The Portland daily press., 1886-07-15
DEMOCRACY ARD THE PUBLIC
HREntT

The bill to reduce the surplus in the treas
ury to 100000, 000-that is to the amount
fixed for the redemption of the Green
back currency is receiving Democratic
support for two reasons. A part of the
Democratic members endorse it because
they believe it to be the true policy for
the government to adopt Another part
supports it simply because they believe that
there are votes in it. The Democratic party
on financial questions is a house divided
against itself, as indeed it is on almost all
questions. While its eastern leaders are, as
a rule, sound ON finance, its western and
southern leaders are still imbued with
the financial heresies absorbed from the
Greenbackers. The policy OF President
Cleveland and Secretary Manning in the
management of the finances has never COM
mended itself to the majority of the party in
the West and South, and even in the East a
considerable minority has protested against
against it. Senator Beck probably fairly
voiced the opinion of the majority, when,
early in the session he accused the President
and the Secretary of the Treasury of treach-
cry to the financial views of the Democracy.
and of surrendering to the gold bugs" and
money sharks of Wall street. A consid-
cradle proportion of the Democracy believe
today that the fund to redeem the Green
backs is superfuous, and that the Greenback
would maintain their value just as
we'll without it, and that it ought to be dis
tributed among the people. The representa-
tives of this part of the Democracy are
supporting this bill to reduce the surplus,
because they believe in it, and therefore are
supporting it honestly.
But there is another part which knows
that the inevitable result of the bill should it
become a law would be to impair the public
credit Eventually it would accomplish one
of TWO things. 1t would either compel the
Treasury to pay the interest on the bonds in
silver, which would be partial reputation.
or to substitute silver for portion of the
gold now held to redeem the greenbacks.
This of course would send the greenbacks,
down Immediately, and every holder of them
would be swindled out of the amount of the
depreciation of those in his hands. But the
Democrats who know better have surren-
dered to the Democrats who do not know
any better, simply because the latter are the
more numerous. A campaign is upon them,
and the dissatisfaction which President
Cleveland's correct financial policy has ere
ated must be atoned for in some way for feal
of loss of votes. Hence nearly all the Demo
cratic members of the House have committed
themselves to this scheme, which part Of
them know can only be productive of disas-
ter. Luckily the bill can do no harm, be-
cause it cannot become a law. A Republican
Senate and President who, to his credit he
it said, has firmly resisted his party and kept
in the straight and narrow way ON financial
matters, spite of the coaxing and threaten
hing of his POLITICAL friends, stand ready to
strangle it. But though it cannot become a
| law, it serves to illustrate inst as well the
| ignorance and dishonesty of the party that
claims to be the party of honesty and re-
| form. 1t shows its tendencies and what may
| be expected of it if it should ever have con-
| troll of both Houses of Congress with man
after its own heart in the Presidential
L. =.