The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1875-10-15

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however, that the measure was the re
suit OF undue greed or of dishonesty. A
glance at the circumstances will show
the inducement. The idea that an ex
change Of Treasury notes for the time
bonds would be the extinguishment o.
the debt represented by the latter had
been put forth In certain quarters, snd
had awakened echoes in the halls Of the
Capitol. Its tendency was to diminisr
confidence in the securities, to depreci
ate them In the hands Of holders and tc
discredit them at home and abroad. As
suming that the United States desired
to preserve faith with its creditors and
standihg & in the markets OF the worlds
thing, ct that time, Of some Importance
to itself-it was in the power OF Congress
to give to the holders Of the public obli.
CATIONS such additional assurances as
they might desire, not inconsistent with
the spirit of the original contract and
imposing no new burdens upon the peo.
pie.
| AUTHORITY AND ExPEDIENcY.
Between the authority to institute a
particular public measure and the expe-
diency there is a difference. / never
doubled the authority OF Congress to
doubted the expediency. This because
! saw plainly enough that, although its
immediate and direct effect might ap-
pear to be salutary, its indirect and ufIi.
mate consequences would be unpropi.
tious. ! believed that the result wou1d
be precisely what it has been: TO lay the
foundation for the inference that, but for
it's passage, the bonds OF the United
States would be legally payable in Treas
ury notes. The legislation of the world
10 full of parallel instances. There are
| half dozen clauses in the Constitution
Of the United States, the effects of which.
respectively, are to enfeeoie that which
they were designed to fortify. A declar-
atory statute is based upon the impiica-
tion that what it afirms was before
either non-existent or doubtful or OF i'm
perfect obligation. The inference, there
fore, of the paper-monetarians, although
uncandid, is not illegitimate. So lar as
the political conflict is simply between
parties contending for the mastery, each
partysis entitled TO the benefit as well OF
the mistakes or Of the misdemeanors Of
the other.
PARTY PoLEMCS.
Party conflicts are, In most cases, SO
far as their literature Is concerned, con-
tilcts OF indirection. The two armies,
with clamorous cartels, p0nderous
proclamatlOns and dreadful arrays OF ar
tillery, shoot past each other. Like the
Chinese-betore those barbarlaHs be-
came practically instructed in the amen
lilies OF Christian wartare--the beiiiger-
ents advance within safe distance of
each other with heart-piercing howls,
terrific toilets and soul-sundering sum-
mersaults and fire away the public reve-
! nues of the empire In squibs and SER
pents, of which the sound, smoke and
smell was stupendous; the magni-
| tude of the cause of the war and
that Of the effect Of the battle being the
| two things that are in the sJrietest con-
formity. In point OF tact, the statute in
question, over which there has been
such fgsilade, is Of no legal validity
whatever. Passed without valuable
| consideration, it added no new element
to the contracts, which, il they were not
payable in gold before, were not so af-
| terward. The most that can be said of
the measure is that it Is nude pact--a
| piece OF superrogatory legislation. The
| leaders of both parties know this, the
one as we'll as the other; but 1t is point
upon which neither finds it convenient
to enlarge, each having its own partlctl-
| lar reason tor forbearance.
MON sEQUTUR.
But it does not follow because one
political cateran got no money t0r as
slsting the bill through Congress that
there was no money paid for the nur-
pose. That would be rather yiclent
inference. Nor does it follow because a
particular oaleran says that he got no
money that he got none really. Ii the
bloated bond-holders actually paid
money, they probably paid it to mem-
bers -0f Congress direct. T0lerably
sharp people, ana not ignorant OF the
ropes, these bloated gentlemen. who
know better than to pay their money to
sham Lobbyists whose influence, Ia a
majority of cases, ia in an inverse ratio
to their impudenee.
THE CASE OF OHIO.
Isuppose the results in Ohio is sub
IstantiaIly what 1t would have been had
the party pyrOtechnists been less ener-
getic, and the party .bombardiers less
tgenereus ia the expenditure Of ammuni-
Lion. Vehturing an opinion founded
| upon pretty careful observation, there Is
not much reliance to be placed in special
ante-election activities. Exertion on
one side stimulates exertion upon the
other; and though the effect may be q
larger vote, 1t does not follow that the
balance has been altered. IL is evident
that both parties, SO far as they were rep
resented by their standard bearers' de-
Iserved to be beaten; for neither came
up to the issue that was implied BY the
| circumstances. Allen most palpably
lodged the question In his Interview
| with Tribune reporter at Toledo; and
Hayes, when he said OF the Republican
party, at the opening OF the campaign:
'sThey are satisfied to leave to the in
fiuence OF time and the inherent energy
and resources Of the country the work
T that yet remains to be done to place our
currency at par" equiyocated.
THE EFFECT AT THE CAPITAL.
Party men, however, are content with
party yictories-vict0ries that are as
| little significant as possible; vfetories
that leave nothing desirabie behind
them; victories tnat are the nearest
neighbors TO defeat; victories that prom
lise nothing for the future but other
struggles for other equally barren victo-
ries. Nevertheless, half score OF
thousands OF party men In the city oil
Washington found in the canvass in
| Ohio source Of intense excitement. and