The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-12-09
MIR. STEVENS, GOLD BILL.

The Hon. THADDEUs STEVENS may be a
very expert and experienced parliamentarian,
but his recent efforts in that direction would
seem to warrant the belief that he is not much
Of hnancer. His Gold bill, which he intro
duced in the House of Representatives on
Tuesday, was quite summariy disposed Of by
that body on Wednesday. II was laid on the
table by a vote of seventy-three yeas against
fity-two nays. 1t would be well for the
country if the action of Congress on all plainly
absurd or impractcable measures were equally
prompt and decisive.
1t could have done no possible good what
ever to have referred Mr.. STEVENS bill to a
Committee, or 10 have made it the subject Of
protracted discussion Indeed, it may be
doubted whether the proposition to make a
paper dollar equivalent in current value to q
gold dollar, by act Of Congress, is capable of
serious argument; and it would not do Mr..
STEVENS any discredit to suppose that, in
Offering such bill, he was not in earnest, but
rather intended to ridicule the idea Of all such
legislation by presenting it in that eX5rava-
giant form which the logicians call the re-
dl,ctio dd dbSurdum.
But be all this as it may, large majority
Of the House of Representatives required no
debate or report of a committee to satisfy
them that Mr.. STEVENS plan for preventing
the advance in gold and the depreciation of
the national currency, was not only not a
remedy for the evils to be corrected but posi-
lively fitted to increase them. As regards any
attempt by the resolution of legislature to
impart to a piece of paper, in the form OF
treasury or bank note, value over and above
that which it enjoys with the public as cir
Culating medium, must, Of course, fail. And
il must do so for this obvious reason, that no
matter what Congress might require the cur
rent value OF a "greenback" TO be, it certainly
has no power, much less authority, to compel
any citizen or person whatever to part with
lands, tenements, dry goods, or other thing Of
value, in exchange for bank or treasury bills,
at an arbitrary and Fictitious valuation,
Whatever form or kind Of currency has no
intrinsic, but only representative value, must
ofnecessity, be more OF less huctuating rela-
lively to SPECIE which has positive and per-
manent value, and is the accepted standard of
price in the business or Office Of exchanging
all sorts of property.
Now, the treasury notes which Mr.. STE
VEINS wanted to make by act Of Congress as
good as gold, SO that a dollar "greenback"
should not only be the equivalent of dollar
in gold or silver, but be so accepted in all
commercial transactions, are in fact only so
many promises to pay at some future time
their full value in specie. They, therefore.
simply represent the credit of the Govern
ment, which credit depends on contingencies
more or less controable or reliable
and just in the proportion that the
public faith in the solyency Of the Gov
ernment is affected iayoraBly, or otherwise
by current events, must and viii the national
credit rise or fall. and coTespondingly the
circulating value Of the issues Of the Treasury
advance or decline relatively to coin. This /.
principle in finance with the operation O
which human legislation can no more interler,
successfully than n statute can alter the DIV
sical laws which govern the motions Of air anC
water. Congress might, perhaps enact tina
small bits Of leather shall pass as money at
certain prescribed value beyond the actua
intrinsic worth Of the leather ITSELF Yetit
quite clear that unless the public woul
accept such a currency in accOrdanc
with the act, in the transactions of trade AN
commerce, the act would be practically mn
and ineffective; while it Is hardly necessary +
tell any man Of sense, much less any phro
sophica statesman, that there is not. and a
long as the rights Of private property an