, 1874-04-10

THE PRESS ON INITIATION.
Tho people Of tho Northwest are fully aware
OF tho bRloful offccta Of watoring the stock Of
railroad corporatons; But, ,v'li!e elamoring for
pooplo ot tho Wost shut tholr eyes to creator =.
evil, or tacitly encourage It. The proposed OK
pannion' Of tho currency which secma 1koly to
DO ordorod by Congress ia nothing lesa than
Watering Notwithstanding National Bank ,
notes. It Is boRt to 500 the truth clearly.
Tho first stop in imitation will but load to soc-
ond and third, and there will bo no chnngo Of |
policy until the inevitable result ID reaohed-gon-
-1aoct Island (IH,) Union.
-We aro opposed to tile increase of tho cur
ronoy, and regard tic action OF the majority Of
Congrsss, in vot1g M to do 80 without taking
tho resumption OF specie payments, o. nmistako;
and in the end, those who now advocnte this
course will be sadly ppolnted.-AAon (lA)
Telegraph.
-rut it ia aaid that Grant will Sign no bill
that. dooa not h1 q day for tho resumption Of
spocic paymont. Tho plain meaning Of which
Is this, nx day at which tho people shnll pay
gold md silver for all they owe, or buy, for all
taxea for salaries to all public ofllcers but tho
Government will iasuo its paper when It wishes.
and pay It's dabts with that irredeemablo pnpor.
Tic pooplo lind ns we'll look to this In timo, or 1t
may be too lato-Quincy (Iu.) Herald.
nar s sSn1F} }{Sss IL Ssans sD ag 70 e as h.
The Chicago Board Of Trade emphatical1y con.
domned tho policy yesterday, and there are simi-
lar movements In various parts OF tho Union.
Can wo not have some expression from Burling-
toms Doarl Of Trade and business mon upon this
system Of initiation Congress- ID guilty Of ono Of
tho greatest blundera evor committed BY legis~
latiye body, and 1t is disgrace to our country,
folly so absolute and inoxcusablo Us to be lIttle
less thnn great crimo.-Durling!on (la.)
Ha6k-Eye.
If our venerable uncle is badly involved,
more money, can M no supply their wants by pay-
ing out his s44 900, 600 reserve Tor current OK
penBes? In other words, does tho Chicago
Inter- Ocean moan to bo understood that tho
out the reserve to meet tho expenditures Of the
Govornment3 We want more light on this
question, aud shall bo gratitiod II the Inter- Ocean
will explain how nation can permanently ro'
love itself from embarrassment by placing in
circulation more Of it's own promises to pay
Waterloo (Ia) Courier.
The dsy is coming in our Judgment some
time in tho not distant future, when imitation
will be seen, by those who now favor It., to hayo
boon miatake.-V Vinton (1a.) Eagle.
lin other words, they [tle inflationistBl try to
maintain, BY ingenious lines Of reasoning, that.
/ SO long as the Governmont is solvent Its notes
| nre AZ good as gold, whether they aro made re-
deornnblo or not. The adoption Of tltB latter
theory by tho Senate, following the example Of
| tho House, gives tho West aud South moro c,,r.
| rency, aud Will stimulate business for a time, Al
| will ensuo, the prophets have failod to agree
Cedar Rapids (la.) Republican.
| Willie this discussion haa been going on.
tho facts, or apparent facts, on which tho in
| ished into tho air. The theory that tho panic Of
| last fall was due to deficient currency il Ills
tonable. It ia noticeable fact that the
advocates Of expansion aro chiefly from part
stringenoy last autumn. Tho West has scarcely
felt the ehock at all, as compared with tho E.st.
Thia is especially true Of Observation-Disclosures
| (Ws.) Republic:
bate, passed the absurd and suicidal imitation
! bill. . II this bill becomes d law it will
provo tho most fatal act tho Congress Of tho
United States has ever committed, and will t}o
Tho vital issue will hereafter bo this groat qucs.
tion Of finance; and aB between the party that
| cspouses the policy Of safo currency, and that
| which advocates deIugo Of rags as = metll'l1n
Of exchange, there cannot long DO any uncer.
| tainty rs to supremacy, The inflatiOntBt8 as
| political organization must soon go to the wall,
md it tho Republicans In Congress- assume tho
responsibility Of this act {and tue responsibility
they administer finishing stroke to tho party
| Fond du Lac Tpis.) Commonwealth.
| -We do not overlook tho urgent and nearly
| universal pressure upon Congress from all the
| VI HtAt1Iu A4 0uutuoTu 0LaLeH loE HI 6ulHEb6IHGub
Of tho currency, nor the plausible rcaaong urged
In support OF the theory that increase OF
ronoy moans general relief to tho dobtor-clnss,
and will stimulate into renewed activity ener-
| 9ie8 and enterprises now dormant. Probably
tho Immediate ctrect would be in this direction,
| and that ia doubtless the reason why many who
openly md formally oppose, secretly approve.
the imitation policy. They DO not want to be
they relish tho Immediate practical results of
| policy theoretically bad Aud each man oxrocts
TO reap the immediate practcal bcneilts for him
Heif, and to leave tho unpleasant ultimate conRo.
que1lces to bo borne by his noighbor.-sF. Fa"1
What tho Wost especially needs is not n,ore
funds, but moro capital to o1ohapgo for tllo1n
| All new countries arc poor In more cash. untl
surplus accamulatiolls overcome tue difficulty
The roason is that tho means Of settlers ara
! transferred into fixed Investments, aud until
thay return profit parties arc poor, or havo 10
monoyed surplus. Paper currency Of any kind Ia
value. Il other things were not required to be
reduced to this one standard as mems OF traffic.
it would have no advantages over other kinds Of
property, either in panic or at any other time.
ssn "n5os bo used At lime. Tho ehoapor Il j. tic
moro worthleas 1t becomea.-St. Paul (Attnn.)
! Pioneer.
1t il impossible to read the report Of tue de-
bate in tho Senate yesterday, without feeling
Of disgust and apprehension for tho future.
Tho majority not only carried thoir main point
but they shamclossly refuBod to accept my rro-
position for modifying tho effect Of their action
on tho national credit, at loma and abIoad.
Ia from All Executive veto-Neto Yo,:k Aiail
All that ia now loft tho country is the Tato
Of tho President, and failing n this, suc. r. t9,
buko Of tho men In power By the people, az M wlil
DO remembered to tho end Of tme.-Nep Po'k
Express.
10 aave tho country from tile dcplorablo Of
fec!s anticipated in this picture [sonator
Schurz's subRtitutol, the President IL now our
solo reliance. Will he he equal to the occasioa?
-Ne,o York Evening Post. :.
Tho bill which was finally passed BY tho
United States souato yesterday, having tor It's
object the cl,caponng Of paper monoy By nsts-
INK It moro plenty, is OF imtnedato Importance
chiony as an indlcation Of tho aoqniron,onts' in-
ouionB, and opinions Of tho mon who voted to- T., Tor
It. Ag a procetlont intlood. nothing can 10 I'M
nrinod moro outrageously bad. a policy is inau3-
usatod which. II not soon regorsod. must nccos;
earily l{shouor and weaken tho Goyornznout, md