The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-08-29

foreign circulation, and was carried abroad
by the steamer Jana. That circular says:-
''The further execution of all orders for the
shipment of goods abroad is impeded by the
difficulty in negotiating foreign exchange,
caused by the unlawful and unwarrantable
course pursued by the Treasury Department in
hoarCing up gold to an amount far beyond the
requirements for Government expenditures. and
with the sole result OF promoting the interests
OF the gamblers in golG, to the great INJURY
and embarrassment of the trade and commerce
of the country. IL is bad enough for a poor,
impoverished country, such as Great Britain
was seventy years ago. to be compelled, from
dire necessity, to suspend payment and submit
to q depreciation OF Government credit; bat
that such country as this, the richest, the most
prosperous, and the most powerful IN the world,
SHOULD voluntarily incur or submit to such
degradation almost passes belief; and yet such
rs the case. ,.
''The Secretary of the Treasury recently
strongly urged Congress TO pass an act to make
the Five-twenty Government bonds payable in
gold. Congress, however, not only did not re-
spond to this call, but they adopted resolutions
directly in opposition to it,, prohibiting, In
double violation of the phghted faith OF the Gov
ernment the calling IN OF the legal-tender notes
beyond q small specified nominal amount.
These proceedings OF Congress and the subsequent
contemplating the payment IN a greatly depre,
cLdted currency OF the Ftue.tUenty 5ondS U 1867
falling due nert May, actacb by ertS!tnq td'oS are
moi payable in go!d nor eUen IN tegdttendeT green
The Secretary has Given semi-otficial notice that
ne will not sell gold unless the price should
evince tendency 20 reach 200. This, OF course,
exactly suits the gold spectators, who, by an
extensive combination, are enabled to monopo-
lie the greater part OF the floating gold IN the
market, and compel the regular trade either to
purchase at present high rates in anticipation
OF sales, or TO borrow at 2G3 per cent. month
to enable them to realize their bills OF exchange
against shipments Of produce. II the Secre tarY
really intended wished to curtall specu-
Iation in gold, and TO elevate the Govern
ment credit at home and abroai. the means are
so obvious, and 80 completely WITHIN his reach,
that it Is not easy to comprehend why he has
not ayaed himself OF them."
Our readers can form their own estimate
of house which, for the purpose of specula-
ton, will send through all the foreign markets
a statement the sole object OF which is to
injure the national credit and inspire want
of faith in Government bonds. No terms of
reprobaton are sufficiently severe to express
the utter contempt felt by not only every
loyal but by every honorable man for he who
would sacrifice his country's good name in
order that few thousand dollars might
be put into his own pocket. The facts OF the
case, however, prove the falsehood of the
statements in the circular.
The real condition of the case is that, at
the time of the issues of the Five-twenties in
1862, the National Banking system mad not
been put in active operation; hence the
charge that the bonds were to be converted
into National Bank notes is simply impossi-
ble When the Five-twenties were first
placed upon the market, Secretary Chase
was asked whether or not they would be
ultimately redeemed in gold. He replied by
quoting the established usage of the Govern
ment, and said that it had been the custom
OF the Department to redee m all coupon and
registered bonds forming part of the funded
or permanent debt OF the United States in
coin, and this usage had not been departed
from. All Treasury notes and other obliga
tons forming part of the temporary loan
are payable and will be redeemed in United
States notes until after the resumption
specie payments, when they also will be re-
deemed in coin or equivalent notes. The
Five-twenty Skies being payable twenty
years from date, though redeemable after
five years, are considered as belonging to the
funded or permanent debt; and so also are
the twenty years. skies, into which the three
years. SeVen-thirty notes are convertible.
These bonds, therefore, according to the
usage of the Government, are payable in coin.
Mr.. McCulloch has not only reiterated the
views of Mr.. Chase, but has openly declared
that the honor of the Government demands
that the spirit as well as the letter of the law
be complied with. We can, therefore, see no
ground whateyer for any anticipation OF even
such an incarnation towards repudiation as
the foreign circular hints at. That the law
did not specify, in black and white, that the
bonds were to be paid in gold, was due to the
fact that but little anxiety was felt in theiI
ultimate redemption, and that it was the inte
rest which monopolized popular attention
The long and wel-known usage Of the De
partment rendered it unnecessary to specify
what was never denied and what never vii
be denied by the American Government. Or
every side we have the express declaration 0
all the people in favor of the tull payment o
the debt, and all insinuations 10 the contrary
ale only the result of a Rreedy avalice tina
would sacrifice the national credit in order Il
accumulate individual wealth.
In regard to the charge OF the Governmen
boarding gold, and thus keeping the premium
up, we have only to call attention to the ex
perience Oflast spring, when, in order to lowe
the rate, the Treasury vaults poured fortl
fhatr Enilliona and No narmanant ef4aof mn