, 1876-01-03
TIE DEMOCRATIC FINANCIAL PROGRAMME

TIE DEMOCRATIC FINANCIAL PROGRAMME
We print elsewhere brief account Of MI
interview which nu annpolisreportcrl'ell
with A1r. FRANKLIN LASpEns, the Democratic
Member Of Congress from TINT district. It is
chiefly significant rs outlining the probable
action of tho Domocratio minority III Con-
grcss relative to tho national finances. Mr..
LAsDrns is of tho opinion that tho finances
will be taken up Immediately after the recess,
and that there will DO nsajorityin the House
in favor Of the repeal Of tho Spccie-Hesump-
ton act Of lust Congress. 1Ia also thinks
that minority IN in favor Of tllo retirement |
of tho Nationnl bunk nQtcs md their replace
ment with grecnbac1ks, but docs not appear |
TO DO so confident Of this as TINT tho Specie |
Resumption oct will bo repealed. Thore is |
evidently strong nope, too, TINT there
will be sufficient demagogism found
in tho Republican majority of the
Senate to pass these bills if they
matter leaves the country dependent on the
Presidents veto alone to savo IL from tho dire
confusion and commercial disaster thnt would
result from such policy.
The movement in the direction indicated by
| Nr. LASnErs is probably stronger than would
| DO Thought at tho first blush. It will liavo
u backing Of that largo class of persons who
desire revival Of tho wild speculative err
which produced tho l,anic Of 1873; and MI
outside pressure Of this kind is pretty sure
to find demagogues in Congress- roady to
pnudcr to it. Tho most sangnine hopeful
nces for national honesty can scarcely await
|
tho means for carrying into effect tho promise
Of resumption in 1879; and q refusnl to do
this win naturally lead mp to repeal Of the
act. It is worry generally believed TINT without
kome further preparation for resumiug Jan,
l, 1870, tho Secretary Of tho Treasury will DO
powerless to cnrry ont lie promise. Il there
is, then, MI obstinate ref,,snl on tho part Of
the Democratic Congress to raas measures to
facilitate resumption, the 6nlne disposition
will prompt the repeal Of tho Resumption
Ret and formal abandonment Of tue theory
Of redeetning the grcenbacks in coin or re-
turning to specie payments.
4 very natural accompaniment ot the re-
poal of the Resumption act would be to re-
, tro the National Bank noteB and substitute
! them for like amount Of irredeemablo legal.
!, tenders. This would DO the most complete
, abandonment Of all idca Of specie resuunp'
tiou that could be adopted. To at once re-
!, fuse to fix date for resumption md to
a double up the amount Of greenbacka wonlt
be declaration Of permanent irre<leomabil
ity, and practical application Of the wildes
3 theories OF the rag-babyites. It would bt
}. population of the Notwithstanding
J. obligations Of tho country, and i
II would DO inovitably followed by th
# depreciation Of the grcenbacks,-thnt Is
J. decrease in their purchasing powerful
/. full extent Of which no man can foretcll.
J. is in this light TINT the probabilities define
10 by Mr.. LAspERB must DO regarded.
It It ia altogether likely that The Nationt
Danks will offer no united or systematic op
position to The proposal to retire their note'
ar for tho roason TINT their circulation Inns larg.
" ly ceased to 10 profitable. Some Of ii
OF banks have voluntarily retired THAR notes
u various parts of tho country, and uone {
" them aro sufficiently Interested in retainir
ts their circulation to organize and 1nake IN G
OF pensive fight for it III Congress- THE mo
1t serious objection in thoir minds would be Il
III necessary disturbance Of discounts and
the financial conditions OF trade. The ban
1h- would hayo to deposit grconbacks In Il
OF United States Treasury for lilo redemption
AL their notes; hut it does not folio
that they would for that purpose sell
- Of the bonds now deposited to sacuro th'
-. circulation. There would be q natural Ind
~ -, position on tie part Of tho banks to sacritl
:. on their bonds In yiow OF aserious deprcc
~ =" ton. They would prefer to avail themsely'