Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1878-03-09
THE NEW ERA IN FINANCIAL LEGIs-
LATION.


LATION.
The New York Herald formerly called
silver men in congress silver %lunaticI
and repudiationists, but now mildly
terms them demsgogues. In the course
of time the same gentlemen will b.
spoken of as the honorable members
who favor a bi.metalic currency. Like
the highwaymsn when a we'll armed
traveller got the drop on him, the Herald
aud all the b~ondholders' organs viii say:
LET US reason together and have nc
foolishness among brethren" Several
of these papers, realizing the turn o.
affairs and the resistless curreat Of
public sentiment, have dropped their
abusive style and gone vigorously
to urging and imploring. The revo-
Luton has been slow in gathering
its strength, but it contains now
all the elements OF strength and sue.
cess, and is governed by the principles
of justice and right, therefore it cannot
90 backward. The great struggle is yeI
to come, and the people will need all theiI
courage, wisdom and frmness, and must
look to the coolest and safest leaders.
The passage Of the silver law amounts ia
no great benefit to ~thepeople, except a'
q base for further legislation. Upon
this question the lines have been drawn.
and the strength on both sides developed
aud tested. The people who work in
fields and shops and mines have every
advantage in numbers and strength, but
not in discipline. They ere not SO well
organized and trained as the the alert
and subtle enemy in front. The
battle Of Bull Run did not decide
the war, and the passage oil
the silver bill, willis a great vic
tory aud the occasion Of much JOY, has
not vsnquished the few who have SO long
held the financial and commercial sys
tens of the country by the throat. They
have retired sullenly to determine upon
future plans. These are unknown, but
will probably involve o combination
of direct and flank movements in
various guises. For the present the
gold bugs have concluded to submit to
their defeat 9th an sir Of meek resigna-
ton aud even affected cheerfulness.
They argue, under q sort Of moral com.
pulsiOn, that the bill, as amended in the
senate, can do no great harm for a
while, and that in a few months the
people will see the folly that has
been committed in its true light
Secretary Sherman is not throw
ing any obstacles in the way
Of the law, but assumed an air OF virtu
Gus anxiety to have it faithfully exeeu
ted. As to his sincerity, that remains
to be tested. The presence Of that two
thirds majority in congress, which ha.
power to curtail his authority at AM
time, may stimulate him for once to al
imperative discharge OF duty. We hav,
some extremists on our side, like Gen
Butler, who favor q dangerous imitation
The relief this would give would be onl,
temporary, for while it would, perhaps
enable some creditors to pay what the
owe a spirit Of speculation and e.
t~ravagance would again sweep ever th
country to the dstriment Of all legitimal
business. But we can stand the restort
ton Of the silver dollar to circulation, ii
repeal Of the resumption act aud a gu
stitution Of g~reenbacks for nation.
bank notes. This would be no DANCE
GUS imitation. bat merely measures
relief. The money kings Of this count
have grown doubly rich by the policy
cOntracuOhi anu IL - ttme 10 nave oOn
legislation for the farmers, merchant
mechanics, and day laborers. The see
ter Of financial power has departed fro
the East, and ia held west Of the All
gheny mountains by a united South al
West. Ii we are not mistaken as to Il
temper Of congress and Of the peopI
there will speedily be further legislAti,
for the relief Of the country aud that
tide OF lasting prosperity will soon set
-m@o~m