Year: 1874

THE ADMINISTRATION TAKES THE BACK


TRACK.


THE pppsIDFNT AND THE REPUBLICAN PARTY WILL.


BOW TO THE WILL OF THE PEOPLE AND OPPOSE


CONTRACTION, OR ANY STEPS TOWARD SPECIE


PAYMENTS.


From tn. Ne York Republic prsonai Admisi,tra,n Organ


The journal of Commerce and The TRIBUNE,
since the election, are wasting their energies on the
Sad as we'll reserye their labor in this direction There
Is probability that any measure OF tDe sort VIII DO
probability that the Congress in next December
year will be suffered the South and West to seriously


The present Republican Administration. since the
election week. feel relieved from all Obligations
the President advised and urged by the hardmoney
financial people in NewYork, did consent to recommend
the extent of recommending the repeal Of the Legal
Tender act of 1892 after given notice TO the country
ment~at least in the great State OF New-York He
therefore took issue with score OF his best friends IN
Congress from the West, who insisted that the party
could not afford to to the country on contraction ana
hard money. Such men as Mr.. Morton OF Indiana, MT
Logan Of Illinois, and Mr.. Ferry OF Michigan
were 80 in their protests aud convictions on
the subject that they were almost driven 10 open
revolt against tho Administration on the unexpected
veto OF the President II a nicely balanced ques
tion. as we happen to know, whether they should M
President, the whole subject to be settled, later
in the session, by compromise The latter alternative
Senators knew the President be in his con-
victon that the popular financial sentiment demanded
specie payments, aud as a preliminary thereto tue
repeal OF legal tender desirable. The veto was sus-
tanned and the President was warmly c0ngratuated IN
certain quarters where he not supported last tues
day.


Ii is now sufficiently clear to the Republican Admins
traton that the country was not then prepared for
specie payments, and that the whole agitation was
badly timed and as the result proves unpopular The
party have routed the cry OF the hard times,
and the pressure OF the hard times aggravated by
the advanced position taken by the President on New
York advice. AS TO the doing away with green0acks
and the repeal OF the legal tender there was no real
popular demand then, and there is infinitely less now.
The President deceived into different opnion Dut
he Is not the mau persevere in blunder made SO
papabe by the recent elections to leave little doubt
that hard money and greenbacks constitute about
the last before the people when under pressure OF
hard times which should be made party in admins
tratlon. , 80.


therefore make bold to say,to neghbors thath
they hard nancy In hurry they Wall nave 10 go
to the triumphant Democracy Of last Tuesday Inc
Administration will gracefully bow to the popular re-
pugnance contraction and speedy specie-payments,
and they have lost all anxiety about repeating legal
tender a nostrum for financial ills, especially as
another might, possibly, In the near or remote
future have to be fought out with Greenbacks. me
Journal and THE TRIBUNE apply year hence TO- ana
may have better luck with, the XLIVth Democratic
Congress, doubt 1t. We shall all probably live TO
be much older before realize hard money.