The daily gazette., 1879-12-04
SECOND EDITION
From WdsIsiss0te1s.


From WGslstsOtsn.
AN ACTIVE MOVEMENT IN FINANCI
ACKNOWLEDGEMENTS In THE Two
PEAL OF THE LEGAL TENDER CLAUsk-
THE LEGAL TENDER CLAUsE-MR.
BAYARD's JOINT RRsOLUTION FOB ITS
REPEAL-vIEws OF THH DELAWARE
sENATOR-PRObPECTs CF THE MEAS
URE IN THE SENATE.
The session opens at once. Those who
thought 1t would lack interest or import
anco are mistaken. Senator Baysrd, to-
day, took the currency bull by the horns.
He introduced q joint resolution for the
repeal Of the legal tender clause In these
words:
Resolved, &C., That from and after the
passage of this resolution the Treasury
notes of the United States shall be re-
ceivable for all dues 10 the United States,
excepting duties on imports, and shall
not be otherwise legal tender, and any
of said notes hereafter reissued shall
bear this superscription.
The resolution was referred, with his
consent, to the Finance Committee, Of
which he is chairman, and 1t will be con-
sidered by that committee probably next
Tuesday. Mr.. Bayard is in earnest. He
feels the urgent necessity of passing this
measure as a means of safety to the coun-
try, and he will not let it siumber in
committee. 1t will be reported to the
Senate before the holidays and it prom
ises to have the support of almost all the
Democratic Senators and of large num-
ber Of the Republicans.
REPUBLICANS IN OPPOSITION.
1t is a curious commentary upon the
Republican professions of devotion to q
sound currency that Senator Ingalls, fol-
lowed Mr.. Bayard by introducing joint
resolution declaring that the legal ten
der quality ofthe Greenbacks ought not
to be interfered with. The following is
the text of the resolution:
Resolptd, &C., That in the opinion Of
the SeDate,the present volume of United
States notes should not be reduced, aud
that said notes ought to continue to be q
legal tender in the payment Of debts.
This is the third to the same effect
from the Republican side since Congress
came together. Messrs. Price, of Iowa,
and Fort, of Illinois, having offered simi-
lar resolutions in the House yesterday.
Mr.. BAYARD ON HIS RESOLUTION.
Mr.. Bayard said to-day, in conversa-
ton with your correspondent, concerning
his resolution -
~ think it is a necessary step at this
time. 1t is just the right time TO set the
first apprehensions of the country at rest
on so vital a point. The present is an
hour of hope, confidence and public
health. The credit of the government,
borne up on a sea of public confidence,
unaided by any exertiOn of stress or ne
cessity, keeps its promissory demand
notes easily at par. We run no risk in
doing right at this time. But, independ.
ent of the constitution and its limita-
tions, this step Will make assurance
! doubly sure and clinch resumption o
specie payments as fixed fact. The re
peal of the legal tender quality of the
government notes will dismiss and dis
pei the vague haunting fears of a posi-
BILE recurrence of the fluctuations, uncer.
tainties and miseries of deprecated
paper currency. There will be no fur
ther fear of redundance because, if this
resolution is passed, no one can there
after be compelled to accept q currency
deprecated by reason of its redundance
In continuing his remarks Mr.. Bayard
said -
$50 far from checking our current Of
hopeful and confident prosperity this
measure will stimulate aud encourage it
because the only unsound plank will
have been removed and all business will
be felt thereafter to have solid basis.
NOT FoRcIBLE CONTRACTION.
"To repeal the legal tender quality o
the greenbacks Is no measure of forciblt
contraction. 1t does not interfere will
the question of Treasury notes or banl
notes, or the volume of either, nor will
the banking system, but 1t gives the oil
, fashioned democratic bed rock of security
to every enterprise, and insures safety tt
every contract, however long maturing
which has money for its measure. II
other words, this is measure of stablli
,, ty, of honesty and good government IL
the simplest and strongest sense of tn
word. Every industrious and frugal de
, positor in a savings band will feel hi
little hoard more secure and capital will
more confidently venture to extend ilsel
in new enterprises and in loans at low
rates of interest because the principa
will no longer be felt in danger of depre
citation. believe the adoption Of thi
measure worth score of resumption
{ acts, because it is resumption itself.
B. SOME OF THE GOOD EFFECTS.
alt will render the present loose an,
highly dangerous discretion of the Sec
retary of the Treasury in the issue an
[ sale OF government bonds entirely unne
cessary, and allow us to put stop t.
1t. The Supreme Court will no longe
be burdened with the responsible O
declaring the action of Congress uncou
stitutional and calmer and cooler COZ
dition of the public mind will be created
a hold it to be a simple and complete &c
. luton OF our most perplexing affairs"
/. Your correspondent asked Mr.. Bay
a ard How do you think your resolutio
will be received by your party 2. He n
= plied:-
I do not believe that any democrat ga
object to measure so thoroughly cor
4 sistent with every democratic professio
s and if sought for texts of strongest 81
h, preston and most conclusive arRumen
: to sustain the principle of tho resolutio
should look for them in the speeche
= and arguments Of every deMocratl
. leader, without exception, who repre-
u sented his party at the time when re
! course was had TO irredeemable legs
d tender paper money In 1851.
t In conclusion Mr.. Bayard said :-"l
e this resolution Is passed I believe th
j. people of this country can sleep NOR
a soundly and safely and wake up and fin