The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-04-23
ULYsszs s. GRANT will nominate tho NEXT
President Of the United States
Eject Of tho veto-cert.inty In Fi-

Eject OF tho voto-Certsinty In Fi-
nance.
Persons who assented to the Four Hundred
Million bill because in its practical operation
1t could not result in very great imitation
were guilty OF the common error by which
nations and individuals alike persuade them
selves into evil courses It is specious
enough notion that the immediate evil in
nores the point that principle is broken
down by small departure from the direct
line as e6Bectually as by q great one, and all
financial history is filed with evidence that
the principle once broken, the small departure
rapidly assumes greater proportions. All de-
partures from adherence to sound principle
are small at first No nation plunges head
and ears into bankruptcy or into open viola
ton of faith in any form. 1t goes little
way, and excuses the departure on the score Of
its insigni6cance by comparison with the good
that may result; and, as the result does not
come to please it, it takes again another little
step, and SO on, till at last it relinquishes
VIC PAnAu AOuu oAsokoInoI, VI VIC plea
Of inability to return to it. Such
morally is the history Of every bankruptcy
great or small and such, in the case of the
nation, would be the result of any law for the
issue of paper ''legal tender in q time of
peace, though it were only for single dol
lar. Very small indeed, would be the conse-
quent imitation; but the principle involved,
or the violation Of principle involved, would
open the door to ON inundation of paper that
would food out the values of the country as
the waters are now flooding out the people of
Louisiana
Evidently the principle involved in the case
is what seems to the President, very properly,
the important point He returns to the Senate
bill for the imitation Of the currency, with
the distinct expression of his opinion that
what the country needs from Congress is not
more paper money, but legislation recognizing
the pledges of the nation regarding the cur
rency already issued and making some pro-
vision for the redemption of that currency
in coin at q future day. It matters
little in what form he puts this opinion or
in what form Congress puts the legislation
the principle is just in those few words, and
the principle is what the country hopes to
stand BY In the first hour when the veto
was known the news from the hiving place of
the money changers was generally hopeful
one for the future" In that phrase Wall
street caught the keynote. From the mo-
ment the people understand that all the Pres
ident's recommendations touching finance
in his many messages are not mere waste
words, from the moment they feel the assur-
ance that he will stand by his sound declara-
tions and veto a bad bill they know what to
count upon and the future becomes clearer.
For the remainder Of Grants term people may
feel that the money of the country has GER
tain stability it cannot be expanded 80 that
its value shall thin out and become imper-
ceptib.e Men cannot be dcfrauded of their
property on contracts for labor or products
in which the bargain shall suppose SETTLE
ment in money, but in which the payment
will eventually be made with worthless printed
paper.
With that chance of organized and gigantic
fraud put aside great step is taken toward
giving trade vigorous impulse. Let the
mercantile and industrial interests of the
country feel that the currency is safe for only
the remainder Of Grants term and the credit
killed in last years panic will revive, and
with that revival will come into circulation
the vast amount Of commercial paper whose
disappearance was the true source of strin-
gency in exchanges. Trade will then be prac-.
tically restored to conditions as nearly
nominal as they can be when the ultimate
term in money is paper promise and not
golden dollar. But let us not forget that the
promise is just as good as the goad if we may
feel sure that it is the promise Of govern
ment in which the Executive viii not sign
law that violates the country's honor.
Now LET Us HAVE broad, generous plan of
reconstruction. This should be the next