The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-06-05
From me Tribune.

FROM me Tribune,
During The three weeks ending with Saturday,
June 2. the officially declared exports of gold
from This port were rather over than under
$25OOO,0OO. During the last month, the pre-
miun on gold has pretty steadily appreciated;
beginning at 26l and ending at 4l4.
r. These be grave factsl They are full of admo-
nitiun. Had our currency been based on specie,
such draft upon us for coin would have dim n.
ished all current values from 10 TO 25 per cont,
causing very general embarrassment, if not abso
1ute stagnation. As it is, the result is a sudden
derangement of values, less obviously disastrous
only because the loss Is thrown on the creditor
rather than the debtor interest, yet no less per-
nicous and demoralizing. We cannot sober down
the general mind TO the WAYS of quiet pl)ddng
INDUSTRY while the medium wherein values are
computed and debts are hquidated Is so unstable
as to ductuate to the extent of 10 per cent. IN
month. .'
We must get back to specie payment at very
early day unless we are content to settle down
into nation of gamblers, wherein every busi-
ness operation Is in essence compound OF
sWeat-clOth and thimble-rig. But the indispen-
sable condition precedent OF specie payment rs
reduction Of our imports till they range very
considerably below our eXpor.s.
II Congress would but enact that, on and after
the lst day of January next, all the Treasury
notes OF the United States sho1ld be redeemed
in coin at the Sub-Trcasury in this city, the
notice and govern itself accordingly. Nominal
prices would TALL We should stop importing
breadstuls. Orders for silks and trimmings
would be countermanded. We should take in
sail on every quarter, and soon be prepared to
tide out any tempest. And just so long as Con-
gress rerains from derreeiog resumption, we
ehall go on as we have gone-buylng goods that
we are unable to pay for, and contracting debts
that will embarTass any future attemp 10 re-
turn to solvency. We shall never get ready TO
res me until we shall have firmly resolved to do
so at definite and not distant day. u . .
Meantime, we pray CONGRESS- to make such
changes in the tariff as will furnish some bar
Tier against enormous, excessive importations.
We are still buying abroad millions worth per
month oil goods tnat we should make at home
must make here If we are ever to return to sol
Vency. European labor Is clothing us. when we
ought to clothe ourselves. 1t is neUer cheap to
buy abroad that which those unemployed at
home would gladly make. If we were making
1000, 900 worth per week OF the fabrics we now
import, there would not be 81, 900, 900 per week
Eubtracted from our present product. No nation
ever yet established a new branch OF industry
without nvigorating and expanding old ones.
II, tor example, we could have had all our rail-
roads made in Europe for halt what they have
actually cost us, we should have been poorer
to-day than we are; and the principle apphes to
rails as well as to roads.
Give us tariff that means something; and, in
order to make it mean something, decree and
provide for an early return to specie payment.