Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-12-23
LIGHT AHEAD!

LIGHT AHEAD!
The report from Washington that the
republicans in Congress will resolutely set
their faces toward the resumption of specie
payments, makes bright rift in the clouds
that overhang the country and the repub-
lican party. If the fullfilment be equal to
the promise all doubt in regard to Il safe
and sure return to sound currency will
be dispelled before the close of this ses-
sion, harmony will be restored to the re-
publican organization, and the confidence
OF the people will speedily return to it.
A subcommittee Of the Senate Finance
Committee reported plan to the republic
can senatorial caucus, the principal fea-
lures of which are as follows: Specie
payments to be resumed Jan. LIST, 1879;
free banking and the retirement and cam
collation. Of greenbacks to the amount OF
eighty per cent. of the new national bank
notes issued the fractional currency to be
gradually Withdrawn and silver coin to be
substituted for it: the Secretary of the
Treasury to use the surplus coin in the
Treasury on and after the day fixed for
resumption to redeem the legal tenders.
and to sell bonds if the amount of specie
Is not sufficient for the redemption of the
legal tenders Here is definite and well
considered plan for resumption. ltpoints
sauarely in that direction. The legal
tenders absolutely disappear under it AID
specie comes In as the only legal currency
of the government. Free banking gives
all parts Of the country an equal chance
according to their means in the banking
business. removing the great complaint OF
the West against the East in regard to ia
cilities for banking. There will undoubt-
eddy be objections raised to this plan, as
there would to any plan that the greatest
financial wisdom could devise, but that it
Is an honest and feasible effort towards
specie payment is too apparent to be sue
cessfully contradicted, and therein it has
merit sufficient to recommend warm pop
ular approval.
The Senate it is said will support this
measure. The republican side being unani-
nous in its favor. The inflationists of that
body abandon their schemes to create
more irredeemable currency, as impracti.
cable at least under existing circum-
stances if not unwise. What the House
will do remains to be seen, but there
would seem no reason to doubt that the
same ideas which have operated to bring
the Senators to the support of the new
plan for resumption who have heretofore
opposed it. will operate in similar man
ner upon the infationists of the House.
Let Congress pass bill embodying this
plan or something equivalent, and the
whole country will thank it, and the re-
publicans will take new courage and put
ON new strength. While the democrats
have been waiting and hesitating, fearing
to take any stand upon the currency or any
other important question. although they
assembled in Congress under the prestige
of victory and the expectation that
they would at least dare to
avow some line of policy, the republicans
have marched straight on though defeat
ed at the polls, and are boldly leading
where the democrats dare not. The great
public interested in return to spicie pay
ment will not be slow to mark the differ
ence between the two parties in Congress
and award the republicans due praise and
support if they 60 on as they promise to
at this time.