National Republican. (Washington City (D.C.)) 1872-1888, 1878-02-04
Contraction.

The reduction in legal-tendeTs during the
month of January was Ss33,352, which has
contracted the circulating medium of the
country just so much, and to that extent
saps the vital resources of business. The
month OF january was probably the most
disastrous TO private enterprise Of any
month for many years. ShipwreCk after
shipwreck on the sea of trade have occurred,
and yet contraction has not relaxed its re-
lentless power, but steadily draws the bust
ness Of the country upon lee shore, which
is lined with sunkcn rocks and trcachcrous
sands, where ruin is inevitable. The bust
ness interests and credit of the people are
in extreme peril, and yet the Government
stands complacently viewing the scene,with
the work of contraction steadily going for
ward to multiply disaster and spread bank
ruptcy far and wide among the people.
1t occurs to US that something is due TO
the people from their Government in this
crisis of widespread peril. Neither the
executive nor legislative branches of the
Government appear to be alive to the imperi-
Gus demands Of the hour NERO is ChrOn-
ccd as having fiddled in the midst of re-
murkable uncOncern while Rome was being
laid in ashes, and rs counterpart of his
tory the rulers Of this Republic sit listlcssly
in marked insensibility TO the devastation
that is spreading over the business interests
Of this people, with us fatal consequences us
those in which the deyOurinG flame licked
up the splendOrs of Rome.
1t occurs TO us that the apparent indif-
ference with which the President and Con-
gress contemplate the scene cannot origi-
nate in ignorance of the state Of the coun-
try, for that would impeach the most com
mon intelligence. 1t cannot justly, we
think, be imputed to that, fol We are rcluc.
tant to arT.ign their observation and sagac,
: ity by such standard. But if they under
stand and appreciate the situation, theI
why this hesitation in meeting and provid
ing for the emergency Why, let us ask
is the President silent upon question o
such vital importance to all the people Owe
whom he presidcs Us the Executive of til,
, nation Is he content with himself, hi
l position, and his generous SALARY to an ex
tent that he has no care for the people? !
the nations welfare was menuced by for
1 eign foe, or if pestilence was sweeping thi
q people oil the face Of the earth he Nigh
feel called upon TO recommend to- Congress
= under the prerogative conferred upon hin
. by the Constitution, some means Of dcfcns
. and some remedial agencies to meet thos
R emergencies. The present crisis is NOR
| ruinOus to private interests than Il iorcig
I war, aud us destructive TO credit and fol-
e tune as pcstilcnce Is to the public healtl
= and welfare.
4 Congress is no doubt waiting for som
e recommendation from the Executive as +
n the needs of the people nj the present time
:, Matters have been growing from bad t
# worse rapidly since the President communi
= Gated his annual message to Congress, an
c call more loudly upon him now than the
s to speak for the public welfare. The pee
: pie who have been brcasting the tide of con
v traction with their best efforts to avert i'm
IS pending calamities, have been looking wit
: intense anxiety to the President for som
word Of recommendation that would poin
Y to relief, but the Executive Mansion ha
a been rs silent ON this point during the storI