President Grant has signed a curious and rather clever Currency
Bill. All further issue of greenbacks is to cease, and specie pay- ment is to be resumed in 1876, but the National Banks are allowed to issue as many notes as they have National-Debt bonds in their 'Cellars. It is affirmed that this is an Inflation Bill, and that the President has signed it because the speedy return to cash payments will increase his chance of re-election in 1876, but we doubt that greatly. General Grant is really, we believe, convinced that paper is not money, even when it will float at par, and intends that in 1876 every note shall be con- vertible at call. Meanwhile, if the -law is obeyed, the risk of issue will be slight,—only the difference between the actual and nominal value of the United States bonds. We are not sure, till we see the Bill, that it is even this, as non-Inflationists voted for the Bill.
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