New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-23
PROGRESS.

No one who has watched the development of
public opinion on the currency question during
the two years which have passed by since the
panic of 1873 can fail to have noticed that
substantial progress has been made in the
right direction. Making the utmost allowance
for the effect of infationist elOquence in Ohio
and PENNSYLVANIA, the fact that discussion has
helped the cause of honest money can be made
apparent by indisputable facts. We are far
from maintaining that the victory is won, but
we most sincerely believe that as the inter-
minable debate proceeds the ultimate triumph
Of truth will be made manifest to all. We
have confidence in the people. We have faith
that the majority are able to discern what is
right and have the courage to be true to their
convictions.
Let us recall the record of the last Con-
gross on initiation. Out of 292 members OF
the House of Representatives there were less
than 80 who did not vote at least twice
directly in favor Of additional issues of paper
money. There was no distinction of politics.
Seven out of ten in both parties were for in
flation. In the Senate the honest currency
party were q little stronger but still in
hopeless minority. When on the 18th of
March, 1874, Carl Schurz moved TO amend
the first section of the Senate Currency bill 30
az to make the maximum limit of United
States notes 1856, 100000, where Mr. McCul-
loch had left 1t in 1868, he was defeated by
vote of 1S to 40. The Senate Imitation bill,
which the President vetoed, was passed by
vote of 20 to "a, and there was majority of
four in favor of passing the bill, notwithstand-
ing the objections of the President.
The House, on March %, 1874, by vote
of 166 to II, passed bill to fix the amount
of legal-tender notes at $400,OOO,O0O, and
three weeks afterward passed the Senate In
flation bill by vote of 40 to 102. The 1O2
votes against this bill were not entirely those
of anti Inhationists, Mr.. William d. Kelley
and several others being hostile to the measure
as not pronounced enough in favor of quack
money. The Dawes Compromise, which legal
"ized" Secretary Richardson's $26,0OO.OOO
oyer-issue and released" the National bank
reserves, was carried by the overwhelming
vote of POI to 40, under the mistaken idea
that the currency question would be thereby
taken out of politics
In the Summer of 1874 we had two or three
score of political platforms, which, south and
west of New-YOrk and New-Jersey, were, with
few exceptions, either totally unlntelilglDle or
openly in favor of imitation and reputation.
The Democracy of Indiana resolved that they
were in favor of paying the 500 bonds " in
"greenbacks according to the law under which
they were issued" The Tennessee Demo-
Gratis were for paying " the bonds of the Gov
"ernment by the issuance of its nOn-interest
clearing notes." The "Anti- MOnopolists of
Iowa expressed themselves in the following
declaration. which might lsafely be matched
against any utterance of the ancient oracles
4. That the faith and credit Of the nation must be
maintained nvioate that the public debt. Of whatever
kind should DO paid in strict accordance with law
under which II was contracted that issue Of
paper money being at variance with the principles
sound financial policy the circulating medium should DO
based upon redemption In specie at tho earliest prac.
tcsble day. and Its oonverbiy into specie equivalent
At the Y Of TIA hadaEa nd thai RAaci y Aaae e