The Portland daily press., 1879-12-10
The Financial Question

The bills introduced or proposed by Con-
gressmen concerning the finances attract
considerable attention and afford the cor
respondents columns of gossip. Thereio no
probability that any bill now discussed will
become law this session. In neither party
is there unanimity of OPT ion on the projects
broached, and we are so near Presidential
elec ion that the favorers of no one scheme
suggested are likely to break away from par
ty. The lines will be drawn close, and strag-
Cling will be held in disfavor.
1t would be well, we believe, to deprive the
greenbacks of the legal-tender quality, as
recommended by Secretary Sherman and ad-
vocated by Senator Bayard. There is no
longer reason why the Government should
continue to impose forced loan upon the
country. 1t ought to take its own notes in
discharge of debts due itself, but it should
not compel its creditors to accept those
notes, and should pay them in the only
money recognized by the Constitution. 1t
should also make provision for the gradual
retirement of those notes. But such
course will not at present meet the approval
of the representatives of the people, and
very likely is not desired by the people
themselves.
In truth the people are tired of currency
agitation, and exhausted by the long struggle
for specie payments that has just come to an
end They want a breathing spell. They
have not yet come to see the dangers which
many men who have made thorough study
of finance believe to attend the use OF Gov
ernment currency like ours. It will take
some time to interest them in the question,
and until the people take up the subject in
earnest Congressman will have little heart
for action. Considering the probable course
that would be taken by this Congress it is
quite as well that action should be deferred
The introduction of bills is good thing 1t
directs the attention of the people to the sub
iect and sets them to thinking Thorough
discussion of the question is just what is
needed, and when public interest is once
aroused political parties will take issue. As
to their attitude when they do take posi-
ton there can be little doubt. Many
times before the Republican party
has been divided in opinion as
to the proper action to be taken in regard to
the currency. Discussion, sometimes bitter
and angry, has followed, and the outcome
has been that the wiser cognsels have pre-
vailed and the party has ranged itself as one
man on the side of financial right and honor.
We Republicans have nothing to fear from
further discussion. As heretofore it will
strengthen the right and unite the party in
its advocacy On the other hand the De-
mocracy, if we may judge by its
later history, is pretty sure to get
on the wrong side of the question.
That side has sometimes at first seemed the
winning side, but the espousal of it
has always brought disaster TO the party
thus misled. Unless the Democracy bellies
its record it will be found defending the
worser cause. The bold attempt of Senator
Bayard to set it on the right track will result
in failure. 1t has been tried by Democratic
leaders before, and the outcome has invari-
ably been the surrender of the leaders, not
the conversion of the party.