Year: 1878




The unceremonious manner in which the sill
yer bill was disposed of as soon as it was re-
turned with the Presidents objections was in
keeping with the measure itself and all the
performances which preceded its enactment.
1t was just as well perhaps, that so equivocal
scheme should have been rushed. through with
an indecent haste much more characteristic of
an insensate mob than of an accountable and
an Intelligent deliberative assembly; that every-
thing like argument was pushed aside as being
entirely supsrf1uous, and that the majority
seemed for the time being to have quite forgot
ten their dignity and self respect in their un-
seemly haste to get through with the reprehen-
sible business. 1t is not to be wondered at that
they were in hurry to have it over with.
There is no point of view from which the pro-
ject looks at all creditable If the defense of it
is put on the ground that we do not want to
pay the public creditors in full it reveals sad
lack OF principle; If on the plea that we are not
abe too, the confession involves humiliation
that is very revolving to our national pride.


That the President would veto the bill never
seemed to me to ba in the remotest degree
doubtful. l can hardly believe that Bland
himself would have signed it il he had been the 4
occupant of the Presidential Office. Think for
moment what an admission the signature
would have carried with ii. The head of a
nation rightfully claiming to be the peer of the
proudest realm in the universe making open
proclamation to all other sovereignties that his
people are too base or too poor-one or the 9th
er-to redeem their promises to the uttermost
farthing. The President who would mt
his name to such an acknowledgment
would wear forever thenceforward an inefface-
able brand of shame. In his case there would
be no sharing it with somebody else. He is,
for the time being the Republic. 1t is his debt
that is in question. And the one thing which
astate cannot do without mourning stigma
which is simply indelble is to repudiate in
whole or in part her promises to pay. She NAV
be unable to meet them; she may be forced to
renew them again and again--to increase them
with apparent indifference to the sum of them
or the usury upon them, but when she once
takes thu benefit of the insolvent act or tries to
juggle with her creditors so as to abate a part
of their demands, she loses caste so fesrfully
that she can never recover her prestige. More
over she always gets the worst of such opera
tions, for her lost credit subjects her to such
exactions in future negotiations that she is sure
to suffer 10 the end beyond what she
has gained by her tergiyersations, to say
nothing of the ioss of honor, which is wholly
irreparable. Now the one man who could not be
expected to bear this burden OF ofdegradation-who
would naturally shrink from it as from q plague
was the supreme ruler of the nation. There
fore it would have been a reflection alike on his
judgment and his sensbility to imagine that he
would deny himself the chance of escape
vouchsafed to him by his right to exercise the
veto power. 1t was not TO be supposed for a
moment that he would fail to avail himself OF
his perogative to clear his skirts of the obloquy


There is, no excuse for the frivolity and
abruptness with which this measure was rushed
through. The administration is weak in re-
spect OF following there is no denying that.
The most pronounced of its few supporters are
in the ranks of the silverites Still there
is nothing that can justify or palliats inciviity
from one branch of the government towards
another. There are amenities that cannot be
dispensed with. II the Administration was
it was at least entitled to hearing We are
obviously drifting without compass, chart.
leader or guide. There is neither reason nor
consistency among the wild sophsts who are
trifiiog so cruelty with the interests of the
country. They profess to be seeking to make
resumption easier, by increasing the volume of !
com; and yet they are trying to bring about
repeal of the act that provides for a return to |
specie payments on the first of January next.
While they are in their pres mt demoralized |
condition there are no vagaries of which they |
n M nd
sorts Of fantastic egisl alton before the session
is over.


Happily the forces of nature are operating
against the delusions which have seized upon
so many of the members of Congress. Infla-
tion seems for the time being oae of the most
improbable of things that can happen. There
is no stimulant that produces ths slightest con-
ceivable eff5ct on business of any kind. There
is superabundsnce of money; those who
possess it don't know what under the sun to do
withit. Millions can be borrowed every day in
the week at three per cent. 10 serest per annnm.
OF course the lenders want uudoubtsd security
for the repayment Bat then that is not new
thing with them at all They always did and
always have from Shylock's day to ours. We
may call them hard names, and rail at them,
atter the Venetian fashion, but unless we can
introduce the system of communism aud have
general dividing up, don't see how we ara GO
ing to get at their hoard except by furnishing
the collaterals There are a few men who have
undoubtedly got great deal more money than
they need Perhaps it would be good idea to
have it distributed. But the Plan is open to
objections. AS a general thing it has been
found matter of expediency as we'll as of
justice to recognize and maintain the indefeasi-