The sun. [volume] (New York [N.Y.]) 1833-1916, 1875-09-28
Norton on Specie Payments.

| Senator MORToN does not seem satisfied
with his recent harsh experience in Maine
where, for the first time In many years,
after his fierce celebrations the Republic
can majority wus cut down two-thirds
without an active canvass by the Demo
crats, who might easily have carried the
State had they known the extent OF silent
dsafrcction among their opponents. He
stirred the embers Of hate and proscrip-
ton. and was answered with vote which
plainly told him that the country was
weary Of strife, and demanded repose and
care for the suffering material interests.
He rcappearcd in Pittsburgh few nights
| ago 60 rehearsc the old sectional story i'm
| the midst OF community whose prosper
| ity has been blighted by the wretchcd
| policy, corruption, prodigulity, aud plum
| der of the party which he has helped to
| lead TO ruin and disgrace. Standing in
| sight OF closed mills, idle factories, and
| thousands of honest laborers without work
aud almost without bread, he had no bet
ter subject than the dead rebellion and
| BUcHANANs message fifteen years ago TO
cheer their exhausted condition or TO COM
| pensate for the distress inflicted by Grant
ism.
Turning 10 the finances Mr.. MoRToN
| contendcd that the Republicans were the
real friends of the p1cenback currency,
and that tho platform of the Democracy
| Mt Erie was insincere and only "a trap TO
| secure voters" In other words, the whole
aim OF his effort was TO show that he and
| his party were entitled to the most con-
| ndence for making money cheap, as the
greenback was of their creation, and had
been opposed originally by Democrats in
and out Of Congress.
To enforce this idea, he said 1.-THE Demo-
cratic party in nineteen States have re-
solved in favor OF return 70 specie pay
ments." This admission from such a
source sounds strangely by the side Of the
charges SO loudly made by Mr.. BLAINE,
Mr.. boutwell,, Mr.. SHERMAN, and other
| Republican leaders that the Democracy
are pledged TO wild imitation and all the
| evils OF rag money in lite worst form.
| Nineteen States make n majority in the
National Convention, so that without the
additional aid which may be counted upon
with reasonable certainty, there is already,
according to Mr.. MoRToS, q clear commit
tai In favor Of specie payments ne Demo-
cratic policy. Nobody -upposes this policy
can Ice abruptly forced without serious de-
rangcmcnt, or that II can he achieved M
all without preparatory process, which
would enable the great debtor class to re-
lieve It's burdens gradually.
All sound thinking men look to a return
to specie basis as Indispensable to the
pubic credit. and TO n currency which will
| 4 "A I,,t
nfter thirteen years Of suspension and the
adaptation of all forms Of business TO
grcenhacks and bank notes, resumption Is
| by no means an easy task. In fact, II
is problem TO be grappled by the
wsest craftsmanship, and the most
careful study of oil the surroundings.
| To fix day, ne the sham resumptio nists
| did at the last session. without providing
any means whatever for carrying the act
into effect, only adds to the existing en-
barrnssments, impairs confidence in the
future. and subjects the country abroad
where we go for loans TO the imputation
of bad faith, which results IN discredit and
serious injury. 1hisquestion must be taken
out of politics to be settled satisfactorily,
and IL only can be settled when recovery
from past excuses Of all kinds prepares the
wav for return to the old-fashioned
rules of honesty, fair dealing, and solid
values
Railroads, towns, and vast public works
have been bull; FAR in advance Of the needs
Of population. While the interest on this
huge debt could be pad by selling bonds
abroad, a fictitious prosperity was created.
When the market was overstockpd with
these issues, and no more money could
bc obtained, an explosion was inevitable.
The collapse came two years ago, aud
the country was brought face TO face with
the steruest OF realities, that it had been
spending more than II earned. and must re-
trench to make up the difference. The
lesson is hard to learn, but there is no escape
from it. We must grow up TO the point
which speculation and folly placed far
ahead of any practical necessity. For
tunately our growth is rapid and the dis
lance is not far to travel. A few years OF
economy ana prudence will conquer all
difficulties aud then the country Will take
"a fresh start Of prosperity.
In the mean time there will be no in1a-
tion of the currency, SIMPLY because 1t /.
Improbable. All the alarms upon that
subject are absurd, and are manufactured
in the interest of Wall street spectators
Recovery If TO come through honest labor
and self-denial. The eXtIavagant OK endi
lures of the Government can be largely re-
duced, and the whole machinery reor
gained with saving of forty or fifty mil
lions year That reduction will anort
great relief aud the example will b,
wholesome for economy in the States anC
cities ana counties and towns.
With these administrative reforms ap
piled on II national scale, IA weighty loaC
will be lifted from the people now strain
ing under taxation and adversely. Tha
weight removed, they will rebound Will
fresh elasticity; and with new and vigor
Gus and upright Administration in power
these present trials will soon pass away
not however without leaving useful in
structon for those who may follow after us
GOod-by, DelanO.
Mr.. COLUMBUS DELANo has at last an
nounced his immediate retirement from
the Interior Department, and the Presi