The New York herald., 1879-12-04
Mr.. Bayard Moves the Repeal Of the
Legal Tender Clause.
BAD OUTLOOK FOR SHERAANS PLAN.
Opposition to Retirement of Greenbacks---
The Silver Question.
An Executive Weakening which
Causes Surprise.
FROM OUR SPECIAL CORRESPONDENT.

FROM OUR SPECIAL CORRESPONDENT
wAsHINaToN. Dec. g. 1879.
THE LEGAL TENDER CLAUsE--MR. BAYARD's
JOINT RESOLUTION FOR ITS REPEAL-vIRws
OF THE DELAWARE NEUTRALITY-SUSPICIOUS. OF
THE MEASURE IN THE SENATE. 'la
The session opens at once. Those who thought
It would lack interest or Importance mis-
taken. Senator Bayard to-day took the currency
bull by the horns. He introduced q joint resolu-
ton the repeal of the legal tender in these
words:-
Resolved. &C., That from and after the passage of
this resolution the Treasury notes OF the United
States shall be receivable for all dues the United
States excepting duties on imports and shall not be
After reissued shall bear this superscription.
The resolution referred. with his consent. to
The Finance Committee. Of which he is chairman,
and it will be considered by that committee prob
ably next Tuesday. Mr.. Bayard is in earnest He
feels the urgent necessity Of passing this
means of safety to the country. and he will
not let it slumber in committee. 1t will be re-
ported to the Senate before the holidays and it
promises to have the support Of all the
cratic Senator'S and Of large number Of the Repub-
icahs.
REPUBLICANS OPPOSITION
It Is curious commentary upon the republican
professions Of devotion to sound currency that
Senator Ingalls, followed Mr.. Bayard by introducing
joint resolution declaring that the legal tender
quality Of the greenbacks ought not to be inter-
fered with. The following is the text Of the
lutton:--
Resolved. &C.. That in the opinion Of the Senate,
the.Present volume of United States notes should
not be reduced, and that said notes ought to con-
TIME to bc legal tender in the payment of debts.
This is the third to the effect from the repub-
hcan side since Congress came together. Messrs.
Price. Of Iowa. and Fort, of Illinois, having offered
similar resolutions in the House yesterday.
MIR. BAYARD RESOLUTION.
Mr.. Bayard said to-day. in conversation with your
correspondent concerning his resolution
II think 1t is q necessary step ut this time It is
just the right time to set the first apprehensions Of
the country at rest vital point. The present
Is an hour OF hope. confidence and public health.
The credit Of the government, borne up on q Of
public confidence. unaided by any exertion of COM
pulsory power, . suggestion Of stress necessity,
keeps it's promissory demand notos easily
st par. We run risk in doing right at this
time. But independent OF the constitution and
its limitations this step will make'sssursnce doubly
sure and clinch resumption of specie payments q
Axed fact The repeal of the legal tender quality of
the government notes will dismiss and dispel the
vague haunting fears of possible recurrence Of
the fluctuations. uncertainties and miseries Of
deprecated paper currency. There will be no fur
ther fear of redundance BECAUSE If this resolution
Is passed. can thereafter be compelled to
cept currency deprecated by Of its redun-
dance.
In continuing his remarks Mr.. Bayard said:-
$50 far from checking current Of hopeful and
confident prosperity this will stimulate
and encourage it, because the only unsound plank
viii have been removed and all business will be felt
thereafter to have solid basis.
NOT FORCIBIE CONTRACTION.
'To repeal the legal tender quality Of the green
backs is no measure of forcble contraction 1t
does not interfere with the question Of Treasury
notes or bank notes. the volume of either,
with the banking system. but it gives the
old fashioned democratic bed rock of security to
every enterprise and insures safety to every con-
tract. however long maturing, which has money for
its measure. In other words, this is q measure Of
stability. Of honesty and good government in the
simplest and strongest sense of the word. Every
industrious and frugal depositor in q savings bank
win feel his little hoard and capital will
more confidently venture to extend itself in now
enterprises and in loans at low rates of interest
because the principal will no longer be felt in
danger of depreciation. believe the adoption of
this measure worth score of resumption acts, be-
cause 1t is resumption itself.
SOME OF THE EFFEcrs
ut will render tho present loose and highly
Treasury in the issue and sale of government bonds
entirely unnecessary. and allow us to put stop to
It.. The Supreme Court will no longer be burdened
with the responsibility of declaring the action Of
Congress unconstitutional and calmer and cooler
sondition of the public mind will pe created. hold
II to be q simple and complete solution of our most
perplexng affairs
Your correspondent asked MIR. Bayard -"How do
you think your resolution will be received by your
party?" He replied:-
do not believe that any democrat can object to q
measure so thoroughly consistent with every demo-
cratic profession. and sought for texts OF strong
est expression and most conclusive argument 10
yustain the principle of tho resolution should look
for them in the speeches and arguments of every
democratic leader. without exception. who repre-
sented his party ut the time when recourse had
to irrcdeemable legal tender paper money in 1861.
In conclusion Mr.. Bayard said:-"If this rcsou-
ton is passed believe the people OF this country
san sleep moro soundly and safely and wake up and
and their property not lesscncd in value.
PROSPECTS RESOLUTION.
Tho prospect is that Mr. Bayards resolution will
have tho support of every democrat with perhaps
ono exception on the Finance Committee and of
era republicans. Tho committee consists of Sena-
tors Bayard. Herman, Wallace. Voorhees, and
Beck. democrats. and Morrill,. Ferry. Jones
and Allison. republicans. OF tho republicans
1t is supposed that Messrs. Jones, of Nevada, and
Ferry may oppose the resolution. Messrs. Morrill,
ahu Aihsoh arc thought safe for its support There
has, however, been no polling of the committee and
It is not impossible that the republicans may de-
tcrmne In caucus to support tho measure bodily
with possibly some amendments At present they
tee themselves embarrassed because "a considerable
number of their Representatives and Senator's
Western mon, arc strongly opposed TO any
action whatever the currency. They say
tho President and Secretary sherman have
put tho party right the record"
that nothing ought to be done at this session of
Congress. The resolutions of Messrs. Ingalls,, Fort
and Price all point in this direction. As to the
democrats Senator Bayard is right in saying that all
their leading record in opposition to
making paper money legal tender, among them
Messrs. Thurman. Pendlcton, voorhees, and others.