The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1877-11-27
NEW YORK, Nov "a, 1877.

The action of the lower house of Congress in
voting to repeal the Resumption law occasions
far less CONSERVATION in financial circles, than
it would if the conviction wers not strong that
the barriers of Senatorial revision and an Exec
utive veto will certainly prevent the success of
the disrsputable scheme. If it wero deemed at
all probable that the measure could be carried
through, public alarm would manifest itself in
a serious disturbance in monetary affairs. The
agitation of the question is undoubtedly fraught
with mischief Business is interrupted by it,
capital lies idle because those who control it
are afraid to make investments. The rate Of
interest is extremely low, and enterprise and
industry are para1yzed by the uncertainties of
the future. There is ground for apprehension
not only that the funding of the public debt
under the new loan will cease, but that bonds
will be returned from Europe in sufficient guam
titles to render it embarrassing to take care of
them.
The folly that has wrought these evils hap.
pens at q very inopportune moment. The thing
most needed to restore prosperity to the coun-
try is the assurance that there is to be no more
tampering with the currency. The pretense
that the step backward which the popular
branch of the national legislature has taken is
meant to promote the welfare of the masses is
wretchedly shallow. 1t is = matter of vital
Importance for the interest of every man who
labors, that the circulating medium should be
brought to and kept at a stable value. Only
speculators and adventurers flourish when the
standard by which commodities are exchanged
is fuctuating and unreliable. The greatest
sufferers by the charlatanry of this weeks pro-
ceedings in Washington are the working classes
whose chances of obtaining steady and remu-
nerative employment depend so largely
on the confidence aud hopefulpess out of
which spring the dispositions to embark
in undertakings which furnish occupation and
wages for the multitude.
The opponents of resumption have no ground
to stand upon either in respect to arguments or
facts. The general poverty and suffering, of
which they draw such vivid pictures, are the
legitimate fruits of the epoch of irredeemsble
paper which they most illogcally seek to per-
petuate. There can be no recovery from them
till the cause which produced them is removed.
Happily events are shaping themselves
so favorably that redemption will probably be
feasible on or before the day fixed for it, if
legislative Interference can bs prevented. 1t
would be an unjust reflection ON the intelligence
and common sense of the President, to enter
tain for moment the belief that he could
under any circumstances be induced to consent
to so gross violation of the rlighted faith of
the nation as this indefensible measure implies.
There does not seem to be room for doubt that
if the repeating msdemeanor ever gets as far
tbo aha IL iii ha ;pst
scratched out of existence by stroke OF the
pen.
1t is none the less notifying, however, to
American pride, that there are to be found In
our highest councils of state an hundred and
twenty men, of sufficient standing to be hon.
ored with positions of eminent trust, who are
so destitute of patriotism or probity as to be
willing to put themselves on record as confess.
ing that the q United States either cannot or will
not respond to its pecuniary obligations pune
tually aud fully. There is quite as much of
shame in hanging upon the one a. upon the
other horn of the dilemma. What a mean
people we can be at times, and at others how
grandly devoted and self-sacri6cingl Think of
the men who endured with unfinching cour-
age and heroism the hardships and ravages of
the war for the Union higgliug over difference
of three or ten per cent in the amount due the
parties who lent the money with which that
gigantic struggle was maintained. If one was
obliged to give credence to the idea that the
representatives who voted for repeal reflected
the sentiments of their constituents, the con-
clusion would be inevitable that we had reache
depth of degeneracy, since the armies were
disbanded without parallel in history. pre-
fer to think better of my countrymen, and to
cherish the opinion that when the issue is fairly
presented to them, they will insist upon up
holding the credit Of the republic, with as
much zeal as they evinced in preserving its
unity.
Mayor Ely has issued his Thanksgiving
proclamation. The concluding sentence OF it
is especially note worthy, coming from Dem
ocrat of the straightest sect. After enumerat-
ing other causes for tbankfulness he cites these
THAT the Presidential contest was peaceably
settled and that the arts of demagogues have