The daily gazette., 1878-10-14
From the Philadelphia Times.
Plain facts en- the Money Issue.

Plain facts en- the Money Issue.
1t is given out by partisan organs that
a great victory for hard money, or for
honest money, has been achieved by the
october elections. just the reverse is
the plain truth, and business men of all
parties would do well to look the situa-
hon squareIy in the face.
Ohio has voted very largely against
hard money, against resumption, against
national banks, and in favor Of an in
creased volume Of the currency. True,
the Republican ticket was groomed by
hard money and resumption leaders, and
it has been successful by a few Thousand
plurality ou5 of more than half a million
votes, but the two opposing parties, both
OF which were for soft money and plenty
OF 1t, polled a large majority Of the
whole vote cast, aud a majority Of the
congressman elected are out and out
soft money men. Even the Republican
vote can't be counted for hard money,
for the same party swallowed the softest
money ideas last year and swept off to
would have been soft money and agrarian
this year but for its defeat in 1877.
Indiana is soft money all over-cer-
tainly by a two-thirds vote if all her
Cltlzens were to vote on the direct issue.
Two of the three parties were unquali-
fiedly for the most inflated sort of iufia-
ton, and they cast from $4,000 to 60 900
majority of the votes polled, while the
Republican party made the feeblest sort
a pretence Of favoring hard money and
did its level best to keep close enough to
the Greenback theory to hold its Green
back worshipers in the party lines. There
| isn't much OF a sincere hard money party
In Ohio, and there is just next to none at
all in Indiana.
Iowa, with her 10000 Republican ma
jority on q fair test and full vote, has
met the issue with more manlness than
did the Republicans of either Pennsyl-
vania, Ohio or Indiana, and it has cost
the party two of its Congressman and
| whitfield the majority down to almost
nominal figures on the State ticket. That
| admonition will temper the hardness of
those who have saved their necks by a
| narrow chance, and, while they won't go
| over to imitation, they will go half way
when the issue comes up for settleme Mt.
Political parties these days will stand
anything but sacrificing their success to
principle.
Pennsylvania and New York will both
| vote soft money in November, no matter
| whether the Republican or Democratic
State tickets shall be elected. If Repub-
| licanism wins in this State, it must be by
| a plurality, with large majority of the
vote cast against resumption and for a
change in our financial policy, while the
| Republican leaders who win, will be
ready to soften their financial ideas at
any moment, and MIR. Grow couldn't
| command dozen votes for United States
Senator against Cameron, who supports
soft money all tho time in the Senate.
Ii the Democrats win, 1T will be plain
| verdict against enforced resumption and
contraction and in favor of uniform
national currency on specie basis in the
distance but whether Hoyt or Dill shall
| @ elected, the Nationals will make ths
successful man minority Governor, and
the Congressional delegation and the
popular vote will be against enforced re-
sumption and in favor of a change in
our banking system and currency, no
matter whether ConklIng or Kelly is
triumphant. Politicians and organs
don't represent the picture in this way,
because it suits them better to pirate
about victories for or against "honest
money" or "bloated bondholders;" but
the truth isjust as we have stated 1t.
Three things may be regarded as set
| tied beyond the control of the November
elections. First, both branches of the
next Congress will be .distinctively
Democratic; second, they will both be
against the present financial policy Of
the admi nistration; and third, they will
each divide both parties ON the questions
of resumption, of increased currency,
and of substituting uniform national
currency for bank notes. Secretary
Sherman, who plumes Pimself on his
hard money victory in Ohio, will favor
the abolition of bank notes when the is
sue comes, ana while the Republicans
will be loudest in their professions for
hard money and prompt resumption,
they will furnish large per centage OF
their votes In Senate and House to belle
their pledges in favor of the present fl
nancial system. Outside of New Eng
land, and probably Maryland. Delaware,
aud the little Pacific States, there won't
be q delegation in the next Congress in
favor of what money centres understand
by "honest money" and Republicans
and Democrats twill be to the front to-
gether to mould the conflicting ideas
into some acceptable change.
All danger of repudi alton in any form
AMI of illimltable irfedeemable paper
may be regarded as past. Those were
the excrescences of tho popular revolu-
ton on the money issue, and they will
perish without regret; but there will be a
positive change IN our financial policy
and the sooner money centres appreciate
the fact, the better it will be for all clas.
ses including themselves. Resumption
will be tried IN january, ana III Will De
receded from if the country proves to be
Iunprepared for 1t, as is probable. Eng
land retraced her steps on resumption
more than once, and we will likely have
to do it as the price of employing politi
CLANS to do the work of statesmen. Bank
ling will be made free in fact as it Is new
only in name; its onerous taxes will be
repealed; the machinery for money tG
reach solvent business win be cheapened
and simplitied; national currency will
} take the place of bank notes, andinteres,
on bonds deposited for circulation will be
suspended, but "fat money" will be un
heard of after this year, and the specie
, standard will be reaffirmed as the unai
terable law of the Republic. There viii
be a hard battle on the question Of q lega
: tender currency, with the issue doubtful
but we regard all other changes hereir
, indicated as inevitable. So much, and
!. no more, will be the harvest OF the
promiscuous sowing and tempestuous
watering of the soft-money idea, and the
question will disappear from our pohtica
!. field, as prosperity gradually comes tt
bless the industry and progress OF tht
American people.
n WUsup and His Rac0un nm m.