Year: 1879

WASHINGTON. Dec. 2. 1879.
THE RErIREMENr OF GREENBAcKs AND THE


COINAGE OF srvER--REPUBLIcANs DEPEND


ING ON THE SUPREME COURT FOR A WAY


our-REsoLuTIoNs NEUTRALITY-SUSPICIOUS.


THEoRIzERs.


After all the currency questions are not going to
rest. and there is good deal Of reason to believe
that there may be sensible action in Con-
gress, both on the greenback and the silver
question. The silver dollar has clearly got
black eye in the West and South. 1t is
quito surprising hnd what q number of
former silver men now declare themselves ready to
vote for bill stopping the coinage of the silver
dollar. and these men Of both parties. Western
republicans and Southern democrats say the silver
question has had fair and full trial. Their people
wanted silver. rather they wanted to try it. They
have now tried it and find they do not want it. and
they are ready to have the coinage stopped. While
there has not been time to get anything like
. complete view of the sense Of either
house on the subject there is good to be-
leve that bill to stop the coinage Of silver will
pass both houses and the question of chief interest
at this moment is. from which side such bill will
be introduced. Some leading democrats talk Of pre-
pairing and Offering BILL but they very slow
about 1t. and it would not be surprising IL the rea





before them.


The democrats are ridiculously hide-bound. They
talk and talk among themselves about the necessity
OF sound policy and they are slowly preparing to
net. but they have got into such habit of being
week or two year or two too late that they are
pretty certain to let slip now the best oppor-
tunty they have had for long time to
rehabilitate themselves with the country.
good many Of them admit that it is absurd and that
their people that is absurd that tho coun-
try should 60 buying silver and coming it into
dollars which nobody will take out of the Treasury
But when the question is put them. "Why don't
you get the credit then OF repeating the coinage ac
they look profound and say, "Only wait awhile and
perhaps we will" II the country could only
70 to sleep for about ten or fifteen years
the democratic leaders might, if they managed
to keep awake all the time, manage to
catch up. They are like parcel of people who In
sist on travelling by stage coach. and yet hope to
get into town at the time with the railroad
passengers. The truth begins to be seen by good
many of them hero that their party urgently needs
leader. 1t needs somebody who does not dive into
ancient history on slight provocations and who docs
not delude himself with the belief that tomorrow is
~ good as to-day 1t ought to advertise for compe-
tent leading gentleman.


The resolutions offered to-day in the House by





effect that the legal tender quality Of the greenbacks
should not be Withdrawn and that the currency
should not be meddled with by this Congress- had
immediate and excellent effect among the republi-
cans They forced their attention question which
they inclined and indeed determined to burke.
and prominent republicans have begun at once to
consider what can be done. because they sec that
the question will not down. They pretty generally
blame the President for bringing it to the public
tention. but they believe they way out Of their
difhculty


''I am opposed to retiring the greenbacks now,
Ind should vote against such q bill." said
hard money republican tonight. "But be-
lieve ought to do all in power to
get the Supreme Court to decide the legal
tender test at 1t was mistake
in Attorney General Devens to discourage the call
ng up Of this case as . preferred case. If we can
get the Supreme Court to decide that Congress can
not constitutonally make paper money legal
tender in time OF peace that ends the question and
puts 1t out of politics. Our people in the West will
accept that. while they would resent our voting in
Congress to repeal the legal tender clause"


This view has obtained concurrence wherever It
has been presented to republicans. and it is proba-
BILE that within few days vigorous efforts will be
made to get the test brought forward q pre-
serred in order that the court may be moved
10 act early possible Republicans say that the
decision OF the court would not only satisfy the
country and remove from political discussion a
question which they dread, because they know
that they cannot unite their party on 1t.
but they add that II once the greenbacks are
deprived of their legal tender quality their capacity
tor mischief will be gone. They will then no longer
be available by tho national banks to redeem their
notes and the banks will collect them turn them
into the Treasury at onco in order to got coin for



and redeemed in con'coud not get of the Treas
ury again while the revenues equal tho expenditures
ANY such greenbacks remained in private hands
aud paid in tor taxes would DO liable to be
reissued. and the withdrawal of government notes
would lead to an increase of national banks aud
these banks could not get gold moro easily than by
drawing 1t from the Treasury in exchange for green-
backs their YRlcy would be to gather up the whole
stock rapidly they needed 1t and have 1t re-
deemed for coin 1t is thus held that decision by
the Supreme Court against the constitutionality
Of the legal tender quality of the greenbacks is
suficient TO cause their retirement NJ rapidly
% tho public interest would justify. and that 1t is
sound policy for the republicans to press the test
case to an early decision by the Court to get
question dangerous to them settled without their
Intervention or tho act of Congress.


1t will be seen that the republicans are strongly
Avcrsc to Congressional action ON this question.
Most of them would vote against bill retiring tho
grecnbacks in accordance with the Presidents
recommendation. The Western men would
even be very averse to a bill repeal
ing the legal tender clause alone. Some
Of them frankly admit that while they individually
think u well they fear their consttuent


Some prominent democrats meantime talk of
preparing bill to provide thst the coinage of silver
dollars shall be stopped from and after some early
day-say the 1st of March--and that after the same
date the legal tender quality Of the grcenbacks shall
cease They talk of preparing and bringing forward
such bl but whether they will do more than talk
remains to be Tho promise of timely
acton on their part is not brilliant. Their
talk. however, is interesting. They say that tho
South will undoubtedly agree to this policy us
readily as to any other which the party leaders may
determine on; that such measure brought forward
as distinctive democratic would strengthen
their party In those Eastern States which they feel