The Portland daily press., 1878-02-19
TUESDAY MORNING, FEB. 10.

mems. He saw that it was formidable under
taking but he felt that it must be done. He
was an early and a consistent opponent of an
Irredeemable paper currency. He voted steadi-
~ against all the fatiou schemes of the men,
oraoie session Of 1874, and was one Of the most
earnest in sustaining Gea. Grants great veto
: the April If that year which put an end, as
long as his administration lasted to all efforts
to substitute the expedients of quackery for the
lights of experience in dealing with national
finances. But the Senator took to broodipg
over the subject, aud the more it weighed upon
his mind the stronger his impression became of
the dlfncnlaes that stood in the way of redemp-
ton. He compared the aggregate debt of the
world with the entire amount of gold in exist
ence, aud the disparity between resources and
liabilities according to that scale of measure
ment was simply stupendous Dwelling upon
IL continually, his appreciation of the gravity
OF the situation became keener sl the while,
and be finslly settled down into the belief that
That there was net gtll enough on the surface
OF tue earth to admit of its b9iug retained as
the sole standard of values He undoubtedly
makes the radical mistake in this calculation of
losing sight entirely of the legitimate function
OF money and Of greatly exsggerating the part
that can usefulIy be assigned it ia promoting
the exchange of thu conmodi les for which it
stands as counter. He has nurtured his one
pet Idea so long aud SO tenderly that bis feeling
towards 1t par.akes of mouom ania. He is lust
as certain that the plan he has devised will,
when consum mated briog peace and prosperity
to the country, as those who have studied the
question from broader standpoint are that it
VIII create a confusion, distrust aud disturb
ance in all the channels CT business
The first indication we had of the bsw,lder-
ing effect of the actio2 of the Senate Saturday,
was surprise as related to its op ration upon
the gold and silver market Immediately after.
There was slight rise 10 stocks and CORE
spondiog decline of the gold premium. The
fate OF the bill had been antic pated and the
effects of lis passage ia QUE house of Congress
discounted. Besides there is such letharey in
every kind of speculative employment that it is
the hardest thiag Imaginable to quicken any
body iuto spirit of adventure. A great many
people are at this momsnt looking at each
other an wondering why gold il sell ng so
cheaply, and how it happoos that there is SO
little traffic 10 it, while two thirds of our legis-
litors at the capital are threatening to invest i,
with adventtious worth by making it the only
medium through VIII ich we can carry on trade
with foreign lands But that cond ton of af-
fairs cannot last long. Men who have exchange
to buy or bills abroad to pay will very soon get
uneasy aud protect themselves by contracting
for the future delivery of the gold they require,
There will generally be the same difference be.
tween the market prices Of the two metals as
there would be If only one of them had beer
melted into coin. Making legal tender Of the
inferior article will not appreciably enhance it.
value. Canute couldn't stop the tides from
flowing, aud Dame Partington found it impos-
sibls to mop up the Att intc with her broom
The American Congress will learn By expert
ence the utter futility of the undertaking tt
trAnsmute silver iuto gold by an edict.
Meantime, however, the evil consequences O.
debating the sabjec, are seriously obstructne
the return of the people to a more prosperous
condition. Nob.dy knows what to do or how
to act. There ara great many theories as to
the consequences which may result from tax
ing ste backward just when We had drawn
so near the haven whittier our weary steps and
wistful eyes have been directed so long but all
agree that harm will come of it and are dis
posed to stand still and wait till they witness
the demonstration of the rash experiment, O
all phases of disaster which can oveItake bust
ness men none is mora fatal thar
the paralysis of inactioa. That is pre-
cisely where the silver distemper will
touch us most nearly. Better have it owe
and done With, than threatened any longer
1t is quite as well the debate was not prolon ged
did indeed hope our eva Senator would de-
fine his sentiments on this topic b. fore tht
scene closed, but he is far better Judge thar
any constituent of bis passiblg can be of wha
was expedient under the circumstances, and tina
he didn't speak is conclusive evidence to NJ,
mind that there wera good reasons wby b,
shouldn't. There are some self-constitute,
censors of his heIeabout who divide their tim
pretty equally between taking exceptions Il
what he does do aud adjoining him with un
savory epithets for what he does not bat b.
has provokinely coatemptuous way of treat
ing all such gratuitous advisors that would dis.
courage them sadly if their self respect were al
all commensurate with their perseverance.
snnot for the life of me imagine that tber,
is any DOUBT about veto in due time, assum
ing that the bill passes the House, which SEEM
morally certain. But alas! what virtne is there
In the dissent of an Executive who cannot Sc
cure the vote of the Senator of his own creation
of his own party, of his own State? Its in
this substitution of personal for popular gov.
eminent that the peril of the Republic lies to
day. If the silver bill passes and the wheels OF
industry stand still until its operations have
baan pracfIpa1v tasted If nil ba
administration is weaker than any that ever
preceded it, YARMOUTH