New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-30
CONGRESS- And RESUMPTION.

OF financial foOling there has been enough.
The defeat of Mr.. Payne's bill, notwithstand
ing its adoption by the Democratic caucus,
proves that nearly twO-thlrds of the members
of the House are opposed TO mere tricky COM
PROMISES The defeat of Mr.. Holman's rcs0lu-
ton, although a bare majority voted for 1t
when Is members were absent or lodged,
proves that it is not possible to pass any BIZ
for the unconditional repeal of the act OF
1875. Moreover, the Presidents declaration
that he will veto any such bill makes 1t GER
tam that no legislation in that direction is
possible. There remains only one experiment
which Congress has not yet tried. An honest
and uncompromSing measure for resumption
of specie payments had no chance OF
success as long as the s0-called hard
money Democrats were flirting with the
intlationists. That contemplate c0quetry
ought to be ended by the recent vote on the
bill offered by MIR. Payne. Since it is plainly
impossible for the Democratic members to
agree upon anything, since it is proved that
more than sixty of them intend to vote against
any repeal of the Resumption act if coupled
with provisions looking toward ultimate re-
sumption, since it is now certain that no bill
for the repeal of the Resumption act will es
cape the Presidents veto, is it not about time
for the honest hard-money members to see
how much strength they can command
Thus far their strength has been shamefully
misrepresented and mismanaged. 1t was in
nocently believed that Democratic members
like Messrs Payne and Morrison were in
earnest, and as they held control Of import
ant committees, they were left to represent
the haTd-mOney element. We all know tho
result They went INTO Democratic caucus;
tried to barter off their convictions i'll some
shabby compromise f; were encouraged to com
init themselves to "A repeal OF the act OF 1873,
and then were beaten. The inflationists were
willing to have them surrender, but re-
fused to grant any terms. MIR. Payne's bill
was adopted in caucus, but slaughtered
in the House. Thus it happens that not sim
gle vote has been taken which shows the
strength of the honest advocates of resump-
ton. But now compromises are out of the
question. Initiation, or repeal of the act of
1875, are equally impossible. The alterna-
tive is narrowed: Congress must either make
some honest provision for resumption, at date
not later than that named in the act of 1875,
or fail to do anything whatever.
The Republicans hesitate. Four-ffths of
them arc in favor of sustaining the act of
1875, but the Indiana Convention has con-
fused and disorganized them. AS party, the
Republicans can do nothing. Yet very large
proportion of Republican members, with the
Independents and portion of the Democrats,
sincerely desire to do something to relieve the
business community from the ruinOus uncer-
tainty which now exists. Even among the
Independents the same fatal hunger for COM
promise has to some extent prevailed, but
they surely must realize at last that COM
promises are impossible. Is there not,
among all the hard-money members, one
who will introduce and press to a
vote an honest bill for resumptionf 1t will
be opposed by more than eighty Democratic
members, and by about fifteen Republicans, it
is true. But it ought now to receive the sup
port of every man who does not wish to take
place in the ranks of the regulators. The
choice is between such bill and none at all,
f. Al. and