Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1865-12-19
EFrom the Journa of Commerce,
TIE FINANCIAL FUTURE.

Il II is always 1ificult to forecast the future
and financial Predictions are especially I'M
reliable In this country, more than an,
other, has 1t been fouad impossible to esti.
Z mate results yet to be attained by ANYTHING
! we kn9H OF the. past; and thus the most far
sishted have found themselves inter at faul,
ln their judgment. Just now the finaciaI
problem takes Precedence of the political in
tile, minds of most thoughtful persons: and
there IS far more anxiety in reference to i,
than is generally confessed a great variety
| OF theories hate been proclaimed, and each
has It's SPECIAL advocates, but we have seen
no plan OF action yet proposed which had
any probability of success.
One fIPpantly urses.u Resumption of spe-
cie payments, as if that were simply method
| OF progression, ahd hit the very resnlt 10.
ward the attainment Of which ~ %esns s ats 10,
| to be directed Another suggests further
issue of national currency, without pausinp
to consider that, as remedy for existing diff.
ncultles, this would be the application OF the
homeopathic principle in SllopatGit doses.
Ihe most COMMON proposition, however.
vaguely refers to some form of contraction as
the basis OF future action. The changes arc
rung on this theme. dhtil the oftsrepeated
| phrase becomes current that many. adopt
/ 1t as the probable solution of the whole DIFF
! fculty. Indeed; it is giavely announced
|
| government has determined to exert all its
force to reduce the volume of the currency,
and thus advance by constant, if not rapid
steps, toward the desired consummation.
All this only distttbs the ptiblic mind; and
| mls!eads those who put their faith in such
assertions. The country ought never toshave
had the paper money initiation, and our rea-
ders need not be told that We have steadily
| opposed it from its first inception. Bat the
| best method of removing the evil is not so ap-
| parent. Those who think that it can bedone
without systematic struggle which Shall
tax the endurance of the nation to the ut>
most, can have no proper appreciation of the
maGritNds, of the burden, or the extent of its
vital relations:
1t is easy to speak of contraction, but who
is to iuaugUrate it 2, Not the mass of the
people, surely. for they must be the firststo
suffer, and few are willing to invite present
pain in the hope Of such an etncertuin re-
ward. We pointed at this years ago, when
the imitation was undertaken, with the pro
mise that the moment the ucnatural stimulus
had served its purpose, the people would re-
turn to instant sobriety. We showed then
what is protein now, that no inebriate ever
Voluntarily relinquished the cup while it was
possible Tor him to carry it to his lips. Mol
The pressttre must come altogether from the
outside before the penahce. can begin. The
return from this mad race is only'to, be made
by a wearisome path, Where every step viii
be marked with pain. Whence can this
pressure come
The answer is ready on many lips: the
Secretary Of the Treasury must lead the peo~
pie back. But can he? In nearly all that
is written on this subject, it is taken for
granted that if the government only has the
disposition, it has the ability to adopt this
measureat once. But a little exainiii5tidii will
show that if the head Of the Treasury were
reckless of consequences, he has not the power
to control the future Of financial affairs. He
must meet his pccuniary engagements, and
any persistence in an arbitrary course would
paralzchs efforts Even with the utmost
and caution he cannot afford to disturb
the market in which he must be borrower
for years to come. Within three years there
fall due nearly one thousand millions in Treds-
ury paper, which must either. be funded or
paid. If there is any contraction, will not
every holder insist on payment!
We are thus prepared to see that for some
time to come neither the people nor their
rulers are likely to engage voluntarily in the
work Of contraction If it depends on mere
volitiUn, we see no controlling will strong
enough to set the work III mntiob, while
many selfish Interests are ever busy in efforts
to continue the unnatural excitement. When
it comes, as it must some day, in spite of all
that would perpctuu,e the initiation, it will
probably come uuheralded, but most ceftaiu-
ly Will not be led by human agency. All
factions will unite to resist it. AlLwho
wrthe under it will cry out against it. Po-
litical LADDERS may indeed recommend it dSsa
safe distance, but none will be found bold
enough to begin the experiment. 1t may
come in gradual approaches stealing its way
quietly along the shrinking nerves, or il may
come il sudden convulsions but it will never
find the community prepared for it. or ready
to welcome it. Nature does a Eindly work
when she racks the frame in her faithful
struggles to throw off dangerous disease;
but what patient ever submitted to the pros
cess without a groan
Those who are laying their plans for the
fGtur6 may therefore fest assured that pone
of the methods of contraction which have
been suggested will be adopted voluntarily,
either by the people or their Representatives
at Washington. All OF the talk to this eff
feet is the merest buneombe And will lead to
no corresponding action. If we could stop
the present leak in the Treasury, and bring
the expenses of the GeEerntieit within rea-
sonable limits, We could save several hundred
millions annually to.apply 70 the maturing
i debt This would facilitate the funding of
the remainder, both at home and abroad, and
through this policy the country might return
to safer system, without any upheaval of
the foundation of credit or the breaking
down of existing financial institutions. -
w- AS Turkeys will be in great demand
henceforwari, we print the following receiz
/ ~. p ....,:,,x +I,or,. os ,-;yan