The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-31

The argument seems to gain ground that
the President will feel bound to support the
action of his Secretary of the Treasury SO far
that he will not care to veto q measure that in
some respects is an Endorsement of the financial
action of the administration. The Senate
seemed to be aware of this possible quandary
of the President, for its action combined the
two points, namely, an Endorsement OF the
action of the Secretary and still further IN
fation of the currency. So that the
President cannot strike the inhationists
except through the person OF his own
Secretary While we can understand the
cruelty of the problem thus submitted to the
President we still maintain that the conse-
quences of an approval Of any measure of in
fation are so dreadful that he should take
upon himself the responsibility of destroying
it. no matter what the consequences may be
to his Treasury Department
For, following this doctrine of imitation to
its ultimate and logical conclusion, what will
be the result? We have demonstrated that
there can be no financial peace in America
while this pernicious teaching is accepted
and practised. History shows that with
out financial and business peace there
can be no true peace When once We
attempt to manage the government upon any
theory Of dishonor and reputation We invite
q condition of affairs that will in time subvert
the law. When the law is paralyzed what re-
mains but violence? More especially as in the
present Congress, when we have one section
voting against another, as was the case during
our pro-slavery vassalage. Our early Revolu-
ton began with commercial and financial
dissatisfaction arising out of stamp measures.
Our second war with England was connected
with our merchant marine and the
British claim to supervise the seas. We
have regarded our recent civil conflict as
consequence of slavery but English
thinkers contend that it was no less con-
sequence of the Morrill, Tariff bill-that IN
just and extraordinary measure of protection
passed by the republican party when it
came into power. We are not sure that this
is not among the real reasons more es-
pecially when we remember how nearly we
came to war in 1882, when the South resolved
to ''nullify" tariff law. The ripper our
civilization the closer and closer we come
together in commerce. trade, financial and
business intercourse the more each
section rests upon the other, and the more
sincerely we should labor to sustain each other.
! Stephen A. Douglas declared that there was no
higher purpose in the war than the opening
of the Mississippi. The West, he contended,
would never submit to foreign Power COM
manding that mighty channel to the sea, and
the West, according to his view as leader of
! that section, would never consent to peace
that did not bring the Mississippi under its
| flag. So that even his statesmanlike mind
saw commercial cause-among the most i'm
portant that led to the war.
Yet here comes question of the same char
acter, commercial and financial CUES.
ton, as important as any ever disputed
by the armies Of q people. Initiation, like
slavery, is sectional issue. Like slavery
it is demanded by the South Before the
North, the East and the West were united
against slavery. Now the West and the South
are in alliance against the North and the East
in favor of imitation. Look at the vote yes
terday upon the moderate and wise provision
of Mr.. Sherman's Finance bill, providing that
the Secretary Of the Treasury should on and
after January l, 1876 pay gold to the amount
of one thousand dollars to any holder Of that
sum in United States Treasury notes. This
was, we repeat q moderate and wise measure,
a step towards resumption of specie pay
ment and national solvency. And yet it
was defeated by the votes Of the West and
the South combined, but one Northern or
Eastern Senator, the whimsical and eccentric
Mr.. Sprague, of Rhode Island, opposing it.
! Now dwell on this for moment Here is
proposition not to resume specie payments
Immediately or fully but simply declaring
that at later day, and day far distant, the
Treasury would partly resume. In other
words that with the beginning of the centen-
NAL year Of our independence, and eleven
years after the close of a triumphant war, we
would not resume, but give an earnest of
South in alliance with our peculiar and
romantic fnancier from Rhode Island, unite
to defeat it
Now, do our friends see the gravity of this
proceeding or where it will surely lead us?
The Western and Southern States form ter
ritorially large part of the Union, but in
population, wealth and revenue q small
part. To a great extent these States
are the children of the older Commonwealths.
Like children we have treated them
with indulgence magnanimity, patience
and benefcence. We have gloried in their
progress we have paid our money to build
railways, canals and public buildings, to
develop the country and assist them in their
advance to civilization we have clothed
them with the dignity of Independent States;