New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-12-26
GOVERNMENT NEWS.
MIR. HAYES FIRM on FINANCE.

sary in order to attract foreign capital TO this
country. Secretary Sherman says that he has
no intention of Offering four per cents for sale
while legislation is pending in Congress. Ex-
Congressman Rainey declares that the he
pnblicans of Virginia have acted with the Re
adjusters this year because the struggle has
been to them a matter of political lie or death.
Petitions still continue to pour into Washing
Ton in regard TO a great issue OF legal-tenders.
THE PRESIDENT on FINANCE.
HIS POSITION UNCHANGED--HIs VIEWS WITH RIFF
rRrNcE To THE NECESSITY OF SOUND LEGisLA-
lion BROAD AND COMPREHENSIVE.
rrRou rae REGULAR CORRESPONDENT OF THE TRIBUNE
WASHINGTON. Dec. 25.-Before leaving Washing
ton for the holiday recess the Western Republican
members of Congress partially recovered from their
excitement over the financial recommendations con-
famed in the Presidents message and the report OF
the Secretary of the Treasury; and by the time
Congress reasSembles the party favorng a " let
well enough alone policy will probably be weaker
and less demOrstrative than it has been. But
whether there is change of sentiment sufficient TO
cause legislation on the subject not. discussion
of il is now generally admitted to be inevitable, and
the Republican party will enter upon II with the
advantage of being committed, as far as the Admin
straton can commit the party to anything. to the
only sound and wise policy.
Probably no part of the Presidents last message
was the subject of so much careful thought before
il was written as that relating to the currency
and the passage recommending the repeal of the
legal-tender clause of the law and the gradual re-
firement of tho greenbacks would unquestionably
be placed in the message if it to re written to-
day with full knowledge of the criticisms 1t
would provoke.
Tho President takes very broad view OF the
whole financial problem. IN q recent conversation
on the subject Mr. Hayes referred at some length
10 the fact that throughout the whole commercial
world there is great lack of opportunity for the
safe investment of capital, and that moneyed men
in the leading nations of Europe arc looking to the
United States TO use their surplus funds. On
the other hand, with our almost bOundleSs and
only partly developed natural resources,
we need this surplus foreign capital to as
sist us in setting foot new agricultural
commercial, manufacturing and mining projects.
The principal obstacle 60 the rapid influx of this
much-needed capital into the United States in the
past the President thinks, has been lack of conf
aence in the safety of investments; bat this ais
trust has now in a measure been removed. chiefly
By our success in resumng specie payments and IN
rounding so large portion of the public debt In
bonds bearing low rate Of interest both
If which have been accomplished with
out the aid of any recent legislation by
Congress. but by the frmness and courage of the
Administration in the execution of the laws which
II found already the statute-books. Foreign
capitalists Judge of the safety of investments in
private or corporate enterprises in this country par
tally by the public policy of the Government If
they see the Government scrupulously honest in It's
dealings with its creditors, and promptly meeting
its obligations, they conclude that the people who
made the Government. and by their support made
an honest public financial policy possible. will also,
as rule be honest in their private dealings.
The effect of the stand which tho President and
Secretary of the Treasury have taken upon financial
sentiment abroad will therefore he good even if
Congress does not act in accordance with the wise
Recommendations that have been made. This was
matter of prime consideration with the President
ia preparing the financial part OF MS message. he
looked beyond the effect which 1t might have on
the fortunes OF the Republican party talthough he
believed that II would be beneficial TO theml, TO the
great aud permanent material interests OF the coun-
try, which he hoped TO promote by the stand which
be took. .
The President thinks that he had no right to an
ticinafe that h recommendations would not meet
with the approval OF majority of the people OF the
country The reiunding operations ana the prepa-
raiions for resumption had been opposed in Con-
gress and by portion OF the press OF the Cmteu
States; and whether the Administration should be
sustained not in what II had done was one oil rhe
effect of those elections, tho President claims,
was among other things, an Endorsement OF the
financial policy of the Executive and he believes
that he was justified in the assumption that, the
steps already taken having been approved the next
step in the Teest Adjustment OF SOUND financial prn-
cipies would also be sustained
Finally, if nothing is done during the present
session of Congress- the President will be gratlhed
II his advice only stimulates popular discussion, for
that nc is confident, will in the end lead TO the de-
erred results. L. L. W.