New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-12-02

| net because nc n1s Dccu uosh So"''
effective in advocacy OF Repubhcan prin-
| ciples
| The possible retirement of part OF inc
grcenbacks causes some needless disquietuue
| In business circles. Ii is hardly worth whhe
| 60 consider whether retirement Oh part OIL
the leeal-tcnder circulation would be desirable.
If anything can with safety be predicted as
To the action of q Democratic Congress-
it can safely be said that it will not pay any
attention TO suggestions, however wise, WHICH
look 10 a reduction OF the paper circulation
There may be much question among inteih
gent men as TO the wisdom of such step at
this time but there can hardly be any aues-
ton rs to its impractcability.
IL ia urobable that the case now before the
Supreme Court, which Representative emit
tenden and General Butler have caused to he
submitted, viii elicit a final decision OF the
Court as TO the constitutionallty or the
reissue OF legal-tender notes In time OF
peace. But it does not follow. II 1t
should I've decided that such reissue IS
unconstitutional. that the notes would pass
ont OF use. They circulate to-day, not be-
cause they are n legal-tendeT, but because
they are redeemable on demand in gold. The
power Of the Treasury to issue aud
reissue such demand notes, redecmable
in coin, is not disputed. So long as
the Treasury yIaintains payment ON de-
mand, and shows ample power to redeem
any notes that may be presented, the legal
tender quality is of no practical consequence.
Nor would the withdrawal of that quality
cause any change in the public confidence that
the Treasury can and will redeem its notes In
coin on demand.
| There is a strong influence which constantly
urges the withdrawal OF curtailmert OF the
legal-tender circulation. In part, this concerns
only those notes which possess the legal
tender quality and would therefore cease II
! that quality should be withdrawn. But in
| part, Also this influence aims at the withdrawal
of all issues of circulating notes Ivy the Gov
| eminent, either to leave the field more free
for the banks, or to make room for cireu!a-
ton of different character. The one thing
certain is that this Congress will not be as
posed to give monopoly of the circulation
to the banks for the National BANK
! ing system has been so grossly misrep-
resented. and is so generally misunderstood, that
some Republican and nearly all Democratic
members will oppose any measure calculated
| 10 increase its control over the currency
Contraction of the paper currency, too, il Is
probable TINT the present Congress will not au-
thorize. and any expansion or initiation, 1t IS
safe to say. the President viii be able and
| ready TO prevent.
Perhaps il is fortunate for the industry ami
| the business of the country that no legislative
change in the financial situation is probable
| The system which we have works well. Re
sumption has come without strain, suffering or
disturbance. II has brought countless blessings
in its train revival of trade, increased employ
ment of labor, greater confidence of capital, aud
immense imports OF gold. The wonderful i'm
pfovement in all branches of business Is now
: felt in every State. Politicians have fought
against it in vain. knowledge OF that i'm
proyement has helped the Republican party
greatly in the recent elections, and If Is
doubtful whether any good could now be done
| by effecting "a speedy change IN the
character of the currency. ii the Democrats
or any class of spectators are looking for
any such change, il is probable that they
Will be disappointed