New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-06

THE DEMOCRATS IND TIE CURRENCY
The worst enemy of the Democratic party
could not wish to see il in worse plight than
il has now reached through much caucusng
Oh the currency question. There were supposed
TO be honest and IesOlute hard-mOney Demo
Gratis in Congress when the session began
But they have so weakened that we now find
the best and ablest of them striving TO carry
through a caucus bill which, honestly inter
preted, is merely an act to repudiate the pledge
of resumption, and to postpone indefinitely the
attempt to resume. On the other hand, there
were known to be some infatiOnists in Con-
gress. but it was hoped that defeats in Ohio
and PENNSYLVANIA had prepared them TO yield
gracefully. IT tuns out that they alone have
been uncOmprOmising consistent, true to then
ideas, and absolutely unyielding. The report
of the majority Of the Democratic Committee
is n bill of which it is not easy to speak with
patience or respect. To appreciate its nature,
we must remember, first, the formal pledge Of
the Government, given in the act creating the
sinking fund as a security for those who
loaned their money TO the Government in IFS
hour of trial second, the formal pledge given
in the act Of 1863 TO provide at the earliest
day possible for the payment of legal-tendcr
notes in cOin third, the pledge Of
resumption given in January, 1873; and fourth,
the condition upon which alone the removal OF
restrictions as to the issue of bank notes was
obtained namely, that for every 500 thus
issued $50 in legal tenders should be retired.
The bill which the sO-cacd hardmOney Dem
ocrats now stoOp to favor proposes to repudi-
ate the pledges given in 1869 and 1879, to
impair the security of the sinking fund for
bondhoders to break the compact made a
wear ago, and surrender the condition upon
which Republicans were induced to yield
" free banking at The demand OF intiationists.
That it is possible TO resume specie payments
even earlier than January /, 1879, few intelli-
gent men will doubt if they consider that the
entire surplus of paper circulation could at
any time be quickly retired by the funding
process If it is possible, the honor OF the United
States is pledged to do that thing, and we
cannot see in what respect it is less disgrace
full TO repudiate this than any other solemn
pledge of the public faith. II is of no use to
object that the act of 1875 was imperfect,
family. and would not bring about specie pay
ments without change; if it be granted, still
the honor of the nation is pledged to secure
the result if possible, and hence to adopt any
additional means TO that end. In brief. the
case is this Uncle Sam gave a demand note
TO his creditor, solemDly pledged his faith in
1869 TO pay that note as early "a possible, de-
clared in 1875 that he conld and would pay
within four years, and took up the note paya-
BILE ON demand, giving instead one due Janu-
airy /, 1879, aud now, nearly three years be-
fore the time arrives, cOntemplates saying to
the creditor, 81 shall not even try to pay that
" mote, but will pay you wncn get ready"
The repeal of the provision for the retire
ment OF legal tenders is nothing less than naked
and undlsguised initiation, and yet this thing
so-called hard-mOney Democrats stoop to pro-
pose. It must please Mr.. Holman, il he has
any love of revenge or sense of pride, to see
the men who have professed TO scorn his here
sizes thus crawling at his feet with shameful
compromises. The other provisions Of the bill
are either mischievOus OF mere surplusage
The Secretary of the Treasury is now required
to apply about $50. 1904 in coin to the
sinking fund. This bill provides that he shall
hereafter retain, ont Of the coin obtained, more
than One-third of the sinking fund. OF about