New-York tribune., 1876-08-23
hope for, but the Convention itself is better
than we had hoped

than we nau nOpe1.
STREEG 7HENING THE PUBLIC CREDIT
Washington dispatches report that the Sec
retary of the Treasury has under consideration
proposals from eminent banking firms 1or the
four and half per cent bonds. We trust that
the Secretary may consider both the financial
and political advantages of securing blds Oh
terms somewhat different from those thus far
rcported. The Secretary has power, under the
Resumption act of 1875, to sell any amount
of bonds that may be necessary to carry out
that act. His power to sell 4i3 PER cent
bonds for that purpose Is not diS-
puted. The chief argument OF those
who pretending to be hard-money men, still
consent to the repeal of that act, is that 1t was
q sham and cannot be executed. sale OF
bonds for that purpose in accordance with the
provisions Of the act, would be n most con.
elusive reply to that argument, and it would
tend to strengthen the credit OF the United
States beyond measure. proving that the act
rot ONLY could he, and would be enforced, Dut
that in part it had already been made tfc
basis of specific contracts between the Govern
ment and capitalists of other countries.
We doubt whether the few independents who
still sustain Gov. Tildcn, and the hard-money
Democrats who are sincere, viii venture stiii
IN advocate the rcpcal of the Resumption act
after if has been made the basis of contracts
Inv thc Government. The ugly name ot rcpn-
djators would then be branded upon them too
plainly Intelligent men know that GheaoS 'he
limited States has effected large transactions
which were really based in part upon the
pledge given in that act, bat the PROOF Would
be clear, convincing, and indiSputable, u, III
ad lition to the usual sales on funding account
the United States should now effect Sao
cf bonds specifically for The purpose
of executing the Resumption act, ana
under the authority coafcrred thereby.
Hence il il altogether probable that such sales
would not only politically strengthen that
D,rty which sustains the act as sacred pledge
of ,uI,l;c faith. but they would improve the
credit of the Government and enable 1t To
m,lo bc,ior arrangements financially. Let the
world see that, Notwithstanding the m''u
rawlings of dcmagOgucS, the UnUcd states
moves steadily forward toward srecic rcsnmp-
ton. its Government having not only the VIII
but ample power to prepare Tor tIiat ciahse'
and il seems 10 MS clear that marked au-
vance of the public credit wopid result
United States five per cents have already ad-
yanccd about five per cent since the act oi
1875 was passed, with its pledge OF resnnlp-
ton in SO, and surely the effect of sales Tor
the purpnSc of carrying out that act "Ouid
tend to produce still further advance.
H. is not wise 10 overlook the opportunity
NOW presqntcd for strengthening the defenders
Of the public faith. Secretary Morrill, VIII adj
init that the behavior of the Republican party
in Congress has not always been calculated to
win the confidence of those who wish To see
The country restored To a sound currency. lie
/ should not forget that, day after day. IL ~
reiterated hy the supporters OF Mi. Illdcn that
/ ihe act of S75 not only cannot hc enforced
| INIT was never intended 20 he enforced. ke-
succtablc journals even go So Tar aS To say thal
| the Republican administration has gwen PROOF
| that the act was deliberate and con-
/ scious fraud because il has never made
! any effort TO carry out the provisions
Of that act. 1t rests with Secretary
| Norull to say whether such an imputation
! shall he possible throughout the Presidential
campaign. Intelligent men know, 1t Is true,
| that measures for the execution Ci the act were
deferred by Secretary Bri,tow only because he
| had hone that Congress would 30 lesislate
| that bonds could be sold at more satisfactory
| terms. But Congress has adjourned. By the
! act of 1875, as it is, the Republican party
must stand or fall. II seems Ia us high time
10 show that every part Of the act can he
READILY and successfully executed without
waiting any longer for that appreciation of
tbe public credit which the act has thus far