Year: 1878

the session winch Dc5lnS to-uay, although
there is urgent need of it, Beyond the
passage OF the annual appropriation bills
nothing will be done which might not be
omitted without detriment to any public in
terest. We need a n ew tariff, but the tariff
will not be revised; we need free trade in
ships, but the old navigation laws will not
be disturbed: Indian affairs should be re-
stored 10 tho control OF the army, hut an
efficient Indian policy will not he
adopted; we ought to have postal savings
banks, but that subject will not even be dis
cussed; constitutional amendment should
orr Presidential elections, bui Congress
will not agree TO one; above al, there should
be new legislation on the silver coinage and
the cancellation Of surplus legal tender
notes, but although such legislation may be
attempted it will not succeed. 1t is, how
ever, consolation to know that if no new
laws are to be passed 1T this session for
facilitating resumption none can be passed
for defeating it,


We are not to infer that because there is to
be no useful legislation beyond the annual
appropriations the session will be wasted.
Congress has two func.ions--one to pass
laws, the other to educate public opinion.
We shall be disappointed if the proceed
ings of this session do not have an i'm
portant influence in shaping and settling
public sentiment and defining the issues
to be fought ont in the next Presidential
election. This is, perhaps, the most useful
service that can be rendered in the
likely to be n sharp contest over
the resumption question, and especially
over that adjunct of it which relates
to the coinage Of silver; and although the
contest will result in no change in the
laws, and in this respect be merely drawn
battle, it may nevertheless put the cur
rency question on the road TO successful
final settlement.


Doubts have been expressed in quarters
entitled to respect whether the action of the
New York and Boston banks which is to
govern their treatmen Of silver after re-
sumption is judicious., The amount Of the
new silver dollars already coined is too
small to be serious impediment, and the
coinage might proceed for another year or
two at the rate Of two million dollars per
month without causing embarrassment to
the banks or disturbing the standard
Of value. 1t is hence inferred, with some
appearance Of reason, that the banks
would have acted more wisely had
they waited until the amount Of silver in
circulation should become considerable
before adopting measures to discredit it.
The effect Of their action has been to revive
and infame the silver controversy at q
time when i. was dying out by the natural
progress of events Secretary Sherman's
repeated and unsuccessful attempts to put
the silver dollars in circulation had
quenched the ardor OF the silver zealots
and they hardly uttered word on the
subject in the fall elections. Had not the
opponents Of silver blown the dying
embers they would gradually have become
extinct by the occupation of the public
mind with other subjects For the first
year after resumption the silver coins will
make no practical difference, and after one
year OF success the acceptance Of the specie
basis will be so universal that there should
laws inconsistent with its permanence.
The action Of the banks has reopened the
silver question q. a time when 1t is impos-
sible to settle it, and by rousing the silver
fanatics the banks have increased the diff
Guilty Of quietly modifying the Silver law in
T1sc sc vic ~ flo
action Of the banks, but the question has
another side.


1t may turn out, after all, that more will
be gained by reviewing the silver question
now than could have been gained by post
poning it. But this will depend on the
action Of the two great political parties.
The republican party has already become
pronounced resumption party, and if by
the debates of the present session it should
also become pronounced anti-silyer party,
its success in the Presidential election Of
1880 would abolish the double standard and
reduce silver to the subsidiary position
which is its proper rank in our coinage.
Certain it is that the revival Of the discus
SIGN will result in no new legislation ct this
session. The silver side is too strong in
the House to permit a repeal of the Silver
law, aud we have complete security against
acts hostile to resumption in the veto of
the President. But there will probably be
no occasion for the exercise Of the veto
power. No bill intended to obstruct re-
sumption can pass the Senate. Faithful
adherence to the Resumption net has be-
come the party creed Of the republicans,
who have still a majority in the Senate, and
who will be reinforced by several very de-
cided hard money democratic Senators.
The country is quite safe against any other
practical mischief from new agitation of
the subject in this Congress than its ten
dency to unsettle public confidence. But
if it shall appear at the close Of the session
that sound views are making progress, and