The Portland daily press., 1875-07-13
Our New York Letter.
The Finances and the Debtor Ciass-PO-
sition eff the Two Parties-FaIi Of
Daniel Drew.

NEW IOhhs OuIy IL, 1910
The Treasury statistics show that the cur
rency acs of January IA, 1876 is still working
towards contraction of our excessive volume
of irredeemable paper. The process is slow to
be sure-painfuly so-considering how far be-
yond healthfu limitations the equivocal expe-
dent had been carried. But the reduction has
taken the right form. 1t is the legal tenders
which go into dsuse, and their retirement is
absolute and final. According to the tele-
graphic figures, the actual increase of national
bank notes during the five months and sixteen
days following the act of January IA was only
$7558, while the withdrawal of greenbacks has
amounted to Sc, ,22S, 400, making net diminu-
tion in the total circulation of Sc, ,220, ,862 This
it will be seen averages a little more than the
million month, which was the maximum OF
reduction urged as the safest way out of the
troubles arising from redundancy of depre-
ciated paper. We are on the right road if we
can only keep in it. The great dread of the
country now is that crazy politicians will en-
deavor to Teanimate the corpse of initiation,
still warm and unsepultured. Nothing could
be more deplorable than takiEg the back track
after having got so promising sta rt. 2ut
uOmdSOSuCo III JULIUS III
haasti5is cspssHeess ftr f4E sH4d hays nsx
only to revert to the procee 1ings of the last
Congress to be reminded how many sincere
and well meaning men were hopelessly wrong
on the currency question. But for the Presi-
Dental veto we should have been saddled with
measure in the spring of 1874 which would
have been fraught with evil if the practical
Il of 1oI
imperative. Shortly afterwards another crude
specimen of the same kind of quackery was
extinguished by the timely publication of a
conversation between the Executive and Sena-
tor Jones of Nevada.
Congress undoubtedly gained some light be-
tween June and December. The act of Janu-
airy IA is great improvement on any legisla-
tion of similar import which was attempted
since that body originally met. But there is
every reason for believing that it would have
received fewer votes if its operations could
have been foreseen. Once on the statute book
it secured the future up to March H. 1877.
While the author of the act of April %, 1874
is in the executive ciair no measure, tending
| to an increase of debased standard of values
can become law unless it is carried by two
| thirds vote, thing scarcely within the limits
of possibility
| Now in view of this condition of affairs it
would be the grossest affectation to profess any
| respect for political body like the Democratic
| convention of Ohio which renews discussion
that has been exhausted and settled, and pur'
sues course calculated to cast cloud Of
| distrust upon the credit and honor Of the coun-
/ of ,,to
| controversy, which cannot but diminish the
| producing energy of the people, how much
| wiser it would be to accept the situation and
| go to work to recover by industry and thr fl
| the property which has been lost by war and
fire and gaming.
Looking at the conduct of these Ohio Demo
Gratis from a political stand point merely, L
should regard it with complacent satisfaction
| Whether their brethren in other states accord
with them or dissent from them in their fanci-
full notions about the methods of restoring
n ational prosperity, there will be a breach il
the party. The staunchest Democrats of the
East are SO thoroughly sound on these points
that not even the prospects of victory in
presidential campaign would induce them t.
stultify themselves, foreswear their hfe-lons
opinions and unite in the advocacy of doc
trines which would make success the creates
of calamities. They may not preponderate il
numbers but they are vastly superior in mora
strength. Such men as Seymour and Tidel
repel as an affront, the suggestion that thei
party is in any danger of being humiliated b!
enforced acquiescence in a soft money pla
form. They declare that the Western infa
l II l. Al.
any apprehension Of serious divisions on thi
subject.
wish 1 could share their confidence. FC
! while am not at all averse TO taking advantag
of every opportunity which gives promise
benefit to the Republican cause, am sor1
to see the struggle revived which to all intent
and purposes draws line between honesty al
dishonesty in national affairs. It makes b
little difference whether people appreciate Il
moral bearing of the question or not, it is
fact all the same, that infation no matter
what shape it is etfected, is a virtual breach
faith towards the public creditor, thereto
dishonorable in the highest degree. And
alluring anticipation of political triumph CT
Justify an American citizen in being glad of
Indifferent to division of sentiment on SUI
I an issue. If the Democracy of Ohio refe
the opinions of the people of this Republ
t our centennial should be fast of humiliati,
an prayer for our country would not be e
titled to place in the family of civilized n
tons, holding such notions of equity.
But knavish as the policy of imitation is,
,, folly is equally conspicuous. The only arg
:, ment by which it is defended is so exceeding
L specious that it will not bear examination. 1t
allegedlto be in the interest of the debtor clas
y This might be so if you could do away wi
u the capacity to discriminate between the re
+ and the fictitious. The only way men get O
r of debt is by earning the money to pay wit
But if you set afloat a currency which ever