New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-03-03
de jurs, and bids them both Good-by and
God-speed.
FATE OF THE FUNDING BILL.

FATE OF THE FUNDING BILL
AT the end of his term Of Office, as at the
beginning, the country has cause to be thank-
full that President Hayes yields the Executive
power. Had q weak man or an untalthtul
man filled that place there would have been
no protection against the worst schemes OF a
Democratic majority in 1877, and no prospect
of ayerting great commercial and industrial
calamities in consequence of the course of that
majority in 1881. Positive assurance that the
President would not sign the Funding bill, it
it contained the fifth section, was given as
early as Tuesday night, and enabled the Re-
publcans of the House to throw the entire re-
spOnslbiity as to the form OF the measure
upon their opponents. That assurance Is re-
peated with still greater emphasis and
weight in our Washington dispatches
to-day. If the Democrats had honestly
desired to refund the public debt at
8 per cent they would have found means to
pass the bill without the Objectionable section.
Events had proved that it would be impossl-
BILE to sell bonds with that section in force,
because of the contraction of circulation and
disturbance of the money market which would
inevitably be caused by its provisions.
1t was known, too, that the section
was regarded as violation OF puoIlc
faith, and as dangerous to the public
prosperity, by President whose signature was
necessary to give the bill vitality. BY cling
ing to the bank plundering provisions, under
such circumstances, the Democrats proved
that their real object was not to refund the
debt at a lower rate of interest, but to get
htr fol- mo
fences. For the sake of scoring a small trick
in the game of partisanshp. the Democrats
were willing to break public faith, to defeat
refunding, and to expose all the business OF
the country to disaster
President Hayes deserves the thanks of the
country for his decision in this matter. Yet it
must be said, in strict justice, that the public
thanks would have been better deserved and
far more heartily given II he had MADE
known his determination to veto the
bill more than a week ago. Doubtless
it would be an injustice to him to sup
pose that he has hestated as to his duty
If he has ever contemplated the signing
of this measure as possibility, the country is
mistaken in its estimate of his lntelil-
gence and cearness Of moral percep-
ton. No doubt he rcfraned from express
sing his convictions through feeling that
it might not be deemed decorous in the Ex-
ecutve virtually to veto bill before it had
reached him. But every objection which
existed to q frank statement of his opinion
week ago existed also yesterday, when the
bill was still under discussion. If there were
any reasons for making known his opinion on
Tuesday or Wednesday of this weck-and
those reasons seem to us strong and conclu-
sive--the same reasons existed for that step
ON Monday of last week, when the violent
contraction of circulation and disturbance OF
all business began. A little lack OF prompt
ness and fankncss here has cost the country
something, and, it is possible. has dangerously
increased the power OF demagoSues to excite
hostility to the National banking system.
The Three Per Cent bill, with the cOcrcive
features. will not become law. Ii no hon
est and practicable reiunding bill can be
PASSED to-day, the question Of an extra
session Of Congress will then be pressing. IN
doubtedly there are many objections TO
an extra session. The President who
will he inaugnratcd Tomorrow. it is easy to
infer. might greatly Iscfer to have n few
months IN which to organize his Administ ra-
ton before confronting INC EiCdI lOop"hSi
hiiics which positive legislation will involve.
Yet the first duty of President and party
alike is to srIvc the country faithfully. II
the public welfare can best be promoted by
speedy action upon the question OF rcfnndlng
and upon some other topics. neither General
Garfield nor the Republican leaders in Con-
sre.s should allow any personal incllnations or
apparcnt interests 10 swervc them from the
discharge Of that duty. In that spirit the
people have confidence that the question Will
bc considered ut Washington, and the public
advantages and disadvantages of an extra
session weighed. The business men through
oul rie country are, not unnaturally, impatient
to have the financial question met ana
settled, and it is compliment to the Rcpub-
lcan party also that there Is everywhere
manifested the utmost confidence that an
extra session controlled Ivy that party would
be- one of practical benefit to the many bust
ness interests which have so long been neg
lcctcd.