The Portland daily press., 1879-01-07

loans to necessitous customers. Fortunately
for the country Gen. Grant was at the hea of
affairs at that time, and his frmness and self
possession never were more conspicuon sly
shown than in that trying moment. He de-
clined absolutely to interfere in the manner
proposed. He consented to direct that the su.r-
plus funds in the Treasury should be employed
in the purchase of bonds. That he declared |,
to be all that the law gave HIM power to do, |
and beyond that point no sntreates could
induce him to move He returned to the
capital that evening, and the next day
the sub-Tressurer paid out some $l2,00O,0OO
iu currency In redemption of that amount OF
national debt. This small contribution
checked the plague bat did not stop 1t. There
was sudden suspension of trade, and great
falling off 10 receipts Of taxes. The exchequer
was speedily depleted. 1t became necessary to
draw upon the reserve to provide means to de-
fray the current expenses. In this way $780,
600 additional legal tender currency WAS in
terfused With the circulating medium. This
was imitation of very decided character. 1t
produced q marked effect on the stock market,
and greatly stimulated the species Of gaming
which constitutes 90 much Of the business
of Wall Street. But 1t afforded no assistance
whatever to the hapless tradesmen, manuiac-
turers, and holders of encountered property,
whose gigantic burden of debs was weighing
them down. Money soon became superabun-
dant and could be borrowed at extremely low
rates Of interest But its cheapness occasioned
no revival Of traffic. The panic pursued its
devastating course, gathering momentum ia
its sweep, till it overspread the continent 1t
very soon became obvious to every rejecting
mind that II must have it's run out, and that
there was no way Of escape from it,
Congress met in Decem Der, 1873 The MEM
beers were fertile in devisng projects for allevia
ting the general distress. No plan, however,
was formulated into legislative act, until
April. Then bill passed both houses which
provided for large incre ase of paper currency.
This Was critical period. If that measure
had received the executive ssnclion it would
have opened Psndora's box of evils. Gen.
Grant had by this time acquired = thorough
comprehension Of tho snbjectof finance. He
was wiser thsa the majority who controlled
the legislative branch Of the government He
interposed veto. 1t was the crowning act of
the ilnstrious civic career which has laced
him upon the highest pinnacle Of fams ever
attained BY sn American Citizen From that
hour the tide turned. The movement in the
right direction was slow. There were many
circumstances against 1t from those who
dreaded the hardships it entailed too much to
have any adequate conception of the substan-
tial advantages that would acorne from it. A
iresa nostrum was compounded bat when 1t
was found that Grant was iufexible in his hos
tility to every form of quackery, the idea of
legislative tnkering was reluctantly abap-
doned.
At the subsequent session-nine months later
the resumption act was passed. 1t was a
mosaic It had in it featBres of attraction to
the inf ationisss BY which it gained their votes.
aud enough of the hard-monsy men counte-
nauced it to secure its enactment 1t was not
satisfactory as whole to either. Bus the sem
sible and practical mind Of the President saw
in il the promise of resumption at a future
day. For that reason he signed it, 1t certain
~ bad all the appearance of preparing the way
for Unlimited expansion. 1t authorized the
creation of as many banks as capitalists chose
to organize, and for as much currency ss they
wished to issue. There was no restriction up
on the amount. But the law worked great
deal better than it was meant to. There was
30 little demand for paper money that there
was very small chance of profit from increas-
ing the supply. Contraction followed-very
moderately 1t is true, but every dollar with.
drawn was benefit to the people. The infia-
tionists were disappointed and tried to defeat
the part OF the scheme that decreed the ulti-
mate restoration of specie payments. The
Democratic party, with that strange fatality
which for thirty years has always led it to take
the wrong side Of every public question. placed
Its Presidential candidates on an anti resump-
tion platform in 1876. Happily they were de-
feated. Efforts to repeal the act have been
bafled, and now we are just beginning to en-
Joy the benefits which have at last rewarded
the patience and fortitude with which five
years Of continual tribulation and financial
disorder have been borne. In the cheerful
faces of the multitude who encounter each 9TH
or in the msrts of traffic and upon the streets
Of the city one can readily discern the evil
dencas Of renewed confidence aud hopefulness
The feeling is almost universal that the coua.
try is at the threshold of a grand aud prosper
GUS career; that enterprise will have free
course; that capital relieved of the distrust
which is inseparable from q deprecated and
fuctuatiug currency, will be poured into all
the channels that invite it with assurances of
safety and remuneration; and that the indus
tries of the land will be quickened into new
life and vigor, promoting individual thrift and
augmeusing the. national wealth.
YARMOUTH.