The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-01-23
THE NEW YORK PRESS.
Editorial Opinions of the Leading
Journals Upon the Most Import
ant Topics of the Hour.
COMPILED EVERY DAY FOR EVENING TELEGRAPH
Finance in Congress.

From the Tribune
From the outset we have not doubted that the
impoltin interest and its organs would in due
time be found arrayed against resumption of
specie payments. We know that our currency
imitation, with the consequent high prices, eX-
travagant living ETC. ETC.. tended directly to in
crease at once the business and the profits of
importers, and that they would be found,
through their organs, seeking to prolong this
imitation to the utmost Hence, the repugnance
to an early resumption eyinced through the
Commercial Advertiser, the Herald, etc., seemed
quite matter of course.
The Euening Post has traditions and instincts
from which we hoped better things; and its un-
qualified, though tardy, Endorsement of Secre-
tary McCulloch's Fort WAYNE speech for a time
justified our confidence. But its relations with
the importers are too intimate and confidential
Tor even its most cherished principles; that at
last we have it out square against resumption.
No, it will say; not against resumption eX-
actly only against particular effort looking to
resumption. But the distinction is illusory, as
we shall proceed TO show.
Mr.. McCulloch, q banker of large, successful
experience, and OF unblemsned repute, is Secre-
tary of the Treasury. He confidently believes
that our Government ought to and might
promptly return to specie payments that good
iaith, national honor, and the true interests of
In all this he is backed as we know, by the
President his superior. So he goes to Congress,
and says, "Giye me power to fund the demand
CT shortrtime Indebtedness OF the Government IN
six per cent. bonds, payable at such times as
shall find best, not exceeding forty years, and
will endeavor to bring tie country back to a
currency at par with specie"
The proposition is very simple and clear. OF
course, IL implies trust in the Secretary; and SO
does any possible alternative. Any Secretary of
the Treasury, during period OF suspension, can
easily make his fortune out OF his position, If not
restrained by a sense of honor and duty. He
may pocket cool million any month, and the
public be never the wiser. Mr.. McCulloch is
anxious for the earliest termination of this ex-
ceptional and perilous condition; so are we. He
has submitted to Congress a short and simple
bill, winch, we are confident would If passed.
bring the Government lto solvency and the cur
rency to par with specie within the current
| year.
| sary measure:-
Mr.. McCullooh asks in this bill that Congress
shall devolVe uponhim absolute power over the money
market and leave to his sole decision, to be made
hereafter, what is TO be the financial policy of the
Government, with power, OF course, to change and
vary that policy just often as for satsiac
! tory TO himself he may choose 70 change his mind
He does not inform Congress what is the plan of his
financial campaiRni and OF course. the people, to
whose daily DuslnesS ~ s1I usy Soort y Is import
in these matters are left, wthlConRress absolutely
in the daIk a. TO the future II we are not misn'
formed Mr.. McCulloch distinctly insisted before the
COMMITTEE upon having this absolute DO wer IN order
that he might exert u beneficial influence over the
| meney market Tho same power that enables him tC
do good IN this way OF suice for DO ng grea
Injury The bill gives him authority to call in anc
tnnd at his discretion as TO tme kind, and amount
all or any Of the outstanding debts and promises o
| The Government not a ready converted into bonds
and for tins purpose 10 issue 40year six per cent
| bonds These new bonds, amounting IN all tC
81 500 600 600 or more he sell at any time and
any prce. No one Is TO know when he Intends L
fund, nor what kind OF securities he ls to cali in
| whether those winch bear interest, or those which
are IN the hands Of the people passing daily a
money. He can make money scarce when he will
and let up the maTzet again when ne Will. The bil
does not provide thathe shall fund first one kind o
security and thea another, specifying the order n
which they are TO be taken in nor does II provide,
those which pass fof money are TO be cancelled tina
they shall be taken IN at certain rate OF progress Il
specified quantities, regular periods. II It did tn
people az large could adapt their busi ness to wha
] was coming"