The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-04-10
The Loan Bill Progress of Correct Views
on the Questions of Currency and Ma,
tiOnaI Finances. -t..

on the Questions of Currency and Ma
tiOnal Finances.
From the Herald.
We published in yesterdays Herald, interest
ing extracts from prominent journals in the
country on the subject of the Loan bill, and on
the questions Of currency and national finance.
The newspapers from which we quote represent
all parties, and do not look upon the matter in
partisan point of view. They are published,
too, ior the most part in the great interior cities
and industrial and commercial centres of the
country, and therefore the views they express
are entitled to consideration, b ..l.11
A short time ago these questions were little
understood, and consequently not much was
saip about them. The opinions expressed were
very crude, were approached timidly, and gene
rally were in favor of largely contracting the
currency. The writers Jumped at conclusions
without reason, and without understanding the
subject. But time and common sense have pro-
duced a change. The press begins to see the
truth of what we have asserted all along--that
any sudden and large contraction OF the cur
rency would produce widespread disaster to the
whole community and paralyze the finances of
the Government Some of the opinions and
| argum ats of the journals referred to are not
| altogether sound but the general tenor of them
| shows that light is breaking upon the public,
and that considerable progress has been made
| within a few months towards correct views.
People will not fail to notice that while
nearly all the press IN this city advocates imme-
diate resumption Of specie payments, and the
| most visionary theories about the currency and
| national finances, that of the great commercial
| and industrial centres of the country, and par
ticularly of the West, begins to see the danger of
| such policy. The reason Of this course on the
| part of the press here, and of different course
On the part of the country press, is plain. This
| is the centre OF stock obbing, eli the bondhold-
| eIs, and of all those who expect to be be-
nehted by forcing specie payments. They
LOOK only to rapid of the
denly contract the currency, and thus bring
pheir securities to par in gold, they would
Immediately be twenty-five to thirty per
cent. richer than they are now. The people
would be so much poorer, and the burden OF the
| Government increased, it is true; but what Is
that to them? This is the secret OF the course
| which the organs of the bOndhOlders here are
pursuing. The newspapers OF such cities as
| rests. They look more to the welfare of the
farmers, the manufacturers, the laborers, and
all the great industrial pursuits of the country.
| In fact, they begin to see the struggle now COM
mencing upon the questions of currency and
! national finance is between the bondholders on
one hand, and the Industry OF the country on
| the other.
From present appearances the amended Loan
| bill OF the House will pass the Senate in its
! present form, or with mmaterial alterations
probably as il is, In that case the people will
he satisfied. They will feel safe as long as they
know it will not be IN the power of the Secre
tary OF the Treasury or anybody else to dis
arrange present values and the operations O
trade. With this guarantee of security We
shall go on in our career OF development anC
prosperity: the currency will continue to ap
proXlmate as it has been approximating, golC
standard. and by the time Congress will NEE
again next December we shall gain a fund o
useful experience and information to guide III
in the future. We all want 10 return to speot
payments; but we must not plunge the countr,
into bankruptcy and the Government int
! financial embaIrassments by doing this sud
denly. This, in truth, would only delay speci
payments. The only wise course is to let tn
laws OF trade and pature operate as they ar
operating to bring about this desirable object
The expression OF public opinion through tn
f press will have weight, doubtless, with tn
Senate; and as the Loan bill is in no respect
party measure, we may expect to see it passe
in Its present form, or, at least, with but lttl
, | alttratlOD. " .N|