Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-06-17
THE CURRENCY.

Congress will adjourn next Monday II
is not possible therefore that any compre-
hcnsive currency bill can be passed at this
session. There is still time to provide for
the redistribution of banking circulation
so as to take from the East the surplus
which IL has and give it to the West, and
perhaps the legal tender limit may be es
tablished at 1882 ,0O0, 900 as it now stands
The first measure is just and would not be
objected to by the Eastern States, and the
second would fix the point beyond which
government paper cannot go. Whether
either of these things will be done is I'M
certain. Time is short, business pressing
and the temper of members is not so
serene as it might be in regard to currency
matters.
But allowing that all measures to i'm
prove the currency fail, the country may
depend upon the administration to keep
in the track of safety. No steps can be
taken while Grant is President to initiate
the currency. His veto has settled that to
the satisfaction of everybody. In the
meantime. before the next session OF Con-
gress, the western districts will alave an
opportunity to pass upon the question at
issue in the election of Congressman, and
from the result we shall be able to Judge
what the future may bring forth. The
crops. too, will have an influence upon
the matter more potent than acts of Con-
gress. A year ago gold was at a premium
of fifteen to sixteen per cent, where
as to-day, after the panic and all the agi-
tation about financial matters that has
ragged for the last six months, gold is fully
five per cent lower than last June. II the
crops prove as bountiful as they now
promise next June will witness US farther
advanced on the road to specie payments
though Congress be still in favor of inha-
ton. The resources of the country are
steadily lifting US out of the embarrass-
ments and difficulties attending an ire
deemable currency. The inhationists
must see that their foundation is being re-
moved with every month that passes.
Their hold on popular sentiment weakens
as the country thrives, as our imports in
crease. and as our paper gradually adj
vances to the gold standard.
We are inclined to believe that the
elections next fall will not increase the in
fation strength in the House, but that it
will be reduced, partly by the education
OF sentiment which is taking place and
partly by the tendency of business and
finance to promote a return to specie.
Until the vote defeating the conference
report in the House, in which the democrats
united against the report, there has been
no blending Of politics with the course OF
the currency question, but in that case it
amounts to nothing. The Democrats are
as much divided upon it as the republic
cans. The lapse OF time is carrying it be-
yond the operation of parties, like other
questions which arose in the war and were
prominent for time in politics but grad
ually were settled by force Of circum-
stances and are scarcely mentioned at
present.
We should have been gratified to see
Congress put its face decidedly towards
specie, but we are glad to know that the
country is aiming in that direction, and
that specie payment is not very far
ahead.