Year: 1877

Tho Currency Question In Congress-


In one aspect it is gratifying sign OF
returning political health that among the
nearly nine hundred bills offered In the
House on Monday a larger proportion
related to the currency than to any other
subject. AS symptom that the everlasting
Southern question no longer holds the
chief place in the minds OF our
national legislators the preponderance OF
bills on other subjects is matter for
congratulation, as being strong indirect
Endorsement of the non-interierence policy
OF President Hayes. The country has reason
to rejoice Mt evidence that Congress is dis
posed to bury the corpse OF the Southern
question and give its attention to matters
which concern the business prosperity OF
the country. 1t is evident from tie House
proceedings yesterday that the currency is
to be the absorbing question in this Con-
gress until that question is settled; but we
regret that the Western heresies on this sub
ject seem to have so strong support in tho
House.


The bill offered yesterday by Mr.. Ewing
of Ohio, for repeating that section Of the
existing law which fixes the date Of resump-
ton is very likely to pass the House, as on
what is regarded as test vote it had ma
jority of 116 against 10S. We do not
believe that any bill Of this character
can become a law, though 1t may
pass the House 1t will probably
be defeated in the Senate, and would in any
event encounter the Executive veto. The
passage of such bill by the House would
nevertheless be regrettable, because it would
weaken the moral influence Of the Treasury
Department in discharging its duties under
the law. But, let the House do what 1t may,
we trust there will be no vacillation on the
part Of either the Senate or the President In
standing by the Resumption law and carry
ing it into effect.


We are already so near the specie stand
ard that there can be no excuse for declin-
ing to take the remaining steps. We are still
fourteen months distant from the date fixed
for resumption, and the premium on gold
is only two and fve-eighths per cent. Any
halt or step backward would be deplor-





prices are now lower than they will be on the
specie basis after full revival Of business.
Resumption on January l. 1879 instead Of
deranging business, as it might do if there
were still high premium on gold, will
hardly be felt as change, so easy
and imperceptible will be this tran
sition if the experiment is permitted to
move on without interruption. There
would be no commercial shock or con-
vulsion if specie payments were to be
resumed tomorrow, and with further
period Of fourteen months for preparation
gold and greenbacks are likely to be at par
before the date fixed by law. The Senate
and the President will be inexcusably
recreant if they permit any action by the
House to swerve them from plain duty. :.


Besides the great advantage which results
from the vanishing premium on gold there
is another equally opportune and almost MS
great in the magnificent harvest of this
year and the good prices which attend the
large foreign demand. The opposition to
early resumption has come chiefly from the
West on a plea OF oppression to the debtor
class. But tho Western debtors are the very
class that profit by the great harvest and
the state OF the European grain market
They have never been in so favorable con-
dition for meeting their obligations without
n sense Of burden. The enhancement in
the value of their products by the foreign
demand is fivetold greater than the present
premium on gold, and their profits this
year will cancel any loss from specie pay
ments for five years to come. Both the
country at large and the West are in most
favorable condition for the restoration
pccunary hardship. We trust, therefore,
that whatever may be done by the House
the Senate and the President will stand
firm and not permit repeal Of that part of
the law which fixes the date OF resumption,
The West will profit as largely by the re-
establishment Of sound currency as any
other part Of the country. BY inspiring con-
fidence and setting all the wheels Of industry
in motion it will increase the ability Of our
Eastern communities to consume Western
products, and will have the double effect Of
enlarging the demand for food and cheapen-
ing the manufactured goods which Western
farmers have occasion to purchase Re-
sumption is the indispensable condition Of
general revival Of enterprise and prosperity,
and we would fain hope that the debate on
this subject i'll the House may result in the
defeat OF Mr. Ewings bill and all similar
projects. The test vote yesterday shows
that the anti-resumption majority is not so
large that able argument and the vigorous
application OF parliamentary tactics may
not prevent any such bill from passing even
the House. Ii the intationists can be voted
down and foiled in that citadel Of their
strength early resumption will thcreupon
be accepted by the whole country as an
irreversible certainty, and all future bust


4