Year: 1874


the President. The message, veto
ing the bill, will be found in full in
our columns this week. The subject
involves interests of the highest mo-
ment to the country. The great
question at issue to be settled by this
bill, if it had become law, was Shall
or shall not the currency be increas-
ed? Generally, the Republicans in
Congress and out of Congress, favor
ed slight increase, and the great
mass of the people of all parties, es-
pecially in the South and West, de.
manded more currency. The Re-
publican party and its press were not
however, by any means an unit upon
the question. The advocates of the
measure pointed to the facts that a
constant reduction has been in pro
gress from the time the war closed In
1865 up to the time of the panic last
fall, and that the panic was logical
result OF the reduction which had
been carried to such an extent as to
place the currency in the control of
the Wall street etgambers. When the
western grain and pork crops were to
he removed the currency was found
to be locked up, and before one
fourth of the crops were marketed
the money current westward stop
ped, and not a dollar was to be had
for weeks; and while the corn crops
was short, and the hogs ready for
shipment, farmers were forced to
hold and feed them for months at a
fearful sacrifice. But these things
are fresh i'm the memory of all and
need not be recounted.


The policy of the Republican
party has been to reduce the curren-
cy AS rapidly as possible, consistent
with the welfare OF the country, with
view to ultimate resumption Of
specie payment. which all admit
could only be reached by reduction.
To this policy the party, it Is true,
was solemnly pledged by its national
aud State platforms. True, the Pres
ident had indicated in his messages
that this should be the aim Of his
Administration. This was all well
enough, and had the endorsement Of
The people, But neither the party
nor the President had promised to
imperii the business interests Of the
country, lis az icuitural Interests, it's
manuiacturrnz interests--to bank
rupt thousands OF men Of all classes
by an unreasoning and pretipi tate
hot-chase after the linus ,fdtaas Of
specie payments. This, as it seems
to us, is what the extreme centrac-
Gonists now advise and insist upon.
The idea Of specie payment haslprov-
en- false light and betrayed US into
difficulty. We should all be glad to
see return to specie payments, and
the sooner the better, If IL can be
done without TOO g"eat cost. In the
Democratic years Of wildcat curren-
cy, specie payment was not SO much
a me idea as now.


The people are clamorous, and
Justly 80 for some slight relief from
the financial pressure OF last Autumn
which has not yet been lifted. They
want some security against repeti-
ton next Autumn OF the disastsrs OF
last. They do not want Initiation
they will not endaie further contrac-
ton, which has already been carried
beyond the extreme oil prudence.
As we see it, the issue Is between the
money power on one side, favoring
contraction, and the laboring end
producing classes on the other, favor
ing moderate increase or at least n
dead halt ia the course OF contrac-
tioD.


The President represents In his
message that there is 500, 900 Of cur
rency lying unused subject to call by
the Western States, and argues from
this that the West does not need
any more cui .ency. This statement
is delusive, as it now transpires that
the President was deceived by a
false showing from the Comptroller,
and there are now one hundred and
twenty-eight applications on file for
more currency. The st. Louis Dem
Ocr0I SAYS: