The Duty Of The Hour

From the New York Herald. When Congress assenibled the Secrotary of the Treasury had already drawn upon what he calis his " reserve," and onhis own responsibility made an issue on legal ;enders which Congress knows to be illejal. If it were not so that body would lot be to-day disscussing the propriety of jiving it the sanction of law. Mr. Eichirdson bas continued this policy until ;here aro now in ciroulation $27,000,000 of notes that are being used as money without a legal status. Yet still Congress neglected oither to define the character of the issue or to provide means whereby tho dopartment may ineet its payments. Clearly, therefore, the first and raost important duty of the National Legislature is to determine these points. If the issue be illegal, as it unquestionably is, viewed from a constitutional point of yiew - from the interpretaron of the Constitution by Daniel Webster and other great lawyers, and from the decisions of the Supreme Court - let it be promptly demonetized, either by loan or at rates that will insuro the conversión of these legal tenders to an amount equal to the overissue ; or let us adopt some other plan - í'or instanco the one proposed by S. S. Cox - which will effect the same result. - With the inannor of doing this we Bhall not quarrel if it be done quickly The country is in haste, and every legitímate commercial interest demands a settlement of the question now, before further harm occurs. The present moment is a favorable one : 1. Because the overissue has not yet been used as a basis for expansión. It may also be withdrawn from the New York banks alone in ono day, and not necessitate the calling of a single loan. It may also be converted into three or four per cent, certificates without injury. If, nowever, tho matter is much longer delayed no one can teil at what time these institutions may be tempted to enlargo their loans in proportion to their resorves. Every hour of procrastination is fraught with future evil. 2. Commerce, manufactures and all productive industries in the country are at a standstill, demoralized by this waiting upon an uncertainty. The people desire to know on what basis they are hereafter to trade. 3. The laboring classes are suífering as the consequenco of this dilatory action by Congress, and will continue to suffer until the problem has been solved. Capital, always timid, was never moro so than at the present juncture, and it waits to soe in what direction it may seek returns. If intlation is the watchword, capital will gravitate into the hands of the speculator, and we shall again witness the madness of the last year. If, on the other hand, sound financial principies aro to prevail, then capital will look for investment in the legitímate channels of commercial enterprise and the country and tho people will be benetited. Will Congress give hoed to these things and linger no longer over a proposition that is as easy of demonstraron as that two and two are four ?