, 1877-12-22
POLITICS IN THE UNITED STATES.


have been occupied since the opepipg OF
the Session with financial questions. 1t
is not, perhaps, generally remem bered
how directly the interests OF British capt.
tai are affected by the viciss'tuds of po-
litical parties in the United States. An
irresistible attraction has drawn US, for a
long time, into the closest financial con
nexion with our American kiusmen. Ea-
gDish investors hold IA very large proper
ton of the Government bombs It the
Union English capital has Constructed
the greater part of the railway system of
the States aud probably retains a plepon-
d~erating interest in the property, though
not, unfortunately, a control over the
management. Any shock to American
credit would be disastrousIy felt in Eu-
rope, and especially In this country but
it would be far more ruinOus to the Amer
leans themselves. Seeing this clearly. the
great majority Of intelligent business men
10 the United States have striven hard
during the past eight years to get back to
the solid ground OF specie payments bat
their efforts have been INSTRUCTED by tbs
6nancia! foIlies which spring up rankIy IN
new communitie, and are still among the
predominant political Influences in the
West. a couple Of years ago It seemed
that the 'soft money Party In the Uolled
States had been completely routed aod
broken even in STATES like Ohio and Penn
sylvania, and the result of that campaign
was that in 1876 the Democrats as we'll
as TIE Republicans chose q 'harc money
candidate for the Presidency, and 'icfa'
ton" was thrust into the background by
common consent. But since the instuIIa-
ton Of President Hayes the "sott money"
advocates have taken a new lease of actl-
witty. They fought and won a series OF
battles 1T The Ftll Elections Of the present
year distinctly upon the in1atlonlSt'
issue. they have pledged the majority
Of the De mocrats in the House Of hePrr-
sentatives to the policy of resisting the
application o. the Resumption Act, OF
procuring its immediate repeal, and of
extending the circulation Of paper money.
This decided movement on the part OF
the Democrats would have been very seri-
Gus indeed if that party had retained IN
the present Congress the overwhelming
preponderance it possessed in the late
House of Representatives. But the Demo
cratic majority has been reduced. and,
even with the alliance Of some ''sott
money! Republican members, the oppo-
nents of Resumption are likely to find
their forces insufficient for the task they
have set before them. It will rot be
enough for them to carry their point in
the Lower House of Congress; they must
obtain q majority in the Senate also; and
if the Executive should resolutely resist
their attacks, it would need a twO-thirds
majority in both Houses to override that
resistance. In the Senate the death Of
Mr.. Morton, OF Indiana, has reduced the
number of Republican members to exactly
one.half the House, but one OF those
Republicans "does not attend the SEES
slons of the Senate" and one of them. a
conspicuous carpet-bagger from South
Carolina, is now being prosecuted in the
State Courts on a charge OF corruption.
Thus before long the Democrats may have
q majority in both Houses of Congress;
and. If q Resumption Repeal Bill can be car
ried, az seems not improbable, in the House
Representatives, il may and Q sufficient