The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1879-12-11

SENATOR BAyARD's resolution is the
subject of much dIscassion At Wash
ington. While there is no pronounced
objection to the repeal CT the legal ten
der act as q Democratic measure, a
good many of the Western and South
ern members think it fails to cover the
whole ground. 1; is alleged
that such q repeal would
drive greenbacks out of circulation,
since the national banks would refuse
to take them either on deposit or in set
Element Of obligations, thus retiring
and, as it were, canceIing these obliga-
lions of the government. Such views
are entertained By some of the Demo-
crats, and it is insisted that Bsysrd's
proposition would be incomplete if un-
accompanied with legislation that would
prevent Sherman and the banks from
putting greenbacks in the same CATEGORY
as they have placed silver dollars.
While Democrats disagree about the
perfect propriety of Senator Bsyard's
movement, 1t is said Republicans, as
politicians, look upon it with alarm.
1t was upon the contemplation of this
very subject, q few days ago, that the
New York Nail declared the contrast
between the course of leading Repub-
licans and that OF Mr.. BAyard not
pleasant one. 1t says:
1t is because the Republicans have,
on the whole, adhered to sound and
honest doctrines on the currency that
they have held together as party. ''The
bloody shirt" alone would not have
been sufficient. And it is singular that
a Republican executive has constantly
had to fight the fears and prejudices
of Republican leaders in Congress.
When Grant vetoed the currency bill,
in 1872, q majority Of the Republican
leaders were scared nearly out of their
wits. They believed 1t would break
up the party. Morton, and Logan,
and Ferry, and Carpenter, were then
as anxious to straddle on the currency
question as Carpenter, and Fort, and
Price are now. Grant, resisting
fearful pressure, did what he
believed was right and trusted
to the good sense and honesty of the
Republican party. His frmnes, was
the turning point in the history OF the
party, which from that day became
more and more the bulwark of the ma
tional credit, and the only party entl-
tied to the confidence of the business
interests of the country. Hayes has
been as firm and straightforward as
Grant was. He has "held the fort" |
against every onset from without and |
in spite of all manner of dissensions |
and treachery within. The confidence
in the financial policy of the Admins
trstion has alone prevented the |
party from going into |
q hopeless minority. II is sick
enening to find that, after all that |
has happened, the leadership of the |
President is secuted, and the prestige |
of the party as the supporter of sound |
principles of finance is wilfully thrown |
away. And simply because the Presi-
dent proposes that the United States
shall no longer exercise the war power
Of taking the property of the citizen,
as it exercised the war power of taking |
his person. The legal tender quality |
Of the Greenbsck is the correlative OF
the arbitrary provisions of the con
scrIption laws. Both rested on the same
ground of necessity. Neither can be
enforced in time of peacs without vio-
lating the Constitution, the spirit OF
our institutions and natural rights. The
greenbacks, without the legal tender
clause, will be as good as gold so long
as our legislation and the laws of trade
allow. As such they may be maintain
I'D for some years longer, until the
people get educated to the point of see
ing that the making of paper money Is
one of the most dangerous things that
ian be done by government like ours.