The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-09-03
IN. c.rr.n.y aus.sio. i. Politics.

Ths Cwrrsncy Qusstio. ia Politics.
If the resumption experiment on the LIST
Of January next succeeds--and there are
good reasons for expecting its success-the
currency question as II political issue Will
be as dead before the next Presidential cleo
ton as the slavery question was after the
close Of the civil war. 1t is only pend
ing questions that can be made efficient
political issues; when Il question has
been irreversibly decided it passes
out of politics. All that is worth
disputing about in the currency question
will be irreversibly decided by the fact OF
resumption, when resumption shall nave
become fact instead of an expectation.
The abolition of slavery continued to be
mooted question long after the emanclpa-
ton proclamation, which was only promise
or the expression OF an intention but when
the freedom of the blacks became an accom-
plished fact by amendments to the constl-
tuition the slavery question passed forever
out of the domain OF practical politics. A
similar fate awaits the currency ques-
ton as soon as the Resumption law Of
1875 ceases to be promise and
becomes an accomplished fact When the
business Of the country shall have been sue
cessfully conducted for single year on the
specie basis the widest infationist in the
land will no more think of reopening the
question than the most venomous copper
heads in the democratic party thought OF
reopening the slavery question after eman-
cipation was imbedded in the constitution.
When thing is settled there is an end of
it, and the currency question will be effec-
tually settled by the successful resumption
Of specie payments in 1879.
The establishment of the currency on a
specie basis will remove the motive for
further agitation. A redundant circulation
is wanted to enable debtors to discharge
their obligations with cheap money; but
the paper circulation cannot be redundant
when every dollar Of it is convertible into
coin Mt the will Of the holder. If it should
be one per cent or a quarter OF one per cent
below the value of coin keen-eyed self-in-
terest would cause it to be presented
for payment and reduce the amount
until it was brought to par. With specie
payments established the debtor class
would gain nothing by the substitution of
creenbacks for bank notes, because either
kind of paper would be equivalent to coin,
and a debt payable in coin or its equiva-
lent is an obligation which cannot be
lightened by the substitution of one species
of paper currency for another. The cur
rency question will therefore be as dead
after successful resumption as the slavery
question was after the ratification Of the
thirteenth amendment.
The only two statesmen who seem to have
o clear and full perception Of this truth are
Mr. Tilden aud Mr.. Conkling. The shrewd
and polite Mr.. Tilden maintains an abso-
lutte reserve on this question, and Mr..
Conkling has kept MS quiet on it as his SEN
atorial duties would permit, merely voting
on the right side but taking no conspicu-
GUS part in the discussion. They both
have foresight to perceive that it is
q question whic. will soon pass out
Of politics, and their past record on it
being correct they are content to let short
nVeu ulscuSSlOH run its courSe. Delore tue
Presidential canvass opens in 1880 the
business of the country will be securely re-
established on specie basis, and, like all
settled questions, it will cease to be topic
Of agitation. All classes, whether they be
debtors or creditors, will find it for. their
interest to acquiesce. There is constantly
arising new class who wish to
contract debts, and men seeking loans
or credit can obtain them to bet
ter advantage when creditors run
no risk as to the medium of payment.
Even existing debtors will profit in the
same way. because a large proportion Of
existing debtors depend upon n renewal of
loans or credit to help them through. Cap
ital will easily flow out in support of new
enterprises when it's owners become assured
that they will be paid in money as valuable
as that which they lend. One years bust
ness on the specie basis will put an end to
all the wild agitation for initiating the cur
rency.
But, for this year, the question has still
considerable potency in politics, and men
like Senator Thurman and General Butler,
VINO need to accomplish certain results this
year, mount a steed that may carry them on
for short distance, although they perhaps
know, as well us others, that the spent nag
will fall down in its tracks before they
get ready to dismount. II is indispensable
to Mr.. Thurman that the democratic party
carry Ohio this fall, for otherwise he has no
chance for the Presidential nomination in
1850. His party will not nominate him un-
less it is tolerably certain that he can carry
his own State. lie has accordingly
launched his bark on the greenback tide,
although he knows that tide must ebb. He
cannot afford to appeal from Philip drunk
to Philip sober; for if Ohio, drunk with in
hation, condemns him in 1878 he will have
no means OF showing that lie can carry the