President Grant, we are happy to say, has vetoed the
" In- flationist" Bills passed by Congress, declaring that he desires a return to specie payments. It is a bold step, and reveals with curious clearness the immense extent of the power entrusted to the President ; but it is thoroughly creditable to his character, as if 'he is nominated for the third time, it may cost him half his votes. Perhaps, however, by that time, the Western men may have recovered their sanity, all the more easily as there is no real need to go back to bullion at a blow. If Congress would only leave thecurrency alone, the increase of population and business would bring the existing paper currency to par, after which it is nothing but a real and great convenience to everybody. It is not the existence of inconvertible paper which is a nuisance, but the existence of more than is wanted, the best standard of which is the amount of taxation. As every State takes its paper in payment of taxes, inconvertible paper up to one year's revenue can do little harm. It is a mere cheque drawn by the State, and receivable by the State as gold.
