The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-12-08
FINANCE AND COMMERCE.
oTT1oB or TIE KvHs1sa ruLEoalFn,
TnuFaNav IeTgU4hnw

somewhat Dy inc tOulsn tnkerlng OF Con yrCs9
with the finances. Il has been our disagreeabe
duty, on more than one occasion, 10 decll are
against legislation upon gold aud in every iu-
stance the pernicious effects Of the measures we
denounced were visible in fort eight hours afer
the article was written.
j. is the misfortune Of the country that men
whom we elect to CJnsress, however eminent
they may be as lawyers or politicians, have not,
in the main, an acquaintance with business affairs
intimate enough to warrant hasty legislation
upon the ordinary trade interests Of the nation
and instead Of doing as is done in England,
France and even in Russia, {. e. calling the lead
ing men in any given business into counsel, and
50 mastering the subject, all sorts of crude and
ill-digested measures are attempted or adopted,
and great interests unsettled or eopardzed before
the blunder is discovered. The tinkering with
the tariff at the close Of the last session was an
instance Of this sort of folly. The prices Of silk
goods we're advanced 30 per ccpt. in a day, aud
importers and holders of such goods were put all
at sea by this surprising act which nearly dOu
bled the duties without notice. O5ders in Europe
had TO be suddenly Countcrmanded, and con-
sumcrs found prices marked up over night from
80 to 80 rar cent. on articles which they needed
Immediately.
The currency came in for the same kind Of
inconsiderate legislation, and acts in relation to
gold were passed and repealed with magical
celebrity that would have astonlshed Blitz, but
which was perfectly disgracefu to the National
Legislature. Our readers will remember how we
eNpostuated in regard to the Gold bill and how
quickly our worst fears we're realized; for it was
manifest 10 the most shallow clerk in any
brokers' Cnlce, that if the loyal people, who were
resisting the gold rise by selling largely when
ever it was put up, were prevented altogether
from dealing in it, that few experts could carry
the price mp ten or twenty per cent. any day they
pleased; and the result was Just as we had fore
told.
As if the folly Of the last session was not suf-
fCieutly gigantic, we have at this session, on the
very first day, repetition of this sublime nom
sense, with improvements and variations. 1t was
proposed not only to make gold transactions
penal, bat it was resolved to courcu paper into
gom By m act Of Congress. Now, when these
gentlemen can perform this feat, if they will
"cal spirits from the Vastly deep" they will find
them appear upon the floor of the House with
d'omOnds in their laps, ready to shower them in
prof. ion upon such grand magcians.
Gold is as much an article of merchandise now
as corn and is a, liable 10 be affected by the law
of SUI ply and demand. Both may be changed
ia pr Ce favorably or adversely by speculation;
but 70 law on earth can change their essential
character. If we attempt to feed twenty thousand
men on half-peck of corn meal we shall fail; if
we attempt to pay million OF men high salary
in gold out of twenty millions, we shall probably
fail also. We shall be obliged, we think, to select
some other commodity, in both cases. to consum-
mate our purpose. II any act of Congress could
possibly accomplish this feat, surely the present
body woul be the one to attemptit.
It will be found, however, that if we are TO
carry on this gigantic war for the suppression Of
this wicked Rebellion, we must feed and pay our
mon; and if we have not gold, we must have
paper; and if we cannot keep down prices while
we go on expanding and spending money, we are
in the same fix that all nations have been who
have had heavy wars upon their hands, and have
adopted paper as the medium Of exchange between
the buyer and seller. The only things that will
keep down gold are contraction, taxation, rigid
economy, and bold strokes at the foe in the field.
As for all the rest Congressional speeches. acts Of
legislation, town meetings, newspaper articles,
ard telegraph dispatches about a starving enemy,
and reliable contrahands who say that the Con-
fedeTacy is caving in-they are all, every one Of
them, to use Turkish expression Of great force,
BJsh essential humbug, of which We have
had more than enough for four long years.
The war is on our hands, and we must fight it
out, and accept all the attendant difficulties of
Ill i!
should perform it as quickly as possible; and if
ouU, 200 more men and ten hundred more millions
will not do the work up by next midsummer iu
the name Of all reason and common sense let US
double both the men and the money, and con-
summate the business promptly and thoroughly.
We shall then have ample ability 10 return TO 4
sound financial basis, in what the soldiers call "a
double quick ;" and we shall save time, save
credit and feel proud satsfactionin having dOue
our duty nobly, like men who have an earnest
love Of country, which no inpedtments can con
quor-no disaster dismay-to whom impossibni
ties are unknown, and the glogy Of success i
assured.
Another oil company that we can recon-
mend has been added TO the list called th
Conn Onwealth Oil Company, OF Lawrence
county, Pennsylvania. Notwithstanding th
actual value Of the property Of this Company
y represents capital Of only two hundred
thousand dollars, divided in'o shares Of S2'j
each, the subscription price at present for whcl
is only Sl'50 each, the territory Of the Com
pRny is thirty-fiye acres, in fee simple, on Slip
perry Rock creek, Lawrence county, Pa, an,
| is part of the famous Matthew Stewart
oil tract, and adjoins the "Phillips Well" Tn
results thus fln obtained in boring are higl
satisfactory, the existence Of vast deposits Of OF
at a moderate depth being established. There /
also an abundance Of coal Of the best quality o
the property, TO furnish fuel for steam engine.
and rich veins Of iron ore have been developed
/ $4,000 unpaid capiLal has been reserved by th