
knew the President to be sincere IN his
conviction that the popular financial
sentiment demanded specie payments,
and as preliminary thereto the repeal
of the legal tender desirable. The veto
was sustained, and the President was
warmly congratulated in certain quar-
ters where he was not supported last
Tuesday.
It is now sufficiently clear to the
Republican Administration that the
country was not then prepared for
specie payments. and that the whole
agitation was badly timed and, as the
result proves, unpopular. The party
have been routed on the cry Of hard
times, and the pressure Of the hard
times was aggravated by the advanced
position taken by the President on
New York advice. As to the doing
away with greenbacks and the repeal OF
the legal tender, there was no real popu-
lar demand then, and there is Infinitely
less now. The President was deceived
into different opinion, but he is not
the man to persevere in blundcr
made 50 palpab!e by the recent elec.
tiops as to leave little doubt that hard
money aud no greenbacks constitute
about the last issue before the people
when under pressure Of hard times
which should be made party in ad-
ministration.
We therefore make bold 70 say TO
our ueighbors that if they want hard
money in hurry they will have to go
10 the triumphant Democracy Of last
Tuesday. The Administration will
gracefully bow to the popular repus-
nance to contraction and speedy specie
payments, and they have lost all anxiety
about repeating legal tender as a nos
trum for our financial ills, especially as
another war might, possibly, il the
near or remote future, have TO; be
fought with Greenbacks. The Journal
and the Tribune can apply a year
hence to, and may have better luck
with, the XLFVth Democratic Con-
cress, but we doubt it. We shall ali
probably live to be much elder before
va ra,lize hard moucV.