The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-02-22
THURSDAY, FEBRUARY %, 1866.
Our Finances First Step In the
Right Direction.

sentatives have at last laid as de the discuse
sion Of the negro, and speech making on the
political relations of States; have at last
ceased to fight party and personal battles,
and have taken their first step in the direction
OF utilizing the duty for which they were sent
to the Capital. We commented some time
since on the inefficiency which had heretofore
characterized the course of Congress- We
regretted most keenly that their good sense
and patriotism did not dictate to them the
necessity of acting on questions Of national
importance, and not fritter away their time
in frivolous discussion or partisan harangues
After session of eighty days the House has
proceeded to the consideration Of the Finance
Bill, as reported by the Committee OF Ways
and Means. The need of some decisive 1nan-
cial action is evident. For months the Secre-
tary Of the Treasury has been bound, not by
any legal enactment, but by the absence of
the necessary authority. If we remember
rightly, the bill was reported weeks ago, but
a desire to ventilate peculiar doctrines on the
subject of Reconstruction has prevented it
being acted upon until yesterday. While the
orators debate, the national finances must
suffer.
The debate upon the bill was opened by
Hon. JUSTIN s. MORRILL,, Chairman of the
Committee OF Ways and Means, in a powerful
speech, a weak dilution of which is contained
in the Associated Press despatch. Mr.. NOR
RILL complimented the nation on the success
with which it had selected a gentleman to
fill the onerous and responsible post OF Secre-
tary of the Treasury. He said:-"We have
been fortunate in our Secretaries Of the Trea-
sury during the past five years, one of whom
was appropriately called to occupy the highest
judicial station. 1t was a relief to the loyal
people when his successor, Mr.. FEssENDEN,
was appointed, commanding. as he did, so
much of the public confidence. These men
asked and received all they wanted from
Congress, and did not betray their trust
and now we have a Secretary OF the Trea-
sury in Mr.. MCCULLoCH, whose conduct has
won golden opinions at home and abroad, and
vote OF unexamrled unanimity on the part
of this House, His highest ambition seemed
to be that of tinancier. His fame in that di-
rection will be permanent, while mere politi-
cal power is ephemeral.
We also must Join wi the speaker in his
congratulation over the genius and ability of
our later Secretaries. The first displayed a
talent worthy of the successor Of ALEX
ANDER HAMILTON; the second, a skill as a
supporter of the edlfce erected and the pre-
sent efficient officer is eminently fitted to
settle on permanent basis the pile hurriedly
built up during the struggles and convulsions
of war.
The prosperity which seems so universal
which is acting as beneficial reviver of the
dropping energies of the nation, is too likely
to be viewed as permanent sunshine, and the
dreamers of security will only awaken from
their fond hopes to find the calm is but the
lull that precedes the storm. Congress seems
impregnated with the delusion, and the warn
ing issued by Mr.. MORRILL, seems to us well
timed-"Let no one be deceived. All our
financial dangers are not yet passed. The
perils OF high rates of interest and even COM
mercial revulsion may overtake us unless our
affairs are managed with consummate skill"
Certain gentlemen expressed doubt in
regard to the propriety of giving into the
hands of the Secretary of the Treasury such
power as was guaranteed him by the bill.
We have sufficient confidence in the integrity
Mr.. MCCULLoCH to entrust him with the
stewardship. He has as much to lose by mis-
management or fraud as the people. His
reputation, "the immortal portion Of HIMSELF
is at stake, and he can say, with Cassie,
"Who steals my purse steals trash" We are
ready to trust him, not only because of his
unimpeachable integrity, but also because it
is national necessity. After the adjournment
of Congress, should the motion of Mr. STE
VEINS to strike out the discretionary clause
prevail, the Secretary will be made helpless
without power to take any steps towards
funding the debt; poweress he would stand
in the eyes of the world, stamped with the
odium that Congress had not sufficient conf
dence in his honor to leave to him the
question of when the public eXigencies re-
quired that the treasury notes should be ex-
changed for U. S. bonds. Notwithstanding
the sweeping assertion of Mr.. STEVENS, that
the "bill gave into the hands of the Secretary
the disposal of one thousand six hundred
and forty-four millions $1,644000,000) Of
dollars" closer inspection will show that
he has merely the power to change that sum
from one shape to another. AS the teller o.
bank can give fractional currency for hun.
dred-dollar bills, and may make this exchange
to the extent of hundreds of thousands, with
out giving him any additional responsibility