New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-01-12
4 SURRENDER.

dealing with the currency question meets the
approval of the Democratic leaders, and Is
substantially this: To repeal the pledge OF re-
sumption Jan. /, 1879, and to require both
Government and the banks to retain in coin
each year q sum equal to five per cent of the
outstanding legal tenders or bank notes. AT
the end of six years, namely July /, 1882. If
the volume of legal tenders and of bank notes
should not meanwhile be changed-and this
bill contains no provision requiring change
in the volume of either-tbe Government
would have on hand gold amounting to about
80 per cent of its outstanding legal tenders,
and the banks gold amounting to about 30
per cent OF their outstanding circulation. But
the bill does not provide that at that or ut any
other time specie payments shall be resumed
by the Government or by the banks.
The one thing meritoriOus and useful III the
act of 1875, if we give to it no stronger inter
probation than lis provisions have generally re-
ceivel, was tic pledge to resume ut fixed
date, with the authority granted to the Secre.
tary of the Treasury to prepare for resumption
at that date lie has power already to accu-
mulate gold, in preparation for resumption, and
states in his latest report that lac shall proceed
to exercise that power if Congress provides no
other and better means. There Is 10 reason 10
doubt that by the sale of bonds already au-
thorized he can accumulate at least az much coin
yearly as Mr.. Payne's bill requires him to put
aside. AS to the Treasury, then, the bill gives
no new power, and imposes no duty That the
Secretary does not Low regard rs imposed. III
ut least rs great q measure, by the act OF
1875. Yet it is proposed to repeal the pledge
given in that act. For what purpose Does
any one suppose the repeal Of that pledge will
make it easier to sell United States bonds and
accumulate gold7 The repeal would be
formal acknowledgment that the United States
is either unable or unwilling to commence
payment of its dishonOred notes on the date
which one year ago it voluntarily fixed. VIII
that Acknowledgement strengthen the credit OF
the United Statesl
1t will be said that the bill is Of value be-
cause it requires the banks to make provision
for resumption. On the contrary, 1t repeats the
notice already given to them that they must
make provision for coin resumption at least as
early as Jan. 1, 1879. 1t gives them no new
power to get coin. On the contrary, II 1t
wcakcnS the credit of the United States, 1t
makes it more difficult, for them az for the
Government to get and keep the amount of
coin needed. But by abrOgatlng the existing
requirement that the banks and everybody
else shall make ready for resumption by
date fixed, it virtually informs them that they
need not take precautions which all sound and
prudent banks would now feel called upon To
take Thus the bill contains no new provision
or power looking toward resumption. 1t
merely provides that measures which the
Treasury and the banks would find 1t nece5-
sary to take under existing laws need not be
taken. 1t informs the world that resumption
is indefinitely postponed.
With reason Secretary Bristow has pointed
out that it may not be possible for him, in
view of the demand for gold elsewhere and
the condition of tho money markets, to accu-
mulatc the coin needed for resumption with
the volume of legal-tcndcr notes undimin-
ished Is it not obvious that it would be not
easier but much more difficult TO accumulate
such a sum in coin, in tie face of formal
confession That we either do not intend or do
not expect to BE able TO perform obligations
undertaken in January last 1t is very well
| to say that the Treasury "shall set aside ana
retain" q certain sum in coin. But 1t can
not get that sum in coin unless larger rev.
| enue is provided, or United States bonds con-
time to sell at par. Mr. Payne and his assoc
ciates do n0t propose TO increase the revenue
They do propose to lessen the chance OF SELL
ing bonds for gold
This bill Is a mere tub to the whale Of in
| nation Ii can have no other intelligent aim
than to satisfy Democratic repudiatlOnists by
the repeal Of the pledge OF resumption, and by
making it more difficult to take the steps ncces-
gary for resumption Mr. PAYNE is a gentle
man of unqucstoncd ability and the utmost sin
| cerity, and he doubtless has in mind worther
purpose but must he not admit that bis bill
| givcs no new power looking toward Tesump-
| ton, and is in fact, OF 10 practical effect or
meaning whatever except in its repeal of the
act of 1871 lie has listened TO clamOrs Of
| inhationists for the repeal OF that act;
| has been anxious to "harnOnizc the Demo-
"cratic party and so we have this proposal
Of virtual Surrender. Let the Democratic
party consider well what it does before il passes
such a bill rs this to satisfy the regulators,
and,giyes the President chance to veto it.
| No man who wishes to see Democratic Pres
ident elected will risk the vote of Now-Iork.
If Democracy proposes to repeal the pledge OF
resumption, and the President vetoes that re-
peal which party will this State be likely to
| favOr7 "No steps Backward was the motto
of New-York Democracy. If the Democratic
party attempts this step backward, we shall be
| glad to see its wanderings arrested by a Pres
idential veto.
| CONOTER ON NEUTRAL RIGHTS
1t would be interesting to know whether
| Senator Conovcr. when he introduced the