The New York herald., 1876-02-21
Financial LegIsiatIOn and Busin ness
Interests.


to the recuperative energy of our people, un-
assisted by the action of Congress. The ses-
sion has about half expired. and no step has
yet been taken for the relief of the country
/ The collision of opinions between the Senate
and the House, and between the members of
the dominant party in the House itself, makes
1T increasingly probable that nothing will
be done. Whatever hopes may have been
entertained by the democratic leaders at the
beginning Of the session, the utmost they now
aim at is to patch up some kind of a
compromise which will serve as the basis
of a platform for their National Convention,
and the prospect of accomplishing even this
grows every day more dubious The only
compromise which anybody looks upon as
possible is the Resumption bill of Mr. Payne
which is disliked by the inhationists who
would rather have no action on the cur
rency than compromise They prefer
TO be left free to advocate their policy in the
Democratic National Convention, where they
do not despair of victory. Their principal
organ in the West, the Cincinnati Enquirer,
denounces Mr. Paynes bill, and Ex-Governor
Allen says that its acceptance would be a
'capitulation."
AS the democrats will do nothing, or moth
ing which will command public confidence,
it is unfortunate for the party that it has
majority in the present House. Their abor-
tive attempts to frame financial policy will
deprive them of what might have been their
most effective weapon in the Presidential
/ oopvoca Tf ba raprb1inon rortu ho1 70
tanned complete control of Congress it could
have been held responsible for the failure Of
| the government to adopt any measures to lift
the country out of the depressing stagnation
which has SO long prevailed. But since the
democratic party has had great opportunity
| which 1t has abused and wasted, its denuncia-
tions of republican neglect and incompe-
tency will be like the pot calling the
kettle black. The democratic House re-
! sembles the guest at dinner party
who might have passed for man
of profound wisdom if he had not had a
chance to open his mouth. 1t is no pallia-
ton to say that the democratic House is
powerless against republican Senate and
President. 1t ought to pass sound measures,
responsibility of defeating them. 1t was
the proper business of the democrats at this
session to convince the country that the
party deserves more power than it possesses.
If the democratic leaders had the sagacity
to devise measures of relief SO obviously
fitted to accomplish their purpose as to
secure public Endorsement their thousand
IL. 4 A1,..w l.. e
speakers on the stump could stand up
before the people and say, "The repub-
lican party has done nothing to restore
prosperity the democratic party has
carried excellent measures through the
House it rests with you to decide
in this election whether the authors of these
wise measures shall have power to make
them effectual" But if the democratic
House makes q confession of incompetence
| by agreeing upon no measures or such
measures as have no tendency to revive
business, the country will be more inclined
to 'bear the ills we have than fly to others
! that we know not OF" Until the quack was
called in and asked to prescribe the patient
might have had some faith in him, but when
the only use he makes of his opportunity is
to expose himself as a charlatan there is but
q slender chance that the regular physician
will be dismissed.
| The only chance of an agreement among
! the dissentient democrats of the House
consists in the adoption of Mr.. Payne's COM
promise bill or something resembling it.
! Every competent Judge will say that the
House might better do nothing than to pass
such a bill In the first place. Mr.. Paynes
bill proposes to repeal the Resumption act
and postpone specie payments for an indef-
mite period. willingness to make this OBJ
vious concession to the infationists is the
only point on which the democratic party
has agreed The hard money democrats see
that repeal of the Resumption act would
bring ruin unless accompanied with steps in
the direction of specie payments MIR.
Payne's bill makes pretence of such steps,
but it is only pretence. 1t marks time to
the beat of the hard money drum, but it
does not march. 1t proposes no change
in the actual currency. 1t leaves the
amount of greenbacks and the amount Of
bank notes unaltered, and merely requires
the banks and the government to accumu-
late a stock of specie. 1t allows six years
from the 1st of July next for laying in this
stock of specie, and meanwhile leaves the
currency unchanged and the business of the
country to founder. Six years is long
period, but Mr.. Payne's bill makes no prom
ise of resumption even ut its close.
While the ostensible effect of the measure
is to keep the currency stationary for at
least six years and assure the inhationists
against any danger of contraction at least
until July 1, 1882, its real effect would be to
expand the currency constantly and steadily
up 10 that date. That it would operate as