The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-08
President Grants "DIemors ndum' On
the Curroncy.

the Currency.
| The paper in which the President has set
forth his matured views on the great subject
which has engrossed public attention since
the September panic is q most noteworthy
document 1t is alike remarkable whether
we consider the combined soundness and
boldness of its monetary doctrines, the pc
culiar manner in which he has made them
public, or the political consequences with
which they may be fraught In our judy
ment not only are the monetary views of the
President admirably sound. but their publica-
ton in this peculiar way is justifable, or at
least excusable, and their political effect will
be salutary even for the republican party,
unless the imitation leaders are mad enough to
break with him and disrupt the organization.
This vigorous manifesto is wise from q party
point of view, because its practical effect win
be to forestan the necessity of another veto.
1t is not safe thing for political party to
encounter series of vetoes on the Same sub
ject and prolong public conflict between its
elected head and its majority In Congress-
Even one such collision on question Of par
amount interest has Q shattering tendency,
and the republican party cannot safely risk q
second. The republican party, indeed, lost
nothing by breaking with Andrew johnson
and defying his vetoes but the circum-
stances were entirely different In the
protracted struggle with johnson the repub-
ican Congress was united, and was strong
enough to repass all the bills he vetoed As
no considerable portion of the republicans
supported his policy, his vetoes instead of dis
integrating the party. bound it more firmly
together by a common feeling of vindictive
hostility. The only political consequence
was the accommodation of the pugnacious
President. General Grant cannot be read
out of the party so easily. A respectable
proportion, though not majority. of its
Senators and Representatives support him.
Moreover, he stands on the strong vantage
ground of public pledges of the party, reiterated
without dissent in national platforms and
solemn legislative declarations. 1t is impos-
sble for the inAationists to break with Presi-
dent Grant on this question without splitting
and running the republican party.
The President has acted with singular party
wisdom as well as personal boldness in clear
ing his views of all doubt and giving the in
fation majority the means Of avoiding con-
fict which the party cannot afford At any
rate they will proceed now with their eyes
open. After the high ground the President
has taken in his explicit declaration of his
policy they cannot pass another infa-
ton bill with any expectation of its
becoming q law. As men are always
presumed to intend the known conse-
quences of their acts another imitation
bill could now be regarded only as DECLARE
ton Of war against the President Its mani
fest purpose would be to defy him and pro-
woke a new veto, and so damage hi i'm with
large and jealous section Of the republican
party. There is no comparison between the
exasperating effect Of second veto and
first when both relate to the same subject
matter. Tyler's first veto of the United
States Bank was disliked by the wings, but
submitted to; but the second set them in o
flame. They alleged that they had consulted
with him after the first veto that the second
bill was framed in conformity with his sup
posed views that he had, therefore, deceived
Congress by exciting, or at least knowingly
permitting, delusive expectations. General
Grant has fortified himself against that kind
of accusation. He has put it out of
the power of the infaionists to say
that he has not acted squarely. They
know precisely where he stands. They
cannot patch up some nondescript meas
ure call it compromise, and arraign the
President for vetoing bill intended to meet
his views. No such insidious game can be
played. The course of the President has been
as wise as it is unusual in committing his
views to paper, to stand as an attesting rec
ord. To use Scripture expression, he has
s'hewed up to the line" and very straight
hard money line it is. He is willing to yield
something in spirit of compromise, but he
has marked with perfect distanctness the point
where he stands and from which any such
deviation as he may be induced to make must
be measured The difference to be split is not
the pitiful difference between the original
House bill and the same bill as amended in
the Senate. That would be merely q compro-
mise between the two houses and not . COM
promise between Congress and the President.
The President stands on no such trimming
dawdling measure as the House bill The
compromise he intimates a willingness to
make is not descent from that, but descent
from the highest hard money level
A very few remarks will suffice to show how
boldly President Grant takes the imitation bull
by the horns. Nothing that can compare
with it has been uttered by any member of
either branch of Congress. The President
strikes at the chief prop Of imitation as Sam
SON exerted his strength against the main pill
lar of the great Philistine temple and brought
down the whole edifce in ruins by a single
push Of his mighty shoulders. President Grant