New-York tribune., 1876-04-10
4 YEW FJN4NCIAL DANGER.

4 NEW FINANCIAL DAhGER.
The news which we gave on Saturday, re-
spectinc new scheme to settle the Currency
question, seems to us as unwelcome as it is
important Like every other yet submitted by
leading Democrats, this plan starts With sur
render to the infationists by repeating the act
of 1878. This concession cannot honestly be
made unless accompanied by adequate pro-
visions to secure resumption at least equally
soon and surely. But if accompanied by such
provisions everybody knows that this conces-
sion would not I've asked nor tolerated by i'll
fationists. Hence every plan thus far has
coupled with the repeal of the act Of 1873
provisions which will not secure resumption
within the date fixed by that act, nor at
any other definite time. The plan nov pro-
posed like all the rest, is really nothing more
than repudiation of the pledge to pay at Is
time fixed, and an indefinite pOstp0nement OF
payment. 1t is proposed to provide for fund
ing of legal tenders in four per cent bonds,
but with the restriction that tie amount thus
exchanged shall not exceed $3,OO0,000 Per
month. At the same time, the retirement OF
legal tenders proportioned to new bank ISSUES
is to be- stopped, unless tho new circulation
issued exceeds tie amount surrendered by the
banks This would arrest "a retirement which
has exceeded eleven millions since January,
1875, and which has for some months ex-
ceeded one million per month.
We do not SEQ how any man can honestly
vote for these provisions who does not be-
leye that tho retirement OF legal tenders now
proceeds too rapidly and ought to be checked
and that resumption should be postponed be-
yond the time at which it might be reached
under the operation of tho existing law. Bat
coupled with reputation of that act and It's
formal pledge and an indefinite p0sponement
of tho day of payment, 1t VIII surely be net
with Indignant opposition by hard-money rep
resentatives generally. The great body Of Re-
publican members will surely seize the Opp0r-
tunty to demonstrate the superior honesty
and fidelity of the act Of 1870, which stands
Is tho sole claim OF that party to tho confidence
of those who regard the public honor. Mean
while, this compromise will not satisfy
the great majority of Democrats who have
voted for unconditional and unqualified rcpu-
diaton of the pledge of 1875. That it cen
pass the House is altogether unlikely; that it
would be defeated in the Senate, where Mr.
Sherman, as Chairman of the Finance Com
mittce would control tho subject, seems GER
tain. If by any chance it should pass both
Houses, the President has openly declared that
he intends to veto any bill repeating tho act
of 1875. Those who favor this scheme, there
fore. can gsn nothing But they will not the
less sacrifice their own reputation, and what
ever they enjoy Of tho confidence Of those who
resolutely defend tho public faith. Yet
it is claimed that prominent Republi-
caus and Independents have been brought
TO consent to this surrender, rather than
have the session pass without any &C
tion. They are told that the act of 1873
is empty; that they may gain some
substantial progress toward ultimate re-
sumption, and that for the sake OF this sab
| stantial gain they ought to surrender "the
! "empty PROMISE We have shown that they
cannot gain anything because this scheme
cannot pass. 1t is not true that tho act OF
1873 is empty if it were, all the repudiators
| and infatiOnists, the spectators and bank
rupts, would not be demanding its repeal. 1t
| does permit contraction, within the last month
| exceeding 5000, 900; it does cause gradual
| adjustment of wages and prices to specie
standard it does prevent increase and cause
settlement of debt. At all events, it is no lie.
But the proposed surrender improperly called a
compromise, while pretending TO provide for
resumption, would arrest the present tendency
| in that direction, and make that result impOs-
sible for years. Ii is a surrender in which
hard money men can gain nothing, but will
barter off the strength which they derive from
fidelity to pledge of the public faith.
Though the abest and most trusted friends
of honest money in Congress should favor
such scheme, still THE TRIBUNE must oppose
| it and denounce it as compromise with dis
honor. He who sups with the devil needs a
"long spoon" When friends of the public
honor begin to traffic with repudiators, it will
not be the enemies of the public faith who
will suffer- The United States has sOlemnly
pledged its faith that it will resume by Jan.
! i, 1879, and thus has but tardily and imper-
fectly kept the solemn pledge given in the
act of 1869 to pay coin at the earliest posi-
BILE moment. Any repeal or indefinite post
ponement of that pledge, We care not in what