The Portland daily press., 1874-06-23
New York Letter.
The New Finance BiII-A Device of the
ExpansiOnists-IisP Possible Results, etc..


1Hasty legislation is rarely characterized by
hurried action iste be deprecated, that of fl
nance issnost- So. The House rushed through
Saturday the currency bill previously passed
by the Senate. If this measure simply provid-
ed for redistribution of $55, OOO, 900 national
circulation, it might escape censure, for, assum-
ing that any practical results should come of
OF. that feature dnith is~a matter of the
smallest consequence at what particular geo.
graphic1- point bank note originates so long
as it is secured by government bonds deposited
with the Comptroller of Currency at the capi-
tai. The complaint that more banking BUSH
ness is done in New England and New York,
in proportion to population than in the North
western states, is scarcely less unreasonable,
than it would be to find fault because more
lumber is produced in Maine than in Nevada,
more coal in Pennsylvania than in Kansas, or
more ice in Massacilu setts than in Florida. Oc-
casionally we find Legislators who are in a con-
slant attitude of rebellion against the laws of
nature, but happily no power OF numbers can
repeal or suspend those infallble statutes
Sometimes, in the closing hours of session,
when there is no opportunity to argue or even
to think with ordinary coherency, scheme
finds its way into our overburdened statute
book which proposes to set at Defiance the un-
cbangeable DEGREES Of Providence. But all
such measures prove imperative. Mrs. Par
tington made no sort of Roadway against the
Atlantic, although she piled her broom with
preternatural vgor. The distributive element
of this bill is really of no account. Even the
infationists did not reckon on that They were
DESTROYS that the fatal first step should be taken
towards expansion. The two features of the
act, which involve recession from the princi-
piles of the Republican national debt-paying
platform, are, first the permanent infusion in
to the legal tender circulation of $26, 100000
borrowed therefrom in an emergency, and
which good faith to the public credit demanded
the restoration of, tand, second, the removal
from the National Banking system of the great
safeguard Of compulsory reserve.
Taken as whole the currency bill, by veto
ing which the President proved himself so
much wiser than a congressional majority, was
fraught with less mischief than this latest piece
of legislative joiner work. 1t would be better
now if we could substitute the one for the 9TH
er. For the vetoed bill only added eighteen
millions more than this does to the legal ten
der issue, aud, as compensation for that, it esss
tablshed such rigid rule of reserves for the
national banks, that there was, in effect, no cause
for apprehension of a further issue of money
by those institutions: and the increased re-
serve they were required to keep would have
wrought contraction more than sufficient to
offset the eighteen millions of additional green
backs. In short, we have surrendered to the in
flationists by permitting the use of a fund hth-
erto held sacred TO insure4he solvency of the
banks. thus parting at once with security and
conservatism.
+ When the first currency bill was under dis
cussion, the paper money enthusiasts were in
discreet enough to aver that it did not of itself
go sufficiently far in the direction of irredeem
ability, but if they could once get it enacted in
to law, then the way would be open, the road
clear, for further departures on the downward
road. The President vetoed that bill because
he saw through this purpose and was deter
mined not to move one step on a course from
which, however difficult the process, it would
be imperatively necessary to retreat Congress
has apparently been exercising its utmost inge-
nuity ever since in devising some plan which
should bave the effect of inducing the Pres-
dent to recede from the position he had taken
with SO muchfirmness on this mOmentous ques-
ton. Nothing but the opportune publication
of the conversation with Senator Jones pre-
vented the adoption by the House of the second
bill which five-sixths of the conference COM
mittee endorsed. 1t had large following and
was strenuous!y advocated by members hither-
/ fo on bo md
now comes this third attack all along the line
every man in the engagement--to test the firm
ness of Gen. Grant. He is called upon to de-
eide between principle and expediency. The
wrong he is asked to do is represented as very
trifling one, and not unmixed with good either,
for the distribution Of currency is urged a
matter of fairness, and great stress is laid upon
that section of the BILL as if it were something
else besides mere pretext for pacifyiug the
West by qualified adoption of their financial
hereses-a scheme of initiation sought to be
smuggled through the executive ordeal under
the transparent disguise of being an express
sion of the magnanimity of Eastern bankers.
Perhaps the President will be beguiled by
these articles But if he is, it were better that
he yielded sooner. The country could afford to
oughly wise and enduring adjustment of the
financial question. But if we are to sidle off
into the devious ways of unlimited expansion,
the sooner we get at it and have done with it
the better. Half way measures are the worst
possible because they keep the patient linger-
ing SO long We might go on watering the
currency at the rate of twenty-six millions a
year for great while without coming to that
final revulson which must as certainly be the
end of such folly as that the stars pursue
their courses. 1T is all very well to talk about
conciliating the West, but We haye too large
stake in the material prosperity of that great
cereal empire to see it's people given up to a
delusion which is fraught with incalcuabe
calamity. have no patience whatever with
the nonsense of which we hear so much about
sectional interests and jealouses. Whatever
enrlches one part of the country inures to the
benefit of every other part. No legislation can
possibly be good for New England, which is
not also good for Illinois and California. The
s'shrieks of locality are the most idiotic as
well as the most discordant sounds that can
vex the ear of any American who is in the
slightest degree appreciative of the greatness
and the exhaustless resources of his native land
| L cannot but regard the new currency bill as
one of those inconsiderate and impulsive acts
which public body may subscribe to with an
approach to unanimity, ignoring in their haste
its positive defects, and exaggerating. very
greatly its negative merits. 1 arrive at this
conclusion in spite of the fact that recognize
among those who voted for it, the names of
scores of members for whose opinions have
profound respect, and with whose delber-
ately formed judgments l should hesitate to
differ. L am the more strongly imbIed with
this idea, because have witnessed, during the
session, controlling desire on the part of
many Of the most eminent representatives, to
enact some measure which should placate the
West and insure Republican majority in the
44th Congress.
Now have frequently noticed that when
public men are governed by motives of expedi-
ency merely, they are apt to err in the choice of
means for promoting their ends Hence, am
ready to adopt the theory that while our friends
have striven to do a real good by consenting to
adeviation from the inhexibe rule of right
which no temptation ought to induce them to