The Portland daily press., 1877-08-21
TUESDAY MORNING. AUGUST 81.

ine only ailuslon he makes to il is an incl
oentai and an ominous one. 1t occurs in the
Following sentence: SIN 1869 Congress pledged
tus puDll' fat that the United States would
pay gold or liver dollars for United States
noses. Now this pledge he refers to said
nothing about gold or silver. The word 'coin"
was used. Silver had not then been demone
tlzed so that it was the equivalent of gold. One
cannot help believing that Mr.. Sherman in
terpolated the word "silver' into his quotation
OF the act for purpose, and that he meant to
say that it would be no violation of ths nublic
faith to redeem the treasury notes in either
metal This Interpretation undoubtedly will be
given to his language, and not unfairly either.
AT any rate, the Secretary was very careful to
ABSTAIN from antagonizing the popular clamor
Tor double standard, which is more vehement
In his state than anywhere else in the Union.
Tue effect of his reticence will inevitably be to
confirm the impression which is gaining
ground steadily that the administration is in
sympathy with the project to make silver
legal tender for all debts of the govern ment.
1t is pity that he should have left any obscur-
ity in his utterances upon this point. If the
proposition to remonetize silver is to receive the
support OF the executive branch of the govern
ment, it is of supreme Importance to know
what limitations if any they are disposed to
place upon it. There are thirty-six millions of
debased coin in circulation which have dis
placed the fractional currency. Many Ohio
politicians of both parties declare themselves
in favor of making this stuff available for pur-
poses of redemption. Others talk and write
in behalf of a restoration Of the "dollar of
the fathers" without mentioning what kind of
dollar they mean. There is altogether too
much ambiguity in the arguments that are
used on this subject. If it is merely designed
to coin silver dollar that shall be worth a
hundred cents in gold, the question resolves
itself into one of expediency mainly. But if
the object is to resort to trick or device of
legislation whereby debtor can make coin
intrinscally worth only eighty-fve cents pass
to his creditor for a dollar, there is such pal
pable dishonesty in the scheme that it ought to
be repealed with whitening scorn by an in
dignant people jealous of their honor and
determined to maintain their integrity. The
difficulties lying in the way of resumption are
decreasing day by day. The magnificent har-
vest we are gathering will add immensely to
the wealth of the nation. The process of
liquidation that has been going on uninterrupt-
eddy for four years has paved the way for a
new departure on sound principles The people
have suffered already the evils and hardships in
separable from the transition from an irredeem-
able to a redeemable currency, from a diseased
to healthful financial condition. The panaceas
OF quackery by which it has been sought to avert
or defer the penalties of past folly and reckless
ness have proved utterly impotent. The forces
OF nature have been steadily accomplishing the
work OF publication. The people have been
compelled to endure losses, to practice economy.
to lament the shrinkage of their property and
the curtailment of their incomes But all the
while that they have been pursuing this weari.
some journey through the wilderness of re-
trenchment and deprivation, they have been
nnconsciously getting nearer and nearer to the
haven of rest. To halt now would be a grave
mistake-to take a single step backwards.
sheer madness. Those who counsel repeal or
modification OF the resumption act are blind
guides whom prudent men can neither heed
nor follow with safety. Their theories have
been propounded with great pertinscty ever
demonstrated their utter fallacy. Congress-
would have adopted them and plunged the
country into another abyss of initiation. but for
the superior wisdom of the illustrious man who
then fortunately held the Executive chair and
saved the state by his opportune veto. There
is no act of Gen. Grants pre-eminent civic
career that will be more gratefully remen-
bered hereafter than that He was somawbot
in advance of the age at that time, as he often
happened to be, but the people followed With
or he led them. as they have generally beer
wont to do, as soon as their native common
sense was brought into action. His course has
received such hearty popular Wind ication and
endorsement since that he has made the way
plain for his successor. If the attempt should
be made to.debase the currency in any conceiv-
able way there ought to be no doubt of Its fail
ure, after the light that has been thro Hn upon
the financial questions within the past three
years. YARMOUTH.