The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-02-03

proved March g. 1886 shall be extended and con.
strUed 10 authorize the secretary OF toe Treasury al
his oiscretion to receive any Treasury notes other
OBJ igaiiOns issued under any act of Congress-
whether bearing interest or not IN exohanSe for any
description OF bonds authorized by the act to which
tn Is an amendment; and also TO dispose OF any
descnutioD of bonds authorized by said act, either
IN the Unted States elsewhere, TO such amount
and IN such manner AID at such rates as he may
think advisable for lawful money of tie United
States or for any treasury notes ce uhcates OF In
seDtaves Of vaue which have been or may be issued
under any act OF onPress the proceeds thereof TO
be used only for retiring Treasury notes or other OBJ
legations ued under any act of Congress. But
nothing herein contained sha be construed to au-
lhorze any increase of the public DEBT. Provided
that the bonds winch may be disposed of elsewhere
than in the United States may be made payable 10th
principal and inieres, in the com and currency of
the county IN which they are made PAYABLE but
fhall not bear rate OF interest exceeding five per
contum per annrm; ard provided further, that the
act TO " hIch to which this is an amendment shall
continue in full force IN all its prov sons except as
modified by tins act
This bill is simple but comprehensive; and
we do not see how it could be improved. 1t is
said that part of the Committee stood out to the
last against the discretion to make foreign loan;
but a. our securities in large amount already
are and will continue to be held in Europe, this
seems more nice than wise. We heartily wish
these securities were all held at home; we wish
our people were prepared to pay them off, or
Ouy them up; but that is VIGOROUSLY not the
case; so what is to be gained by shutting our
eyes to the most palpabe facts? We are now
would gladly exchange for long five per cents
printed in their own language, and payable in
their own cities instead OF in a foreign country:
and why should we not save the difference? We
cannot imagine.
The naked truth is that the opposition to this
as to other provisions of the bill is impelled by
hostility 10 resumption at all that is, to an
early resumption. Every one verbally admits
that we must resume some time; but a good
many have little operations unmatured whereby
they hope to make thelrpile out of currency in
flatiOn u so they are irrepressible in devising
pretexts and lodges for its indefinite main
tenance. But for this, the above bill would
promptly pass by unanimous vote.
And now let entreat Congress to act
deCisively on this measure forthwith Industry
and business have too long awaited the issue.
From nearly every city, we hear a complaint of
the scarcity of dwellings; but who will erect
houses when one that costs $500 to build now,
will be worth but $1,000 when we return to a
par currency? Maniiestly, the country should
know what to depend upon forthwith. Rents
are rising like balloons; ofliceholders are
boring TOR higher salaries; farmers are asked
wages which their crops will not pay If they
have 10 be sold at specie prices; and there is
anarchy on all hands, which only return to
national solvency can terminate. Gentlemen in
CONGRESS be good enough TO let the people
know what they may depend upon with regard
TO the currency, and at the very earliest
moment.