The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1879-12-04
SPIRIT OF THE PRESS. g
The English Papers Of This Morning.

The Commercial says: Here are over
three hundred millions of dollars of
greenbacks in circulation. The line of
safety, in the reserve of precious metals to
maintain this scrip at an equivalency with
coin, can not be below one hundred and
twenty five millions. We might do it with
one hundred millions of gold and twenty
five millions in silver. Now this mass of
precious metal excites the imagination OF
the great internal improver of his
country, and he Immediately wants
to invest vast sum in some such
internal swindling scheme as that associ-
ated with the levees of the Mississippi.
Government should get out of the banking
business. 1t should issne no paper money
other than certificates of coin on deposit.
The banks should do the banking business.
They shOnld issue notes based ON bonds. as
now, and their reserves should be in coin;
and there should be gold and silver, and
not rags, in tie pockets of the people,
General Burnside is greatly concerned lest
some foreign power should take hold of
the scheme and build a ship canal right
across the Isthmus of .Darien. For our
own part we should not be unwilling to
hear that any foreign Government, or
any combination of foreign capital
lists, had undertaken the job of con-
structing this inter-oceanic ship canal. Nor
would it arouse National jealousy. The
Nicaraguan Government. in granting the
right of way. will be certain to negotiate
for international privileges. and insist that
the shipping Of all nations be put on the
same footing when on transit from one
ocean to the other. In case of war with a
foreign power, our Government would not
wait the slow process of shipping troops
and supplies by way of the isthmus to
any point of danger. They would be
sent across the continent BY rail.
We see no reason. therefore, for
solicitation, no matter who undertakes this
enterprise. thirty-fve vessels in COM
mission, twenty that can be- made ready
without DELAY in an emergency, sixteen
that can be put in condition for sea service
in few months, four monitors, and as
many powerful tugs and other ships, max.
ing eightv-one vessels Of all classes, Go
lumbia, the gem OF the ocean," has fairly
staunch and tight little navy. There is no
prospect. so peaceful are our foreign rela
tiOns. that there will be any extensive use
of ships of war for years to come.
The Enquirer says: 1t looks now q,
tuOukH IldlSttdN OI
would get the English Mission. OF course
this would require Noyes' resignation and
return to this country from Paris. Bnt
then Noyes could run for the Senate while
Garfield was put off again with the prom
ise of the Speakership Of the House
ator Bayard yesterday introduced in thu
Senate a joint resolution providing that
from and after its passage Treasury notes
Of the United States shall be receivable
for all dues tO the United States ex.
ccpting duties on imports, and shall not be
otherwise legal tender, and any OF said
notes hereafter reissued shall bear this SD.
prescription" This is the bid which Mr..
Bayard puts in at the opening OF this ses.
sion of Congress for the Democratic Domi-
nation for the Presidency. He joins Sher.
man in the work Of demonetizlng green
backs, when Sherman, in taking this posi-
tion, had kindled the wrath even OF bis
own party in Congress and out Of Con
gress;; when the people, even the Republi
can people-the people of the party OF the
money power-had risen up against the
Sherman.Hsyes doctrine. Bayard ha,
chosen to array himself against hi.
own party and half of the other party
Bayard is down and out.--There are now
in the United States about eight hundred
potteries, with a capital of $500, 900, EN-