New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-18

nuraed as their own ny all tne ihhd'ioiu'''
| All effort was wasted. The sO-called hard
money Democrats had not the pluck to break
away from caucus dictation, though knowing
that dishonest policy must prevail, for more
than twO-thirds Of the Democratic Representa-
tiyes had voted for the unqualified and uncoh-
ditional reputation proposed by Mr. Holman.
They stayed and Of course were subJugated
The bill to which they now stand pledged IS
scarcely less than unqualified reputation, ana
nothing less than unlimited IMITATION. MI
Wells was right it is the same rag-Dahy, ana
every bit as ugly brat az wien Allen
and Cary were displaying it before yelling
communists in Ohio.
The blunt reputation of the pledge OF 1919
is qualified only by new pledge, that re-
serve OF coin shall DO accumulated yearly.
The same dishonesty which now repeats the
solemn pledge of ono year ago, the ice being
once broken, may at any time the more easily
repcal tho pledge to hold coin. Nor is there
any provision that the coin thus held shall
ever be applied to the payment OF dishonored
notes. That would be contraction. That con-
traction, we may be sure, will be quite as
stoutly resisted at any future time as now.
OF what possible value, as a step toward re-
coin be when there is not the slightest provision
that the coin shall ever be used to pay and retire
notes, when the opposition TO payment ana
retirement Of notes IL 50 strong tlat hard-
money Democrats, sO-called, do not dare even
to propose that course, and when they, us
well as the avOwed repudiationlsts, show such
contempt for public pledges as to make IL
certain that the accumulation OF coin VIII be
stopped whenever communists or repudlators
object to it Such provision for resump-
"top," by such Congress, is altogether too
tbin and gauzy TO cloak or qualify the repudi-
alton of the pledge of 1879. 1t leaves plainly
exposed in all its uglness that net OF shame
less bad faith, and decent men viii de,est II,
whenever tie smoke of party strife no longer
clouds their eyes, a. they would dcte>L any
other swindlc
To make il moIo certain that the promised
store of gold will not and cannot be accninu-
lated thi, same caucus bill provides for unliin-
tied issues of paper. Wherever the channels
OF circulation are filed with paper IT drives
out coin; wherever prices are ruled by paper
coin is exported, driven to other lands, and
become, hard to get. But this bill proposes,
first. 20 increase the amount of legal tenders
required to DO held as reserve. 1t pro-
vide. that the banks shall accumulate
about ten millions yearly of coin, but
may hold this in place OF part OF
| the reserve now required; hence the amount
of legal tenders free 10 be poured into crcua-
ton would be increased by about ten millions
yearly Nor is this the worst when the
raving and wild-cyed infationists in the Re
publican party demanded free banking even
they consented that il should he restrained 10y
retirement of grcenbacks amounting to 80
Der cent of the new bank notes issued. But
the hard-money Democrats, sO-called, now
propose that new issues by the banks unlim-
tied in amount, shall he mreelrained 10y
any retirement of greenbacks whatever. In
comparison with them, the Republican initiation
jsts were marvelously conscientious, for they
Acknowledged that il was possible TO issue too
much paper. and believed that the retirement
of $50, OOO, 900 of legal tenders, in which bank
| notes are to he redeemed, would cicctnally
! prevent an increase of more than Sloo,Ooo,ooo
| in the volume of bank issues. But the Demo-
! Gratis arc acting upon the threat of veteran
/ leader OF that party, who said: during the
Z" war You made us take that stun green
| "backs) at the point of the bayonct; now We
mean to give You more than you want oil 1t.
Is this the best end Of the Democratic
party 1t maintains that the solemn pledges
of the public faith, given by tho acts Of 1863
and 1870, are not binding upon the nation be-
cause Republicans passed those acts. Is 1t then
the most sacred duty of high-toned Democrat
to repeal and repudato everything done by
Republicans as far as possible, including
pledges OF the public faith AT any rate,
some tact must be observed. Since the New
Hampshire election, those fools get
soundly rated who have been telling
what the party means TO do. But let the
Presidential election give them the long-de-
sired power, and some Democrats In caucus
will straightway consider whether, among other
things of Republican origin, this blood -slcEing
debt, created TO carry on an abolition war,
should not be rcpudiatcd. Possibly such Demo
crafts NAV then loo sufficiently high-toned tn
repeal the war itself who knows!
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