The New York herald., 1878-11-04
Near Approach OF Specie Payments.

ments on the day hxed by law--will come
in so quietly at the appointed time as to
cause no perceptible disturbance and
hardly any perceptible change in the busi-
ness Of the country. We recall attention to
this great topic now because it is already
as certain as it will be after the returns of
the Congressional elections are all in that
no political obstacle will interrupt the
march of financial events. 1t may perhaps
be worth while to state the grounds of this
confidence
In the first place, then, sound judges
must recognize the sagacity and foresight
of the republican party in all the States in
seizing upon the currency as the predomi-
mating issue and making the campaign of
the year turn almost wholly upon it. 1t
perhaps required more courage than sa-
gacity to come to this conclusion. While
the financial truth is obvious enough such
lunacy seemed to have gained possession
of the public mind in large sections of
the country and in some unexpected quar-
ters that a timid party might have
thought it was imperilling all its chances by
a bold and aggressive canvass for honest
money. The temptation to palter with
great issue seemed particularly strong just
after the surprising Maine election. 1t is
to the credit Of the republican leaders that
they did not yield or waver, but kept the
sound money banner ''full high advanced"
Their resolute, unfinching purpose had to
be maintained for only single month
before it ceased to be an act of cour-
age. The Ohio election demonstrated
that the fancied strength of the green
back movement was o mere chimera-
that it was only "a good working
bugbear." Since the Ohio election there
has been no trimming or vacillation among
the republicans anywhere as to the duty
and necessity of immediate resumption.
The party has day by day gained in moral
strength and popular prestige while fight
ing under the hard money banner.
Perhaps it may be said that the courage
displayed was the courage of mere despera-
ton. It was foregone certainty that both
houses of the next Congress would be
democratic, and that no possible efforts or
possible concessions on the money question
could have saved either house. The fact that
immediate success could not be hoped for
saved the republican party from great
temptation. 1t compelled them to practise
foresight. They had to consider what the
opinion Of the country on the currency
question is likely to be two years hence,
and on this point they formed what is prob
ably correct Judgment. The purely finan-
cial reasons for expecting the success of re-
sumption under the law of 1875 are SO
cogent as to leave no room for reasona-
BILE doubt. Now, when the business
Of the country shall have gone on
successfully for one year or more
with o redeemable currency, there will
afterward be no considerable body of citi-
party, that will advocate the unsettling Of
all business by new disturbance OF
values. It is fortunate for the country that
the republican party had SO little hope Of
electing the next Congress that it was
obliged to plan at once for the election OF
1880, when, if the resumption experiment
succeeds the currency question will have
passed out of politics and the republican
party may justly claim the credit of having
settled it to the advantage and satisfaction
of the country.
AS soon as the votes to be cast tomorrow
are counted it will be for the interest of the
democratic party to have thescurrency ques-
ton taken out of politics as speedily as is
consistent with recent committals by some
of its candidates for Congress. When re-
sumption shall have become an accom-
plished fact the infationists will have no
further ground to stand on, and the demo-
cratic party, unless it is bent on suicide,
will have to select different issue AL
ready the avowed followers Of Senator Bay
ard among the democrats are strong enough
| in numbers to make. with the republican
party, large majority Of the voting pop
ulation Of the United States The in
fationists, who are minority now, will
be far more hopeless minority two years
hence, when the business of the country
| will have become securely settled on the
| specie basis. The hard money democrats
have foreseen this result quite as clearly as
the most sagacious republicans. The hard
money democrats expect their weaker breth-
rem to yield to the logic of events and
silently renounce the initiation heresy soon
after sound currency shall have been re-
established. Many democrats have made
greenback professions as mere electioneer-
ing dodge to save themselves in the present
canvass, and perceive that after serving this
turn it is a spent issue. They may go
through the form of redeeming their eles-
tjonecring pledges, but they will be too
| glad to have the currency question pass out
Of politics 1t is so obvious that when it is
no, longer question Of preventing resump-
ton. but Of overthrowirg it after it has
be.-a accomplished, the country will sustain
the experiment, that the democratic party is
certain to retreat from an untenable position.
The credit Of its forced retreat will be chiefly