Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1879-12-11
WASHINGTON LETTER.

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WASHINGTON, D. c., December s.
The second session of the Forty-Sixth
congress promises to be of interesting
duration. Most members say there is
no necessity Of the session being long,
yet it has been customary, and at this
prelude to great national election
each party will be cautious; and hence
the legislation during the present
term will be the result of caucus de-
liberation. During the past week
scarcely anything has been done, and
as there has been but few committee
meetings, but little has been attempt
ed. Of course the opening day ushered
into the notice of congress
THE PRESIDENTS MESSAGE,
which took the usual course estab-
lished for executive greetings, and will
be duly discussed hereafter. The
financial, Indian Mormon and educa-
tional questions are the principal
features of the message, though the
reference to educational matters and
those of political nature, including
free elections in the Southern states
are among the most important. These
different subjects will occupy no little
time in their consideration, though to
judge from what l hear in and out of
the capitol, the financial question will
be OF paramount interest, both to the
Democrats and Republicans in con-
gress. In reviewing the governments
financial operations of the past year,
and their effects Of the business inter
ests Of the country, Mr.. Hayes vir-
tually opposes the unlimited coinage
Of the standard silver dollar, lest this
metal take the place of gold currency
which, he believes, would thereby
be driven out Of the country.
0fcOurse he heartily endorses Secre-
tary Sherman's funding operations,
paying particular stress to
THE FOUR PER CENT. LOAN,
and in this connection asks congress
to pass anact to have these operations
continued by paying such a premium
for the 5's and 6's outstanding, and to
reach maturity during the next four
years, so that the same may be re-
funded by the government and thereby
save interest. This matter of the re-
sumption of specie payment may
doubtless be the cardinal element in
his great financial question to
be discussed this session. As yet
the exact policy of the Democrats
is not defined; its prophesy is not re-
liable, though frequently intimated.
In this connection unexpected to the
western and southern Democrats was
the inaugural move by
SENATOR BAYARD,
whose " financial resolution " in the
senate has elected very positive opposi-
tion among some Democrats. The op-
ponents of Mr.. Bayard claim that he
we'll knew it would be impossible to
secure the passage of such aresolu-
ton, and even say that united efforts
on the part of Republicans and Dem
ocrats, as indicated by them at the
last session, would prove how vain
were such measure as he proposes.
They, who question Mr.. Bayard's mo-
tiyeS, think he has been prompted by
"Wall street interests" with the hope
of uniting New York in securing him
preferment as the Democratic candi-
date for
THE NEXT PRESIDENTIAL RACE,
believing that the Empire State"
will have the power to enter the
favorite on the track. While your
correspondent in no way seeks to
question the natives of the Delaware
senator, whose views on finance have
ever been up to the requirements
of the most rigid Democracy,
he is not 10th to believe
that Mr., Bayard has, to a great
extent, impaired his strength among
the influential and outspoken
Democratic leaders in the South and
West, whose preference for Presi-
dental candidate will doubtless de-
eide the choice of thenext convection.
Whether this movement by Mr..
Bayard will widen the monetary
breach or result in judicious settle
ment Of the financial question, remains
to be seen. However, the leading
man for Presidential honors just now
is, in my opinion,
SENATOR M'DONALD, OF INDIANA,
a man whose experience in official life
justifes the good opinion accorded by
those who recognize his personal in,
tegrity and6xcellent reputr tion as an
eminent citizen, studious jurist and
judicious statesman. OF all men in the
Democratic party not one could be SC
acceptable to the people, or subserve
more oxcellently the interests of the
nation. Mr.. Mcdonald is not an ordi-