New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-09-10
RETIRING GREENBACKS.

Certain Democratic friends, who are exceed
ingly anxious to have their chestnus pulled out
Of the fire by Republican fingers, are now urg-
ing that it Is the solemn duty Of the coming Re-
publican Congress to retire the greenbacks In
part or provide means by which the Secretary
Of the Treasury can practically make them
scarce 1t Is as well TO remember at the outset
that all monetary legislation by the next Con
gress will depend largely upon the disposition
Of a few Populists or silver men, who hold the
balance Of power in the Senate Any measure
which they untedly oppose is very likely to be
beaten. and for the interesting though not cred
liable reason that the Democrats will probably
vote unitedly against any sensible legislation,
primarily because they want to court favor with
Populist voters and more money" lunatics, and
partly because they are just patriotic enough to
desire the defeat of any measure favored by Re
publicans. Unless past experience goes for moth
ing, the Democratic minority in the Senate will
be found serving as the tail for the Popust Kite
next winter
There remains the question what the Repub-
lIcans may desire and Judge It proper to attempt.
Monetary disturbance is not a blessed thing in
itself. and an attempt TO change the character or
volume Of the circulation, no matter how wisely.
may be extremely improper and injurious II 1t
is plain that it cannot succeed. The question
whether any legislation whatever should be at
tempted affecting the kind or amount Of money
in use, will have to be answered in the light OF
business conditions existing next winter when
Congress Is in session, and cannot be sensibly
answered now, because those conditions cannot
be foreseen. In general it may be said that
agreement Of n majority in the Senate upon any
ly to be warranted by financial conditions, can
not be expected with much confidence.
The Tribune does not profess TO know what the
Republicans in Congress may think 1t judicous
TO attempt in the presence OF circumstances
which cannot now be anticipated. But 1t can
say with much confidence that the Republicans
are not at all likely TO join with a faction of
Democrats in retiring or contracting the legal
tender circulation. Ever since President Cleve-
land and his political associates were disgrace
fully beaten in the elections Of 1894 on the tariff
issue 1t has been obvious that they would do
their utmost TO cater TO Western and Southern
heresies by favorlng State banks and the retire
mcnt Of National currency. In no other way
could they hope to avoid the tariff question as
the main issue In the next campaign. For 1t was
and Is impossible for Democrats 10 agree on the
silver question, but the passionate desire for
monetary imitation. 1t was supposed, might be
appcased by permitting unlimited issues Of State
bank notes. In that direction, accordingly, what
ever Is left Of the Democratic intellectual leader
ship has been persistenly laboring to influence
the public mind.
This never has been and never will be Repub-
lican policy. The National banking system has
given to the country n paper circulation abso-
lutely safe and Of uniform value in every State,
and 1t is one Of the greatest blessings which the
country owes TO Republican wisdom that 1t has
escaped from degrading bondage to the use Of
State bank notes, unlike in different States, dan
gerous and costly beyond the conception Of those
whose experience has begun within the last
thirty years causing infinite vexation and an
noyance particularly to the working people, who
could not carry about bank detector, nor re-
fuse the paper offered them as wages In trying
TO get back to that odOus system the Democratic
party has made as great blunder as if 1t should
strive to revive human slavery. But the notion
that legal tenders should be retired contracted
is at bottom nothing but step toward the wild
cat State bank scheme, and If anything is certain
about the future, 1t may be considered certain
that the Republican party will not lend its as
sistance to any such scheme.