The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1874-07-08
1ailg4erald
II. @. McLURE, Editor.
TIE NEW runnENcY nil.

adjourned week before lust, the llnan
clal question absorbed more attention
than all other matters that were
brought forward for confederation,
After O hard struggle between the
tmoIIey lenders Of the east and the
money borrowers oflhe west, between
the plethorIc money Uags Of the purl-
tan aud the morlgnged-to'death lands
ofthe boosor, the latter came or vic
torlous, and a bill was pussed that
promised speedy rcliefto the lmpecu-
Nous wcst through u large imitation OF
the circulation Of United States treas.
ury notes, General Grant with n
sticking regard for the platform Of hls
party which would do him honor II ho
would apply ltto The constitution OF
his country, vetoed The bill. The com.
mingled howl Of rage and shout of JOY
that followed this action of the eXccll-
tive told how deeply rooted IN the
hearts--or rather In thopockels- of the
people the issues involved were. The
Now York Herald actually sounded
tho tocsin of war; and proclaimed that
tho rights of tho west wore ruthlcssly
assaulted and that only powder and
blood could atone.
IN due course of time n compromise
measure, on which both innationists
and contrnctionlsts could agree, was
brought forward, and was soon invest
cd with the authority of law by tho
presidents approval. This measure be-
Ing n compromise one.--a piece of
patchwork toliold the republican par
" together for the next presidential
election docs not please either side,
and, ny Is always the case with such
measures, both sides construo II fnvora-
bic TO their own peculiar views Knox,
tho comptroller Of the currency, hHv-
ing been called upon officially to con-
strue ncertain section of the bill gnyc
~ 'oih'tiuN'i'h tiiHb iNNOltu llHNtlOH'
Thereupon President Grant and Secre-
tnry Brlst0w We're very much incenscd
aud, M rumor has II, have notified
Comptroller Knox that his resignation
would be accepted,
The law rs II now stands legnlzes
the issue Of S29 100000 Of reserve legal
tenders ordered by President Grant
last September during the panic, and
by thus fixing the volume of legal ten
ders at S3s2,000,0OO, gives stability to
trade and takes away from the treasury
department the power Of contracting
or expanding the money market when
d. ever ii may be 40 minded. The bill
further provides for the withdrawal Of
S5I,0O0, 600 OF national bank currency
from those states that have more than
their due share, and for its redistrlbu.
ton among those states which have
than their share. Both of these
are most salutary provisions, and I'm.
der the last one there is no reason why
the west and south should not have
speedy relief nom their dearth of mon
ey. From the almost fabulous rate of
interest that money is commanding
IN north. Texas, it is clear that
she does not have her due
share of the currency. Now is the OPP
portunity for her men of capital to
form vanking associations, and make
provision for relieving the necessities
and assisting the enterprises of their
fellow-citizens. The we'll informed
New York correspondent Of the Phila-
delphia Ledger says that 'the passage
Of the bill has produced favorable
effect upon business circles. The
long prevailing feeling of depression
has given way to confidence that we
have reached the point for new de-
parture, which will lift the material in
terests of the country out of the slough
Of despond in which they have been
Laundering ever since the panic of
September Tho fixing of the legal
tender circulation at an invariable
point, will enable the merchant to say
what his goods will be worth month
or six weeks hence, and with the re-
.moval Of that heretofore great element
ofuncertainty, u treer aud more conf
3 dent movement must follow