New-York tribune., 1876-01-22
coycPESS AND CONTR1C7ION.

~
mCo NV son. and learn with how little wis
"dom the world is governed" The counsel OF
the French father has lost none of its force
The American who wishes to learn how stu
pidly it is possible to act, i'll dealing with the
affairs of a great nation, must visit Washing
ton and talk with members of Congress about
the money question. Contraction is the great
bugbear. Everybody is afraid of it, and the
average member would about as soon think OF
jumping from the railing that surmounts the
dome of the Capitol as of defending contraction
in any form or degree. Rascaly demagogueS
have joined with timid and unreasoning business
men to make the people believe that any reduc-
ton in the volume of currency would bring In
describable horrors. A vast number OF per-
sons whose sincerity of purpose is as obvious
as their want of information, and whose ig-
norance is past hope of cure because they
fancy that they perfectly understand the
whole subject, join in clamor against any
form of contraction. Congress was elected mt
time when this panic was at its worst, and
fully represents all its most stupid phases
And this is the body of men by whom the
welfare and honor of the country are to he
guarded, so far ~ they depend upon legislation
Accordingly, whether member calls him.
self an inflationst or TesumptionlSt, he usu-
ally begins and ends his statement by declar-
ing his unalterabe hostility to contraction IL
Is q most disheartening fact that the few sane
men i'm Congress, who know what the country
needs, are often too timid to confront what
they suppose to be a settled public conviction,
and so they go about seeking for some mode of
resuming specie payments without contrac-
tom Cursed for eight years by the theory
of Mr.. BOutwe-that it is possible to
grow up to specie paymcnts'-the coun-
try counts the seven thousand CONNER
cial wrecks which that bit of financial
idiocy has caused within single year, and yet
fails to see that mere standing still involves
ruin because it involves prolonged and fatal
uncertainty. 1t ia perfectly marvellous that
members of Congress, many OF whom must
know, as practical business men, that this un-
certainty does more harm to trade and COM
merce than could be done by any settled policy
whatever, cannot be made to see that doing
nothing is doing the very worst thing. Bank
ruptcy and reputation are the worst results,
and prolonged uncertainty is bringing these
with terrible certainty.
This land cries out in agony for n ruler
One man of wisdom and power, who would
give the country settled financial policy,
would be worth more than can be computed
in millions. But the country looks to Con-
gTess. thus far, in vain. The hard-money
Democrats in the House are so overawcd and
overpOwered by their associates that they even
talk of repeating and rcpudiating the pledge
of resumption, and propose, of all conceivable
methods, exactly that which everybody knows
must be the most harmful i'll operation and
the most uncertain of success - the slow
| accumulation of monstrous hoard of idle
coin. Meanwhile all the small dcmagogues
are preparing their speeches against CON
traction. and all the half-statesmen are
getting ready to say, with fear ana
trembling, "Let us try TO resume without
contraction Where is the man who Will have
the sense and the courage 10 defend stoutly
the manly policy which the Secretary OF the
Treasury suggcsts1 Who will show what 1t
means and why il meets the necessities of our
condition as no other yet advocated dOesf II
such a man should come forward, with the
pluck to tell the people what they ought to
know and to do, and with the ability to make
even IL dull Congress listen and understand
who can measure the good that he might do 7
But tne country WaltS' unCcitdhity '""'""''' >
doubt slaughters merchants and manufacturers
by the score every week; hope dies away ;
and the last opportunity Of saving tho honor
and restoring the prosperity of tho nation by
| LEGISLATION before the next Presidential up
turning, are vanishing fast. There is a
strong and clear headed man at the Treasury.
But what he will have power to do no man
can say until Con ;rcss has adjourned.