New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-12-05
MR.. BAYARD,s RESOLUTION.

Senator Bayard has borrowed the chief
financial recommendation of Secretary Sher
man. His joint resolution offers Republican
measure which the Republican Secretary of
the Treasury officially recommended, and
that official has much better right 10
speak in behalf of the Republican party with
regard to financial matters than Mr.. Bayard
has to speak for the Democratic party.
Members who hesitate may well remember
that Mr. Sherman knew what the Republican
party would sustain in 1875, comes from "a
Western State. and is shrewd and expe-
renced man. Republicans who oppose 1t and
Democrats who favor it may rs well expect
to see it accepted as Republican measure
by public opinion. In all probability it will
be opposed by n majority of the Democrats.
If beaten, it will in all probability be beaten
mainly by their votes, and in spite of the
support of large proportion of Republicans.
Why should discussion of this measure be
deprecated ? The Republican party can only
gain by discussion of financial questions. 1t
is true, there are foolish men and divisions of
opinion on both sides. But the Republicans
in Congress will make it PLAIN that they differ
as to methods only, not as to objects. They
have no grudge against men who helped to
put down the rebellion by trusting the Nation
in its time of peril. The discussion will do
good 1t will show the country why the
Democrats are divided; that there is spirit
of disloyalty and reputation among them !;
and that the Republicans, whatever their Off
ferences as to methods can be counted upon
to resist that spirit TO the end
Either in the form suggested by Secretary
Sherman, or in some other, this measure
ought TO pass. There must be unhealthy un-
certainty as TO the stability of the present
currency until the decision of the Supreme
Court has been reached. That decision, beyond
reasonable doubt, must be with those who
insist that q reissue of legal-tender notes,
the emergency which warranted their original
issue having passed, is unconstitutional.
Former decisions make 1t very doubtful
whether even a considerable minority of the
Court will favor different opinion. Yet
such a decision, necessarily coming without
warning and taking effect at once, must
create great disorder. All practical men
know that an unexpected decision of such
character-men being very apprehensive as to
the immediate effect-must be far more dlsas-
trous than similar change, required after de-
liberate discussion by Congress, to take effect
at a fixed future day. Republican members
have no right unnecessarily to expose the
country to such disturbance of its trade and
industry.
Resumption ought to be completed, rs soon
as possible. by removal of the forced
loan quality of the currency. The time
is peculiarly propitious, financially, indus
trially, and politically. Within a year, good
crops in Europe, bad crops here. or an ex-
cessiye advance in prices here may change
the balance OF trade. To-day gold Is flowing
in, fIOm the overcrowded stores of the Old
World, in vast volume. If We sustain the
public credit, and check unnatural advance of
prices by placing commerce and industry I'M
der the restraint of those laws which govern
the worlds exchanges, we may expect that
the flow of gold hitherward will continue
But hesitation by the Nation will create
doubt by its creditors. We shall have cur
rency enough. long as the circulation OF
United States notes depends upon 10 arbi-
trary regulation, but upon the preference Of the
people for Government notes instead of the
coin which they promise Such currency Will
stand without depreciation. so long AS the