National Republican. (Washington City (D.C.)) 1872-1888, 1881-02-23
Is President Hayes a Bear 2

The bears Of Wall street, whose busi-
ness it is to make Government securities
cheap by all sorts of discouraging predic-
tions, are receiving much aid from those
| who should remain silent if they cannot
share the confidence of Congress in the
ability of the Government to place the
| three per cent. bonds contemplated by the
refunding bill. OF course it was the duty
of every legislator to vote for the lowest
rate of interest at which he thought our
bonds could be sold at par. 1t was
equally his duty to vote for rate of in
terest high enough to produce that result.
There was naturally difference of opin-
ion as to what rate should prevail.
But now the rate has been determined on,
the billissure topass, and the universal un-
derstanding is that the President intends
to signit. Ifhe intended to veto it, it would
be right forhim tofreely express the opln-
ion that three per cent. bond would not
sell at par It could not hurt the Govern
men to pronounce three per cent. too
low, if he should at the same time, by a
veto, make so low rate of interest I'M
possible. But it is most extraordinary
that the President should intend to sign
the refunding bill and yet give his
great influence TO the bears of Wall street
by declaring that the Government cannot
borrow at the rate fixed by the bill.
Yet heis accused Of this most pernicious
conduct in the New York Tribune. A
Washington respondent of that journal,
having visited the President, gives the
following report of what he learned:
The President was studying the provisions ofthe
refunding bill, and was reading the debates upon
it, He expressed no opinion which would give
reason 70 expect that he viii veto it, but he was
strongly ofthe opinion that higher rate of inter
est would be preferable, and thought that the fifth
section contained some very mischievouS posi-
bilitieS. His visitor gathered an impression that
while the President would much prefer different
BILL he would yield 10 the opinion of Congress and
give the measure trial.
As the bill is to become law, we hope
the President is misrepresented in the
Tribune. He will not be credited with
ordinary good behavior, much less with
wisdom or patriotism, if he shall try to
injure the funding operations Of the Gov
ernment by croaking predictions Of their
failure
The President may find it well, perhaps,
to be little cautious how he confides his
hopes and fears to representatives Of jour
nails of SO commercial character that
when the street" conflicts with Govern
ment interests they are with and
of the former. 1t is to be hoped
that neither under this nor the in
coming administration VIII any news
paper be able to injure the public in
terestS by seeming to have high official
authority for antagonizing them with pri
vate' interests. Should any newspaper
impudently attempt this confidence game
THE REPUBLICAN will, like faithful SEN
tinel on the watch-tower, sound the alarm.
The inquiry at the head of this article
is one we cannot answer. We wish We
could. If any representative of the
New York Tribune has placed the Presi-
dent in false position, by misstating
his expressions, he ought to be re-
quired to undo the wrong. If the Presi-
dent is not misrepresented in the report
of the Tribune, above quoted, then he is
guilty of an offense against the financial
interests of the nation, not unlike the
offense of discouraging enlistments in
time of war. To predict failure is to pro-
mote that failure. What would have been
SAID OF MI. Lincoln IL IiS IIau opposed
measures after they had become laws,
and branded them with cold contempt
by saying he would give them " a trial"