New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-06-15
ance, sports and plays tricks with so serious
an issue is nothing less than public enemy.
coNgRAcrTNG LEGAL TEYDgRs.

The cause Of public honor and honest money
has won another victory. Mr.. VOORHEES, was
not content TO let the matter alone. Rather
to advertise himself, than with any hope OF
obtaining the legislation be desired, he insisted
upon the bill repeating the Resumption Act.
Many of the inhationists supported him. Not
long ago, the passage of the bill prohibit
ing further retirement Of legal tenders was
secured by personal pledges of Senators that
no other financial legislation should be asked
or permitted at this session. or necessity,
these pledges were given by men who had Ia
vored imitation or reputation, and in sufficient
number to satisfy defenders Of the public
honor. But those who are trying to repudiate
solemn pledges of their country excite not
much surprise when they violate those per-
sonal pledges which gentlemen deem binding.
That some members have been guilty OF bad
faith is certain from the votes in the Senate
on Thursday. No thanks to them, they were
beaten, and the bill which finally passed ac-
cords nearly with the recommendations made
some weeks ago by the Secretary OF the
Treasury. AS it goes to the House, the bill IS
short il reads thus
Be enacted etc., That from and after the passage OF
this act United States shall be receivable the
same as coin in payment for the per centum bonds
now authorized by law TO be issued, and on and after
October l. 1875 said notes shall be receivable for du-
ties on imports.
An amendment changing "shall be receiva-
"ble" to "may in the discretion OF the Sec
"retary of the Treasury be receivable" was
offered by Mr. Allison, and rejected-ayes, IL )
nays, 81. Another amendment making green
backs receivable for duties after July was
defeated-ayes, % nays, 30. Another repeal
ing the Resumption Act entirely was defeated
ayes, 20; nays, 80. BY this slender majority
the Senate refused to follow the House in
barefaced and shameless reputation, and the
country ought to be informed by what Sena-
tors on the side of initiation pledges of per-
sonal honor were broken. But bare majority
saved the Senate from disgrace. The bill
as passed is just punishment for Mr.
Voorhees, and others who insisted upon
raising the question again; it is more sweep
ing and radical measure of contraction than
Secretary Sherman has at any time cOntem-
plated. He asked authority to receive legal
tender notes, at his discretion, whenever the
condition of public business and the state of
bis preparations for resumption should seem
to him to justify that step. But the Senate
gives him no discretion. 1t does not permit;
1t absolutely requires him to receive all legal
tenders that may be offered for 4 per cent
bonds from the date of the approval of the
bill, and for Customs duties after October L.
We do not think it possible to deny that the
Secretary already has all the power which this
bill would give. He can receive legal tenders
whenever he pleases, either in payment for
e. HIT. 10 io ol.xri-
Gus, because his power to sell gold is complete
and unquestioned. If he can sell gold at all,
he can sell to those who buy bonds or pay
duties. What the bill does is to take from
him all discretion as to the Uatter. No mat
ter how sharp the contraction may be, 1t must
continue. For some weeks the 4 per cent
bonds have been selling at the rate of
five or six millions per month. No one
can guess how much the subscriptions
for these bonds may be increased, If 1t
Is enacted that payment can be made
with legal tenders. The one thing evident Is
that subscriptions will probably be increased
largely. But the Treasury cannot require the
G per cent bonds to be surrendered until after
the usual notice. For ninety days, legal ten
dels will be flowing INTO the Treasury, per-
haps Mt the rate of ten millions or more each
month, before the called bonds will begin to
come in for redemption. Even when the bonds
come, their redemption will not take legal
tenders, but gold, from the Treasury. Until
legal tenders are at par, so that creditors shall
not ask for gold, this measure requires con-
slant accumulation of greenbacks by the Treas
ury, and there exists no power whatever to
pay out these notes except upon appropria-
tons which are more than covered by receipts
from internal taxes
After October 1, if equalization of gold and
greenbacks should be so long postponed, the
Senate bill requires the Treasury to receive
greenbacks for duties also. Nobody will need
gold. So long as there is any premium on
gold whatever nobody will pay gold. But the
Treasury must continue to pay interest iii
coin, and must, therefore, add to ITS accumu
lation of legal tenders the amount received
from customs. 1t seems plain that no pre-
MUM on gold can be maintained under these
circumstances. In effect, the Senate has taken
up bill to repeal the Resumption Act, and
has so amended it as to require that resump-
ton shall begin at once.
If the inGationists and regulators of the
House were not particularly dull, this bill
WOulu pIOoaOiJ OO "OAo"VVu III 'h'' OVNJ'
Yet members have raised such a clamOr for
further financial legislation that, whether the
bill be fish. fowl red-herring," or neither,
they are likely TO vote for it because no other
can possibly become a law. The end of the
session is near. The President can kill any
bill passed within ten days before adjourn
ment few friends of the public credit in
the Senate, if they see fit, can make it inn
possible TO pass any resolution deferring
the date of adjournment. Mr.. Voorhees, and
his friends insisted upon more financial legis-