Almost In The Light

Mr. Kobbins, oí North Uarolma, wa8 wo-thirds ríght in the resolution he ntroduced in the HouRe on Monday ast. HÍ8 resolution instruoted the Committee on Ways and Meang " to inuire into the expediency of reporting ti bilí directing the Secretar; of the Treasury to defer for a limited period making any furthor reduction in the bonded indebtednesa of the United States, by purchasing Qovernment bonds before they become duo ; abo directing him to discontinue any furthor reduction in the amount of legal tender notes now in use ; also direoting him to discontinue selling gold coin oí bullion, but to accumulate it in the Treasury until it reaches millions." If the Secretary had been forbidden years ago to buy up the undue bonds of the Government at a premium, or with the ovordue Treasury notes or legal tenders at a discount, we care not which way it is put, the wise and honest thing would have been done. But " better late than never " and " nerer too late to mend ' are both true maxims, and so we indorse the first clause of the qmoted resolution. U1ULLUU. By bullí og and boaring the gold mitrket in Wall street, the tíocreUry has made gold coiu, the only lawful tnoney or legal tender kuowa to the constitution (silver in limited quantities exoepted), a ooramodity rather than a oirculating medium, and at the same time has continually degradad the Treasury notes which Congress, without oonstitutional warrant and under the plea of the war power - or necessity kuowiug no law - had made a legal tender. It was not enough for Congress to discriminate against greenbaoks by refusing to make them receivable for custom duoa, or by the bondholder for his interest coupons, but monthly, weekly or daily has the Government itself, through its authorized agent, renewed the. brand of depreciation, degradation, or bastardy, by buying them up at a discount. l)omanding a premium on gold is a bald confessiou that greenbacks are below par, and that the Government - the maker and should be redeemer of th greenback - is compromising with il creditors, the same as the broken banke or merchant who buys up his pape at 75, 50, or 25 cents on the dollar Gold coin being the truo measure o value, in selling it as a premium th Secretary of the Treasury is sitnpl; street-broker like, shaving his own pa per. We, therefore, indorse the thin clause of the resolution. The seoond clause is the stumblin block over which Mi. ltobbins finan cially falis. If we are ever to reao specie pay'ments the greenback issu must be decreased. Substituting green backs for the National bank circula tion, even to a limited extent as pro posed by Mr. Harrison, will not do i Keeping up the present issue will no do it, even though gold is accumulatin in the treasury vaults. The volum must be decreased by purohase or re demption, by taking in and not payin out, by absolute destruction, befor they will approximate par. When th Secretary of the Treasury shall be re quired to hoard his gold for the legiti mate purpose of redeeming the overdu and dishonored notes of hand of th Government - known as greenbacks - one step will be taken in the right di rection. The nest step must be such contraction of the greenback issue a will bring greenbacks up to par. Tha contraction will be but very slight whe it is understood that inflation is a dcai cock in the pit, that the Governmen means to pay its honest debts, and that gold coin is being accumulated for that purpose. In fact, the contraction will be more than compensated for by the increase in the value or purchasing power of the greenback, and as it touches par the gold coin now atorad in bank vaults or hid in boots and shoe and stockings, etc., will again come int circulation aa monoy, whioh it has no been sinoo the passage of the legal ten der act. Contraction will be but tem porary, bat is nucossary to the restora tion of financial utability and nationa honor, and so we dissent from the sec ond clause of the resolution. The Detroit Tribune returning to a diícussion of the olerkship of the Way and Means Committee. says : " The Hambleton case teaches more than one lesson : The cierkship of the Committe on Wii ys and Means is an important position It requirea tor the proper discharge ot its du tiea extensive information, business experience and trained ability. It had been held for som years by a gentleman of whom the New York Tribune says that ' he inatructed half hia com uiittee year by year on the princi pies of financia! legislation, and knew mor about tax and tariñ bilis than three-fourths o the House.' This man being a Republican Mr. W. B. Morriaon, the ' aagacious ' leader in the House of a party which had appoaled for power upon the loudest Civil Service Reform pretensions, decided to remove him. Why ? Xot because he was not competent, but because he was not of orthodox political atrape and did not train with the victor to whom belonged the spoils." If the New York Tribune is correct in flxing the responsibility for previous tariff legislation the old clerk was nol removed a day too soon, for no modern civilized nation has such a complícate and destructive tariff system. HambleLon niay not have been the man - if he nained his son after, or rather for J. Wilkes Booth, he was not the man - to 3e appointed his successor, but it would certainly be well te have a man in his place bit her knowing less "about taz and tariff bilis," or knowing it in a dif'erent direction. Ignorance of the ' principies of financial leginlation " is nfínitely preferable to the knowledge ;hat has resulted in such legislation. The Cincinnati Commercial does n't ake any stock in the Sherman family atteinpt to bring out Gov. Hayes as the )hio candidate for President in the Tune convention. It says : " We beieve the better class of Kepublicans in his State are in favor recognizing the plendid succes of Bristow as Secretary y electing him to the Presidency. Do hey intend to allow the regulation polticians, who have committed themsel vo o a local folly, to have exclusive representation in theOhio conventions." That s good : " local folly." A few Michigan Republicans - all editora - have the ame disease, and it manifests itself in desire to have Senator Ferry nominaed for Vioe-President.