The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-09-04

sand dollars in gold in the banks of this city,
and nearly the whole of that lent out, he will
find that our prosperity was never greater, and
that public confidence In 'green backsn is all
lie volunteer his services as the advocate
of the national banGing and the fund
holding interest by saying, in fact we
must trausmute this filthy lucre- these dirty
rags--into gold, or we are lost in a sea of bank
ruptcy? There is nothing that the ndholders
and national banks would like better than a
restoration of specie payments. 1t would appre-
ciale their securities one-third in value, say to
the extent of eight hundred millions; but it
would at the same time depreciate the property
of the people at large in an equal ratio, say to
the extent OF five thousand millions of dollars.
The national banks would in particular be Dene-
fited, as the stocks which they have deposited
as q basis of circulation with the Treasury
Department would be appreciated simulta-
neously with their notes, which are in great
degree under their own control II is fortu-
nate that the tundholoers and National banks
do not possess the inhGence which the holders
of the national debt did in Great Britain fifty
years, ago, or we might have occasion TO fear
equally disastrous results therefrom. The his
tory OF England from the termination of the
Napoleonic wars in 1916 to 1880, is one long
chronicle OF the sacrifices of the many for the
benefit OF the few; and when specie payments
were resumed by act OF Parliament, in 1921.
there was chuckle of triumph among the
fundholders heard amid the sighs and groans
which ascended from the vast multitude OF
Ou-luhunOluerS VINO were prOSJfaleu Dy Tue
shock.
1t is this delightful carnival apparently,
which Mr.. McCulloch wishes us to enjoy. But
we can hardly believe that he understands his
subject when he advocates a speedy return to
specie payments. He has probably never read
the financial history of England, but be will
find abundant references to it in "Ahson's His
tory of Europe and every contemporary his.
tory. We mention that of England because it
is the only one which presents to us an example
of the gradual appreciation of paper currency
from a discount as heavy at one time as forty
per cent. TO par France repudiated her dsSigndtS
and afterwards ndnddts. The old ConCne ltal
States bad no fiscal system worthy of the name,
and allowed their paper money to become worth
less. So did the Confederate States. We were
exposed to the same dangers, but our resources
were greater, and we conquered.
We shall therefore have to restore specie pay
ments by an appreciation and not Reputation
of the currency; and If we are to escape the dis
asters which fell to the lot of England, Ireland,
and Scotland in the ordeal, we shall have TO
eXt rcise the greatest caution, and our financial
ministers will have TO abate that ardent desire
for gold which Mr.. McCulloch never wearies OF
exhibiting. We are prosperous, and why then
Clamor for an undue return 70 specie payments
Let us trust to natural laws and leave gold and
the currency to their operation, and we shall
have specie payments soon enough for the wei
fare of the nation. Meanwhile, Mr.. McCulloch
will do well to carefully iamlliarize himself with
the historical example to which we have re-
eTred.