The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-02-18
Is 1t q Measure OF Imitation.

Mr.. Fernando Wood complains that the
summary of his proposed resolution which
was printed in our Washington correspond
eace yesterday was not accurate and that
it did injustice both to the measure and to
the motives Of its author. The Commit
tee on Ways and Means, Of which
Mr.. Wood is chairman, very properly
holds it's deliberations in secret, and the
press is always at some disadvantage IN at
tempting to learn it's proceedings. We
often get the substance of what is done or
proposed, but seldom such report as
would be taken by stenographer. But II
Mr.. Wood was not represented with strict
accuracy in the report of which he COM
plains the injustice is repaired to-day by
his enabling us to print verbatim
copy Of his resolution and fa-
voring our correspondent with q
copious explanatory interview, which we
also publish. We are bound to accept MI.
Woods statement Of his motives, and we
give him the benefit of his strong disclaimer
ofany hostility to resumption. But the effect
of his resolution, however he may intend it,
does not essentially differ from tho summary
which we printed in our Washington cor
respondence yesterday.
Mr.. Wood is not hostile to resumption.
but he thinks the coin reserve too large and
desires to diminish it. He would not OBJ.
struct the success of resumption, but he is
willing to make appropriations for other
purposes out of the fund which creates con-
fidence and gives stability to the expert
ment. He thinks it waste to keep so
much money lying idle in the Treasury
drawing no interest, not seeming to consider
that it is held in pledge for the possessors
of the government paper. who consent to
let it lie there on precisely the same prin-
ciple and with the same expectation by
which the holders of gold certificates have
been accustomed to leave their coin in the
Sub-Treasury. It was none the less their
property because the government had the
custody of it. The banks Of the coun-
try could tomorrow take all the
coin out Of the Treasury, demanding
it Of right as their own property in ex-
change for government notes. They con-
sent to let it lie there instead of keeping
it in their own vaults only because the
amount is so ample and because they have
been assured by the Treasury Department
that it shall not be diverted to any
other use. They regard it as their prop
erty. held in trust to meet their calls,
and not as the governments property, to
be disbursed in ordinary expenditures.
But let them once see that it is to be
tempered with, aud they will resolve to
take it into their own custody by exchang-
ing their legal tender reserves for coin re-
serves. The whole banking community
and thowhole commercial community will
be shocked and alarmed if when the ex-
pertinent Of resumption is but six weeks
old. they find claim set up that the gold
they do not draw because they think
it always awaits their call, is claimed by
Congress as fund for the payment Of cur
rent expenses. Such disappointment of
their expectations, which they would inter-
pref as q breach of faith, would cause gen.
eral scramble to get portion of the gold
before it is exhausted.
Besides, it would be a measure Of inAa-
ton. A largo additional amount of money
would be put in circulation. When green
backs are redeemed an amount of currency
is retired precisely equal to the amountpf
gold paid out, which makes no difference
in the amount of money in circulation.
But if the gold is paid out in ordinary dis
bursements it is precisely SO much sheer
imitation.
| The best means of raising the twenty-six
million dollars required for Immediate use
in paying arrears Of pensions is q point on
which opinions may differ without any just
implication of sinister motives. Fit could
be provided by an equitable and expedient
tax that would be the best Of all
methods; but we apprehend that the
session is too near its close for Congress
to agree OH q new tax. There will very
likely be general revision Of the tariff in
the next Congress, and any patchwork
changes meanwhile arc to be avoided if
proper means of meeting the public obli-
CATIONS can be found without this kind of
petty tinkering with the revenue laws for o
transient purpose.
1t has been suggested that q moderate
duty upon two great articles now ON the
FREQ list--tea and coffee-would be an ample
provision for the exigency which has arisen
out of the new Pension law. Such o tax
would have the merit OF simplicity, and it
would no doubt be adequate if the money
was not wanted immediately. But it
views in Congress, and even il il
could be passed in the expiring days Of the
session there would be some reason TO
doubt its expediency. In the first place.
according TO our understanding of tho sit
uation. twenty-six millions or more are
required at once for immediate use /; but O
tax on tea and coffee would not yield that
amount OF revenue ina year. This method,
therefore. even il 1t we're practicable
In aecure ika imme diata adoDtiOn nv Com