The Portland daily press., 1876-03-27
The Proposed Alliance.

All faithful friends of an honest CURRENCY
will rejoice to believe that there is substan-
tial foundation for the report which comes
from Washington to the effect that the hard
money men of both parties in the House are
to unite in support of some simple but effec-
tive measure of currency reform which will
bring relief to the PROSTATE business of the
country and restore confidence to the mer-
camille community. The plan suggested is to
re-enact the law allowing the holders of
United States notes, in sums of fifty dollars
or any multiple thereof, to iund them at their
own option into gold bond bearing interest
at the rate of four per cent, and payable af-
ter thirty or forty yeais. All notes thus fubd-
ed shall be Cancelled and destroyed, and shall
never be reissued. The necessity for the
adoption of some plan like this is growing
greater every day; for it is evident that the
infationists and their allies the anti contrac
tionists, cannot be brought 10 reason, that
time and argument and experience have no
effectin correcting their heresies, that their
success in blocking beneficial legislation is
continuous menace to the national honor and
credit, that inaction is lending weight to the
burden which weighs down industry and
trade, and that the only hope of achieving
better condition of affairs is in the treatment
of the currency question in a non partisan
spirit, and in the immediate and hearty union
of all currency reformers to carry measures
which shall soon result in resumption of spe-
Gle payment.
The protector of the proposed union is said
to be Professor Seelye, gentleman whose
conceded honesty of purpose assures the sin
cerity of his attempt, and whose acknowl-
edged mastery of the science of finance rem
ders probable the wisdom and expediency of
any plan he m ay suggest. 1t is certain that
the Republicans in the House can be rallied
to general support OF the proposed bill. In
deed of their force of 10S members all but
thirteen can be relied upon to stand up and
be counted for hard-money. 1t is also be-
leved that of the 17S Democratic Represen-
tatives sixty can be brought into alliance with
the Republicans. These harG-money Demo-
Gratis perceive that their party is controlled
by the infationists, that an honest currency
has no hope of support from the Democracy
as body, that unless they soon make break
on the financial question and force legsla-
tion of positive utility they will find them
selves committed in the national platform to
opposition 10 contraction and resumption, land
that the only reasonable course to pursue
in order to relieve the industry of the country
is to unite with their opponents in carrying
sound financial bill. If they but have the
courage of their convictions. and will lift
themselves above considerations of party,cur-
rency reform may be looked upon as we'll
nigh accomplished. Such course on their
part is devoutly 10 be wished. There is how
ever an unpleasant rumor to the effect that
some Of the sixty Democrats desire as the
condition of their support repeal of that
clause of the resumption act of 1875 which
fixes January 1, 1879 as the time for re-
sumption. Such a proposition cannot be for
moment entertained, for it is in effect an
act of reputation and calculated to seriously
damage the national credit. If this be the
price of the support of the sixty the proposed
alliance is impossible.