New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-10-29
SPEAKER RANDALL ON FINANCE


SPEAKER RANDALL ON FINANCE.
The Democratic meeting on Thursday night
! would have been quite unimportant but for
the speech of Speaker Randall. In the main,
the speech was i'll no way pertinent to ques-
lions before the meeting, but it threw much
light upon broader and more important
question, namely, in respect to the purposes
and temper of the Democratic party in the
Nation. Mr.. Randall is one of the very few
men who have some right TO speak for that
party. He has repeatedly shown that he
knows what it wants and means to do and
has been in the right when nearly all the
other leaders of the party have mistaken its
purpose and spirit. Often it has seemed al
most incredible that the party could be so
completely in the wrong, so blind, and fatuous,
and stupid, as Mr. Randall represented it to he.
Yet it came to pass i'll the end, that reason
able or self-respecting Democrats, who had in
dulged belief that the party would prove
sensible or decent were forced to admit that
they had been entirely mistaken.
Mr. Randall began by discussing National
finances. If there is any subject upon which
the Democratic party ought, for very shame,
TO be silent forevermore, it is this. Yet, so
blind is that party, and so insensible alike to
public opinion and to public honor, that it
persists i'll thrusting forward its dishonest or
destructive schemes at every opportunity. Mr.
Randall fairly represents it in this matter. He de
nonces President Hayes for arresting by his veto
the most mischevous and dishonorable meas
ure that Congress has passed for many a year
the Carlisle bill of February last He declared.
with shameless ndecency, that the President
therein committed great public wrong for
fApN-p IN linton W ,
to pass that bill again. This, then, is to be
the aim and temper of the Democratic
party in Congress this winter. 1t in
tends to wrong and rob public credit
ors, if it can; to destroy the National
banking system, if it can to create violent
monetary panic, and consequent prostration
Of industry; to force public creditors to accept
three per cent bonds in satisfaction of their
claims, even though, at this very time they are
voluntarily surrendering three and half per cent
bonds at par by the millions because money is
worth in the market higher rate of interest l. il
not strange that conservative and honor-loving
citizens show growing distrust and detcsta-
ton of such a party
Tins is Mr.. Randalls idea of the Democratic
policy. He may be in error, but he knows
the worst OF his party at least as well as any
BODY else. The country rejOiced and the
whole world wondered at the splendid achieve
| T1ent of a Republican Administration last
spring. remarkable prosperity followed the
violent shock which Democratic folly had
caused i'll February. Practical business men
realize that the refunding of the five and six
per cents was wonderful feat, such as no
other Nation has ever been fortunate
enough to perform, and that the OK
tended three and half per cents constitute
by far the most desirable form OF in
debtedness for the Government that has ever
been devised in this or any other countrv
Yet MI. Randall, and the Democratic norty
we may presume, intend to sweep away tbis
most advantageous form Of debt, if they con
and to substitute for it another which
would be intellectually worse for tbe Gov.
ernnment 1t may be doubted whether onv
practical iinancier can be found who ,yould nat
pronounce the option of payment at its own
pleasure worth far more to the Government
than one-half of / per cent interest vo,rIv
But the measure was not one of Democratic
origin. 1t does not destroy the BANKING svs-
TEN. 1t does not wrong the public creditors
Therefore, and apparently for no other reason
the Democratic party seems likely to make a
desperate effort to overthrow it.
Day by day we have new evidence that tbe
ucicat Oh inc democratic party mt the last
election was very fortunate for the comirv
But circumstances have caused several vacon-
cies i'll Congress, and it is the hone Of tho
Democrats that they can. carry the districts in
which special elections are to be held In
that event the balance of power might rest
with few Greenback members, whose ex-
IRENE ideas i'll respect to financial MAT
tiers the Democratic leaders would will
ingly accept, if thereby control of
the House could be wrested from tho
Republicans. bank destroying and creditor-
plunderng campaign is to be expected This
winter, if the Republicans neglect to do tboir
duty i'll the election of Congressman to III
vacancies. Great mischief would be Jone Nv,
such an agitation, even though veto Inv the
President would surely prevent any da,trerous
or dishonorable change in our financial system
The only way TO prevent winter and snring
OF alarm, excitement, uncertainty, stacnaton
III business and injury to the public credit is
to take away all power to do mischief from,
the reckless demagogues whom Mr.. Randall
represents.
IRiGUTENED RY TTyF FvpuNcr