Year: 1879

Republican Opposition to the Bayard
Resolution.


The news from Washington brings hardly
CLEAN of hope that those republicans
who believe the legal tender clause ought
to be repealed will give any efficient
support to Senator Bayard's resolution.
President Hayes himself shows such
an absence of zeal as makes him
which points out the way. but neither
walks in it nor cares whether trav.
ellers take the right road or the wrong one
The President has had another interview
with Representative Fort, and, strange to
relate, he admits that Mr. Forts version OF
the former interview was substantially COR
rect "rhe President assured General Fort
with great cordiality that there was no
essential difference between their respective
understandings of the purport of that in
terview; and he reiterated that although he
adhered to the financial recommendations
of his Message, was responsible for them
and still believes in them, he would, never
theless, not feel in the least aggrieved by
General Forts continuing to press the reso-
luton in'question, nor by the republicans
adopting it if the party disagreed with
him."


It is too painfully evident that the Presi-
dent will be easily reconciled to the oppo-
sition of Congress to his recommen dations.
He is like those birds that drop their eggs
in the sand and give themselves no concern
as to whether they will ever be Matched. If
they should be broken or added ''it's of no
consequence" The President will be as
serene, happy and cordial if his excellent
views are rejected by his party as if they
were adopted. We may as well make up
our minds to count him, for all practical
purposes. among the Indifferent spectators.
row another" but he heads his boat in the
right direction and will not row at all.


This is not the only discouraging sign at
Washington. The advisory committee of
the republican Senatorial caucus held
consultation yesterday and decided to rec
ommend policy of inaction on oil ques-
tions affecting the currency, whether gold.
greenbacks or silver, during the present ses-
sion. Of the eight Senator'S present only one
dissented, and his dissent related merely
to the legal tender quality of the green
backs. Mr.. Morrill,. as majority OF one,
desires legislation on the legal tender notes !;
but the republican Senators will, doubt
less, accept the decision of the almost
unanimous caucus committee. Mr.. Blaine,
too, has been heard from. He was inter-
viewed day or two since, and said
that he would be compelled to vote against
Secretary Sherman's recommendation that
the legal tender clause be stricken from the
law. The Presidents want of zeal is no
doubt consequence of his perception of
the hopelessness Of trying to bring the re-
publican party to accept his recommends
tions.


The general plea is that the country is
doing extremely well and that it is unwise
to disturb business by introducing any i'm
portant changes. But Secretary Sherman
has demonstrated with perfect clearness
that the repeal Of the legal tender
clause would cause no disturbance-not
even ripple. The notes would re-
main in circulation because they would
continue to be just as good as gold, being
redeemable in gold at the will of the hold
ers. The notes of solvent government,
exchangeable for coin at pleasure, with
great accumulated reserve of coin to make
the promise of redemption good, derive no
support or credit from q legal tender
function. They are just as safe as
the gold certificates of the government,
which are not legal tender. Secretary
Sherman says that the banks would still be
permitted to pay Treasury notes, and that
to remove any doubt Congress might pro-
tect them by suitable Legislation. What is
the use of making notes legal tender when
the government is amply prepared to pay
coin for all that are offered?