New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-02-20
TRurto-s Wsed 10 pivus ". smiA.

can party. l listened to every word with intense
interest. II is very able, and. in my judgment, fG
the most part very wise. l greatly wish that tho
Republican city journals would republish 1t, for IL
could not fail to do much good The causes you as
sign for our last Falls disastrous defeat are quito
sufficient for the overthrow Of any dominant party
held responsible by the people for pervading IMAM
cial, commercial manufacturing and mechanical &c
rangement aud distress And yet tins general stag
nation in business inevitable, resulting as It dld
from the exhaustive consequences Of long and ex-
pensiye war While no Administration could have
averted the evils, ours it must be admitted, failed
to do much that might have beea done to relieve
and mitigate them.
It might also in doing some things and in emitting
TO do others have calmed rather than exaspcrated
popular feeling. The Administration was seriously
weakened and wounded Dy the Congressional
"back-pay grab" by Treasury Department imbecil-
tiles, by Sanborn contracts, aud Washington City
Government frauds.
THE THIRD TERM TIE GREAT sTUMBLiNG-BLoCK.
Still another and damaging element entered slto
the canvass of 1874. refer to it reluctantly, and
only because if we earnestly intend to recover our
lost ascendency we must clearly understand the
causes of our defeat, that abuses may be reformed,
errors corrected, and illusions dispeed When the
press began to agtate about 81 third term" few,
if any, supposed that such an idea was seriously
entertained. No such thought found responsible
expression. But the agitation continued until con-
siderable popular solictude Was awakened. As the
elections approached, Republicans grew appreher.
sve and anxious. Republican members OF Congress
not only wrote to but visited Washington In the hope
OF being authorized TO contradict the accusation.
But no word was spoken, no sign given by the only
person who could by the utterance of single
sentence have dsarmed his opponents and treasured
his friends
There has not been day or hour since Gen.
Washington 5 enlightened and patriotic views, en-
forced and fortified by the strong. clear and con-
elusive arc ments of Gen. Hamilton, were sub
mitted to the, people that any President however
WISE useful, and popular may have been his Admin
istration, could have secured or approached an
election for a third term" Nor was it ever al
legged that Jefferson. Madison, Monroe or Jackson
(who served two terms) either permitted their
friends to entertain such an idea, or deluded them
selves with such an aspiration. If there be any
thing unalterably fixed and determined In tho
American mind and heart-if there be any one prin-
ciple to which people have anchored, it is tho
"third term example of Washington. And am
deyouty thankful that there is much left Of the
teachings of our political fathers to which their
descendants cling. These things, added to the
causes which you so clearly present, both explain
and excuse the feeling which fOund expression
through the ballot-box against the Administration.
The Republican party for the good work it had
doue before and during the Rebellion ought to have
held the Government at least one Or two Presiden.
tial terms longer The Democratic party, both on
account of its msrule before aud its dsi0yaity dur
ing the Rebellion, justly forfeited the confidence Of
the people. Nor has it evinced since the Rebellion
anything of the wisdom which formerly character
lied that great party. On the contrary it's teachings
and tendencies justify apprehension that malign
element, now as heretofore, exerts prepOnderatng
influence in its councils. Connecticut, for example.
having returned Democratic Legislature, elects
United States Senator whose sentiments and pro-
clivites were against the Government in its strug-
Gle to suppress the Rebellion. / am happy TO ad-
init however that our own Legislature did not
mako itself obnoxious to this charge Its Senator,
Mr. Herman, though always o pronounced Demo-
crat was loyal to tho Government and the Union,
voting in Congress with his loyal Democratic coll
leagues, Ganson. Nelson Odell, and Steele for men
and money to prosecute the war. IL VIII be useful
in our recuperative efforts TO remember that tho
Republican Administration was beaten in 1874 not
by tho augmented strength of its opponents, but by
the alienation aud apathy OF its friends.
RESUMPTION or SPECIE PAYMENTS
Could YOU and confer personally on the great
questions of the day differences If opinion now,
as heretofore, would be found very slight believe
the resumption of specie payments entirely practi-
cable within reasonable time, and without serious
injury to the industries of the country 1t not SO
much that specie is required for general use OF cir
cnlatiou as that the people should DO assured that
snoc;e can be obtained when it is actually needed.
A general determination to resume would go moro
than half way toward it's accomplishment. There
Is more sense and truth In the remark that tho
av 20 resume is to resume" than at first meets tho
eve Our real and only serious difficulty relates to
our foreign creditors, the holders OF our bonds and
those from whom we purchase luxuries. There arc
modes. however. Of dealing with both OF those
ouestious. Let Congress- for instance, pass law
imposing duties on silks, velvets, Jewehy' WINES
&C. limited its operations TO two years; thas
would virtually prohibie during mat perod tneH
importation aud resumption follows without an
effort The home obstacles to presumption are largely
artificial produced by the few who proht at the ex-
nenss Of the many. Usurers and spectators are
interested in keeping W the rate of usance" on
gold. =,
The New-York Gold Exchange Board is tho
heaviest drag in the way Of resumption. If tho
transactions Of that Board were bona id<. If that
BOARD went no further than to purchase and sell the
gold required to pay duties and buy exchange, no
obieotious would be heard. But whatever may be
the theory on which the Board Is based, it's practice
is in conflict with it The real. everyday business
of the Board is speculative Gentlemen meet there TO
make bets upon the fuotuating price OF magma
tive gold the intrinsic value Of which does not, In
the remotest degree enter into the transaction.
And vet unfortunately the standard value OF gold
ia assumed and governed throughout the country by
| the quoted prices In the New-fork Gold Board.
while the millions OF sales reported would seru-
| ,;,;,ed awindla down TO thousands.