, 1875-10-27

the Acts of June go, 1874, and January
IA, 1875, so that the present agitation is
an attempt to undertake, de moro, a work
already far progressed towards completion
when much more important matters need
attention; indeed, there is o strong suspl-
cion that this question has been given its
present prominence for the purpose OF d.
verting attention from great changes OF
policy and great reforms in administration
imperatively needed, but which the poll
ticians are reluctant to encourage, because
their adoption would be fatal to their aspl-
rations and corrupt cupidIty. For these
reasons it is not improbable that,
after the fall elections OF this year, less
attention may be paid to the currency is
sue, and more to the questions OF dlmin-
ished taxation, purgatlon OF offices, and
possibly also of tariff reform, questions
which the panic and its subsequent suffer
ings and the recent revelations of official
corruption have caused the people TO
weigh with intense earnestness. Govern
or Tilden's success in getting the New
York Convention to endorse the ''hard
money! policy will give him a transcen-
dant influence in his Party and as he has
made a national reputation in roofing out
official abuses, and thereby e%ffecting large
reductions of taxation, his great influence
is likely to be exerted with much effect in
diverting attention towards these more
needtul and more popular points OF poll
cy.
1t is important that the measures favour
ed by the observation-disclosures who carried
the Conventions in Ohio and Pennsylvania
should be fully comprehended in Europe;
for it is a matter which vitality concerns
foreign investors in our securities, and one
on which they should have something to
say. This is much more than a question
as to mere forms Of currency. 1t is one
of good faith in respect to a vast amount
of national, corporate, and other obIiga
tions. 1t is proposed that the lawful
money of the country shall consist ex-
clusively of notes issued by the Govern
ment, bearing certain denominations of
value, and declaring that they are receiv.
able in payment of all debts. The notes
would contain no promise of payment "
redemption in gold or silver, but would be
made convertible on demand into q Gov
ernment bond, bearing , 65-10O per cent.
interest, the principal and interest Of said
bonds being payable in said notes, and the
bonds also to be convertible on demand
into notes. AS it is held by this faction
that the principal Of the F~ive-twenty
Debt was never intended to be paid in gold,
they would call in for payment the whole
of that class of bonds, at present amount
ing 10 $780, OO, 600, and issue in pay
ment the new notes. This currency
would. also be used in the payment of a
large class of corporate, State, and city Sc
c~uritios not Llddo 10y sh0i. CoHuiCionS VI
issue specifically payable in specie, and
would. in short, be the medium of settle
ment on all contracts not by their express
terms calling for gold.
II, therefore, there were any real proba-
bility of this scheme being ultimately
adopted by Congress, the prospect would
be a serious one, not only to the vested
interests of our own people, but also to
the investors of Great Britain and on the
Continent, who hold probably not less
than So, 500, 900, 900 of American obliga-
tions, Is there, then. any possibility OF
this policy receiving legislative sanctiont
Not if the American people are one-half
as honest as they are generally reputed to
be ; not if they are half as intelligent in
the perception of their true interest as
they have always shown themselves to be'