New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-07-26
FTVANCIAL MEASURES.

The Senate passed the Sundry Civil bill on
Saturday, but not with the small notes provision
AZ il came from the House. The changes are
important. The small silver certificates arc to
be issued only upon the same terms precisely as
tie other certificates now in circulation, and
not "upon all silver in the Treasury" but at
tho, discretion of the Secretary as to amount,
and only upon deposit OF silver dollars or in lieu
of certificates of large denominations already
issned. If the email silver notes were liable to
ccsne back to the Treasury quickly III payment
of duties as other silver certificates do, the Issue
would only cause iscreased embarrassment. But
it is supposed that ST., 100000 OF them, more
or less may be absorbed into permanent clrcua-
ton in place of legal tenders withdrawn. ms
NAV prove the fact, but there is probability
that these notes will only displice the increased
amount of standard dollars which has been
brought into circulation by withdrawing the
small LEGAL tenders. If the standard dollars go
back to the Treasury, and the small silver notes
take their place in actual circulation, the Treas
uly will gain nothing by the exchange, though
the people NAV be more conveniently supplied.
The vital change made by the Senate was i'll re-
ouiring that the small notes should only be is
sued as other certificates are, on deposit OF silver
dollars, and subject to the same conditions as
to redemption.
In conference on Saturday. Republican Sena-
tors did not finally decide upon the form to be
given to the Morrison resolution, but it is be-
lieved that it will be 90 changed as TO protect
trust funds from use, and to allow a considera-
BILE margin of discretion to the Secretary as to
the amount of surplus to be held, between
$11O 200, 900 and $l35, 00G, 900, for example.
Undoubtedly the resolution would be much less
dangerous in that form than as it came from
the House it would not entirely deprive the
Secretary of discretionary power which may
be of vital Importance to the Govern ment an d
to the country, aud it would not give excuse to
any future Secretary to pay out the trust funds
in redemption of bonds But 1t would be still
better if the Senate would kill the resolution
outright. 1t is nothing but political trick, In
the warfare which the Democratic party is
waging against its own Administration. and
Republicans may well refuse to be used in that
quarrel by their opponents.
1t is encouraging that there is little prospect
of the passage of this or any other dangerous
measure at this session. The determined OPP
position of only few Senators can stop meas
u,e, when the time fixed for closing the session
is near at hand, and there seems to be no rea-
son to fear that any financial measure can be
passed over the Presidents veto. But what a
melancholy result, after all, for the trst session
after the return of Democrats to power. They
came In with high hopes and large promises.
They were going to show the country that the
Democratic party did not deserve the public
distrust; that it would not impair Ethe public
credit, nor debauch the currency, nor dlstnrb
the tariff, nor threaten vested rights, nor do
any other crazy or knavish thing. Aud now the
session is closing with profound gratitude thst
the Republicans have thus far been able to
prevent any of the acts of downright repuda-
ton for which Democratic have voted.