The daily gazette., 1875-09-30
From the Ia iimoIe Gazette.
Ti{den-B Bdyard-tHe Currency.

Ii hard money wills OovernOr lliueu
will win," says the Herald, III specula-
ting on the political future. Its reason
for this very positive opinion Is, that
Governor Tildcn "alone Of all the Dem
ocratic Presidential candidates, has had
the sagacity and the political courage to
take the initiation bull by the horns.
The Hefuld is mistaken. Among. the pos
sible Presidential candidates the name
ut Senator Bayard has been mentioned
quite as often as that of Governor Ill (
den, and whilst the decision rs to who
will be the Democratic nominee tor the
Presidency will depend largely upon the
turn of events at the West and South,
between the present time and the meet
ing of the National Democratic Conven-
vention, it Is but lust to say mat, from
his place in the Senate. IN MS pnhilo
speeches since. aud in his admirabin let
ter to the Democratic Committee OF the
State of Name. the record of Senator
Bavnrl in favor Of hard money is quite
as clear, and frank, ana koij, as that Ct
Governor Tilden, whilst his course 10
the Senate under the most trying CIR
cumstanccs, has been throughout, ION
est. and patriotic, and statesmanhke.
We say this now, without expressing
any preference for Mr.. Bayard over Gov
ernor Tilden or any other of the eminent
men who have been named as worthy 10
ke the etandard-be bearer of the Democrat
i, patty Of the Union, but simply to re-
mind the Herald that Governor ll!den
il not the only Democratic statesman
that has had "thr sagacity and the p"li,
teal courage TO take the lhhttl0n pnii
by the horn=.' Dangerous, too, ms we
regard the herc7y OF imitation to be, ana
in those Democrats who advocate 1t
a i t,nt a
ciplc of the political faith which the
Marty has maintained, and its wisest
leaders defended, through many genera
tion5 down to tho present tllne-Ganger-
ons, We repeat, as this herosy is, II Is not
the worst nor the most pressing Hanger
impending over the country. Neither Is
the horesy Of Demoeratlc ollsn. 1he
Herald ACKNOWLEDGES this, and says, tru-
| Ii and forcihly +" If the Democrats who
| have been out Of power, and have had
no control oyer the currency SINCE 1851, !,
are " lck ed dtstroycrs of the public cred
| it, what are the Republicans who nave
had power all that time? W ha. nave
they done siucr the war clo5ed2 Have
they really done anything toward the
RESUMPTION of specie payments9 Or
have they continually inflated the cur
rency? The plain tact Is that the Ke-
] DllIjllt ans III \ Ol- lta0 law "
crv measure looking toward specie re-
| sumption, and have opposed ana crush
ed every sound financial plan Which has
been brought forward. They are light
ing now un ler false coloTs."
So, too, AYERS Senator BayaId. and
| with equal emphasis, III his une let
ter, after advocating the prompt ''resto,
ration of a stable currency, which shall
| be the standard of value in the dealings
of our people. and be of intrinsic value
| in ITSELF" he points to the fact that the
administration with all its loud pIote,
tations of regard for the credit of the
country and the business interests Of the
people has never taken one step for the
protection Of either, bur, On the con-
| trary, without the warrant of law, and
against law and public honor issued, in
lisa. 26.1po,G 600 OF logal-tender notes
| which haMhlen returned to the rreasu-
ry ana clnee.ed under the wise policy ol
the preceding admin stration.'
The Herald goes more into detail. "Ihe
truth is, says our New York coutempo.
rary. we have today two millions more
paper money in circulation than in 1874
twenty-uine millions more than in 1872
tifty.eight millions more than in 1871
ninetv-ona millions more than in 1868
That is to say. during the administra
lion Of General Grant, who is put for
ward as the sure and faithful friend Of 4
sound currency, the rag baby has grown
to the extent Of nipetv-one millions.
The very last act Of the Republicans
at the last session Of Congress, was 1
measure which, whilst designating tht
year 1879 as the year when the coun
try was to return to specie payments
not only made no provision for carry
ing the law into effect, but proceed {
to set loose the reserves Of the Nationa
Banks and to authorize free banking
In other words, by the compromis
/ act the National Bank circulation i
, practically unlimited. Any new banl;
ing association may organize any wher
at this time, and with any amount o
capital-from fifty thousand dollar
upwards into the millions that vii
deposit with the Treasury Depaltmcn
United States bonds, and Tor ever
: hundred dollars OF bonds 50 deposited
it Can demand, for purposes OF circula
. ton, ninety dollars in bank notes
Twelve millions ofdollars have aireaa
been called for under this law, and
trade should improve many more mil
lions of currency will be demanded
Senator Morton was, therefore, ligll
t when he boasted in Indiana that th
compromise bill was a measure Of il
iiatlOn
After this showing every candi,
mind will agree with Senator Bayar
, when he declares that for the Republi
cans, under the leadership of Butlel
: Morton, Kelley, Logan, Sherman, an
3 other persistent infatIonists to clai.
to be the champions of sound financ
and honest money is the boldest ei
lrontery.
From the beginning, IA Mr.. Reverb
! johnson, Judge Curtis and other eml
= ncnt jurists, have shown, the Republ
cans in Congress, in issuing a papt
I currency, they have violated the Con
=, stitution they swore to maintain an
r support.
, Nowhere in that organic law can the
find any warrant for the issue of pap,
: money; still less to make that issr
legal tender, In time of war the ex
I Eencies of the country wonld justii
g the emission of Treasury notes base
> upon the credit of the Government