The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1876-02-29

measure OF contraction. The act works
much more good than even the most saga
cious of our financiers anticipated. For this
very reason minority of its original sup
porters, minority which has greatly lessened
since the happy issue of the Ohio campaign
brought wisdom to so many, have become
dissatisfied with it. In consenting to its pas.
sage they fattered themselves that they were
yielding nothing of moment, that the meas
ure would be wholly imperative. 1t has
proved measure of considerable value.
Hence their dissatisfaction, for they have
given themselves away" Because of this
the hard-money men should hold fast to
1t, and repel all attempts at repeal,
whether they come from Indiana Republ-
cans or Connecticut Democrats. Hard
money men in Congress, of whatever party,
did they Go their whole duty, would strive
for legislation to make it of even more practi-
cal value. The least they can do is to stand
by it; for all men know that its repeal means
the indefinite postponement of resumption.
The Democratic majority in the House are
confessedly unable to agree upon resump-
ton bill, and the professed friends of honest
currency, in that party, are well aware that,
the present act once repealed, no measure
fixing an early date for return to the specie
standard can be forced through Congress.
ANY resumptionist who votes for such repeal,
unless under surety that better measure is
to Immediately take its place betrays the poll
cy he pretends to support.
The reason for opposition to the act is
plainly apparent Eastern Democrats may
excuse themselves by calling it an ssabor-
tion," but they know the statement is false.
Were il indeed Of no effect it would COM
mend itself to the rag-money men of the
West, and they would be strong in its sup
port. But they clamor for its repeal, de-
nouncing it as a perpetual menace to the
country" Menace of what? A menace
that the United States intends to begin the
payment of its overdue notes in 1879. Re-
peal means that the nation refuses to begin
the discharge of its honest obligations at that
time, and refuse to fix date of payment,
turning its creditors away with the excuse
that they must call again some other year
when it is not so busy. The act is opposed
because it is measure of contraction, be.
cause it is swiftly leading up to specie pay
ments, for these reasons and for no other.
And the Democrats in so generally calling
for its repeal, are in reality, whatever they
may say, fighting resumption. 1t is true that
they declare they are in favor of discharging
every honest obligation of the government,
and it is very likely they are sincere; but it is
unquestionable that the greater portion Of
the Democratic party regard the debt incur
red in suppressing the rebellion as unjust,
and would gladly see it repudiated. %
There is one strong objection to the Sher-
man act-with congress and an admins.
tration opposed to resumption in 1879 it will
become imperative. 1t can only bring forth
good under the quickening influence of re-
sumptionists. The measure will be an effec-
tive one so long only as the Republican party
have the enforcing of it. Let the Democrats
gain power and even should they not repeal
the act, they would put an end to that grad
ual contraction of the currency without
which resumption cannot be accomplished,
or, if accomplished, accomplished only at
great hazard TO commerce and industry.
Those who desire to see specie payments in
1879 can only further that desire by continu-
ing in power the supporters of the Sherman
bill; and every sincere friend of an honest
currency will see to it that his vote goes to
theRepublican nominees next fall.