New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-01-27
FyyAyCLlL tREsrES ~ CONGRESS.

FINANCI1L III RFNitS ~ C0NGNESS.
The defeat Of Judge Buckner's bill, and the
slender success which other financial PROPOSE
tons have met in the House thus far,
show TINT the Fall elections were not with
out effect. The Greenback and the repudiae
ing Democratic members came back to Con-
gress. IA WAS natural, with loud threats that
they were going to do great things, but their
ardor was partly feigncd, and has gradually
cooled AS they have become better acquainted
with the effect of the elections upon the minds
of other members. They mean 10 do all the
| mischief they can, no doubt. II il ever be-
comes possible they will strive ms earnestly as
ever TO defeat resumption, to break the public
credit by new issues of greenbacks, and TO
make effective war upon the National banking
system. The financial heresics which rule the
minds of the sincere but fanatical element are
AS strong as ever. The rebel and repudlating
spirit which moves another and larger element
is as ugly and vindictive rs ever. But there is
no strong hope of success IN immediate effort.
The election has made Mr.. Wattersou's devil
very sick, and "whcn the devil was sick, the
" devil monk would be-"
So much the votes of honest and true
hearted men last Fall have accomplished al
ready. They have rendered the present sue
cess of any mischievous repudiating scheme
80 doubtful that even the widest fanatics
hesitate to stir. In the House, the number of
members who dare to support sOft-money
measures has diminished men who believed
their constituents demanded such measures
have been taught that those constituents
would condemn and punish them Not few
members. both of the House and of the Senate,
who were wilIiaN enough to go with what
seemed TO be the stronger party, and who were
among the loudest in roaring at the last ses
sion, have taken lesson from the triumph
of Garfield, apd reflect that the fate of Thur
man may be their own. Behind oil, too, is
the veto power Men know that the President
would be disposed to stand firm for the right,
and they feel that the elections have given
incaculable encouragement to him and to his
Cabinet in resisting every measure, even of
doubtful soundness or fidelity to the cause of
public faith.
Is the struggle over then7 BY no means. IL
has only been deferred. SO long IA the legal
tender quality remains in the United States
notes, 80 long there will be n constant desire
10 expand ,he circulation. and thus to break
the credit of the Government AS long as the
possibility of indefinite expansion remains,
which the legal-tender quality gives, those
who hate tie National banking system will
feel that they can well afford TO assail It, and,
if possible, to wipe ont its circulation. If, by
direct or indirect methods, they can sweep
avav the bank circulation, they can then de-
mond n new issue of legal-tenders as neces-
gary 70 the business of the country. The I'M
mediate point of effort will be the Presidential
election for. with a sound and loyal man IN
the Executive chair veto would surely meet
any measure of dangerous character, and there
il no probability that a twO-thirds vote can be
secured in both houses to pass such
measure over Veto Until tho Fu-
sion party can elect President, il
must wait perforcc. 1t it can once
carry that fortress Of National honor, the
White House, there would soon be found
prophetic wisdom in Mr.. Watterson's warning
TO holders of bonds TO make terms before
- the devil il loose"
It is not impossible, too, that n year of in
dusrial misfortune may come. Crops may
fail. Gigantic speculation may push prices
so far that sudden and general revcr,cs may
come, which, though temporary, might quickly
change the public feeling with reference to
resumption. For such IN opportunity the
enemies of the public credit are waiting. and
n It should come they would be swift to re-
new their assaults. But if the condition OF
industry aud business continues good, there
Is 10 prospect that II serious effort to do mis-
chief will be made until the obstacle at the
White House has been removed. In the
meanwhile the Democratic party will talk
softly, and encourage 10 determined attack
upon the public credit. But It's real split and
purpose will be shown by its growing close