Year: 1868

WASHINGTON, Jau. Is, 1903.


Though the Senate has passed the House meas
uro reversing the policy of return to specie pay
nonts il IS not altogether labor lost 70 review the
debate in that body on the question. Mr. Sherman
has informed Us that he desires public discussion,
aud hopes % be Gull ghtened by it, IL is not unlikely
that he may be but whether he will profit by his en-
lightcnncnt is much more doubtful. Public com
ment at least has had this merit already. IteXtortcd
from him tho declaration on the last days debate


that neither he nor tho majority OF the Finance Com
mii,ee. Of winch he is Chairman. in favor Of
further imitation Of our paper circulation. We are
bound TO accept the statement. But there y nothing
in il inconsistent with the fact that Mr. sherman and
the Finance Committee viii be in favor of expansion
three months hence. And II their arguments in IA
vor of the abandonment Of the policy of resumption
Of specie payments are good for anything. and above
ALL if Mr Shcrmans statement in debate that IN his
judgment. Government should fix the quantity of
circulation. and should also vary the limits, and
sometimes increase IT, was well consldercd then the
logic OF their position will result in further cXpan
sion hereafter. And the fact that the senate. by
eight majority. refused to commit itself against
issuing additional currency, coupled with Senator
Hcnderson'5 fcryont declaration that ho desired an
increase, and Senator Morons wei understood con
currenco in these views is yet further evidence Of
the undorsct Of the currents in the Senate toward
moro rredcemablc paper


The reason this error Is likely 10 be committed j.
plain The men who favor il, and those who are toy
ing with il, unwilling TO say yes or no. fatally mis-
take tho character of our financial disorders, bccy
ing aud asserting them to arise from deficiency of
the circulating medium Ii this be true. the circua
ton ought to be increased aud If it be not true, why
the prccipitato legislation OF Congress to stop It's
further dnunuton at all hazards. and without refer
cnce 20 the ability of the Government 20 take up It's
obi igitons at moderate rate 10 future changing
cireumstances' Relief is expected from arrcstng
contraction. More relief would certainly follow from
n iudicous" addition 10 the circulation. Isn't this
the logic of the case Further. did mt Mr. Sherman
say in debate that he did mt expect the country to
resume contraction; ia other words again move To-
ward specie payments, until the prosperity OF the
country reyiycd?r Showing that no looks Tor re-
viyed prosperity" under the present and If necessary
n still more inflated state of the currency. This
statement OF itself discoses the unsoundness of Mr..
Shcrman's fundamental ideas on the whole subject,
and shows that whether he admits it or not he is al
bottom an infationst What effect public opinion or
puplic discussion may have Mr.. ShermaD's action
is another thing He is a gentleman of sharp in
stincts and amaLle intontiOns-too amiable we fear
sometimes


In the main therefore the debate and tho votes of
the Senate lead to the conclusion that the finances OF
the country in the hands of the nationists and
that instead OF money affairs being the pa.h OF
improvement as they have been for year past, We
are likely to get further into the miro of dishonored
Obligations of graced national reputation, and in
creased robbery of the earnings of labor


When it shall be seen, as il viii be seen that for
bidding the Government to pay even that portion Of
its debts that IT shall from time to time feel able to


= Al. -
greenbacks) will not he of the slightest moment in
reyiyng trade and industry that il will do nothing
toward employing labor enhancing its wages, that
it will not relieve manufacturing industry OF the
burdens from which il suffers, that it will not create
one domestic consumer the more and has the ineyita
BILE consequence of destroying all foreign consump
ton OF our fabrics, what shall we sect Why that
the Hendersons and the MortOns. and probably by
that time the Sherans too, will try 10 improve upon
their present policy by giving relief in the shape of
more greonbacks Ii they continue to insist. as un-
questionably they Will continue to insist that the
great want of the country an immense circulating
medium, why should they not' Foreign rs it may
be from the intention of a majority of Congress at
this moment, that is just what that body will do,
unless 10y some miraculous interpositon OF Divine
Providence they should meantime become cnlight-
ened.


Nhat are We TO think OF the character OF Sehatotim
augmentation on the financial question when
are treated to such views those offered by senator
Henderson of Missouri, for example. gentleman Of
conceded ability, a man of financial pretensions
sufficient to induce him to introduce funding bill.
Mr.. Henderson laid himself out as the spokesman of
that portion of tho country who suffering from
deficiency of currency. He declared il was abom
inabo that the North and East should have all the
banks and all the money aud he declared he took it
20 be an intolerable outrage that Missouri man
should not bo allowed to exchange his Government