The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1874-05-08
Tribu1ationn Of a contractionIet.

Those papers which opposed the
Senate finance bill, were not back
ward in congratulating the country
upon the Presidents veto message.
1t was the grand desideratum which
would relieve the financial embar-
easements ofthe country, restore con-
fdence, revivify business, strengthen
credit and make everybody happy.
The message has been before the
country two weeks and yet none Of
the effects so radiantly foreshadowed
have been realized. The spectres
which have haunted trade, the incu-
bus which has hung upon manufac-
turing have not been dissipated; like
Ba1quo's ghost they still rise up to
fright the eyes of Missionaries. The
Cleveland Leader,as bitterly opposed
to the Senate financial bill or to any
increase of currency, as any journal
in the land, joined in the cry of ex-
ultation and gloried in the fact that
the President had interposed to save
the country's honor and restore its
prosperity. The Leader claims to
be ably edited and consistent, and
1t Is a newsy paper and an enterpris-
ing one, bat We imagine it Is at sea
On thls subject, and ready to drift
mo ANY port N Storm at least,
while it ediJorially contends tor con
traction it publishes facts and en-
dorses statements which are just the
reverse of what it claims. Let US put
1t in the crucible and try it. In its
issue of April 20, in referring to the
activity of the real estate market Of
New York, as announced by papers
Of that city it says this buoyancy
had been
-agained during the past four or FIVE days;
IN other words, Siuce the vsto of President
Grant seasd the doom of inhatlon. That
measure seemed to be Just the thing that eve
~ one had bseu waiting for Within twenty
IOur hours or the Time that It became fully
comprehended that the President had not only
pur his foot on the proposed initiation of 500
100000, but had gwen hls express promise
that no imitation enactment could receive his
approval, It became evident that the question
OF still further degrading the currency was
settled Tor at least three years to come, ana
upon this assurance the sluggish current Of
real estate traffic began to move.
The clear, obvious sense Of the matter
Is that all the loose capital OF the country has
been locked up to await a return of confidence
and a reasonable certainty in the events of tue
future. The first basis Of this confidence was
necessarily the assurance that no wild act of
Congress would revelutlonlzs the comparative
values Of gold and paper money. Il was not
a few mere millions OF paper that the country
wanted, but an assurance that the currency
would not be violently disturbed So tar as
4hhatOn was concerned, the veto message sup
Piled this assurance.
This is all very nice and lovely, as
looked at in the roseate hue of the
Leaders editorial contraction specta-
cles. If the veto message was Just
the thing every one had been wait
ing for" how comes it that the Lea
der editor found it necessary in his
issue of the same date, to give way
to another train of thought, in the
column adjoining the one from which
we have just quoted? In this latter
article he says:
It was at once apparent that something more
was necessary TO be donei the currency ques-
uon could not be Abandoned an the condition 5gs
l0hich Il s0Gs left By the Usto Of Wednesday
lGst, and Ihat the sooner q COMPROMISE msa-
sure could be agreed upon which would satisfy
tins demands OF the Infiatlonlst without sscTI-
fcing any essential principle to which the
government was already committed, the less
would be the danger OF e permanent split in
the party aud the better for the country.
We are only country editor, you
know, but these things seems so
queer, we don't hardly get the drift
of them so as to be able to harmon
ize them. If the veto was "just the
thing" why should something more"
be "better for the country?" and
why could not the currency question
have been allowed to remain Gin the
condition in which it was left by the
veto," or what rendered it necessary
to compromise when the veto was
'.iust the thing every one had been
waiting for?" Its no use we can't
get the hang,of it. Let the Leader
speak again:
From all the authorities accessible at this
time, we conclude that the prospects Of q sat
isfactory compromise are favorable, and that
the proposed measure will provide for an IN
cTeass OF national currency, with the provision
thar for every two dollars Of additional bank
currency issued, one dollar in greenbaokS shall
be retired.
The Senate finance blu was sup
ported as an imitation measure, so
said the President and echoed by the