The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-11-19
Shall the Government Rosumes


THE Tribune OF Saturday says
"The eight Wall street firms witch regulate
| the price Of gold, making IL cheap when they
have il to lend and dear when they choose to
call it 10, are al their wits end to keep up the
premium, and would be utterly swamped #
| Secretary McOullooh would only buy up and
extiuguish some kind of public debt with his
surplus gold. Our markets are glutted with
| produce and fabrics; and all know that, unless
there shall be a fresh debauch of paper money.
| prices OF nearly everything must be lower,
| Now, then, Is the tme-if Congress ana tne
Treasury could be induced to think 500
| resume srecie payments. Those VINO sre hOs
ready never will be. II year and halt OF
| peace, with an abundant revenue ana uimlh-
lshng debt, have not sufliced tor preparation,
twenty years would not answer any better. In
fact, there are to-day more debt and more
pecuniary interest in tue way OF resumption
than there were in June, 1860. we shall
never resume unless we try TO; and when
ever we really try we shalt resume.
And. since we are to have season
of declining prices and stagnPnt trade,
why not resolve TO 20 down to hard-pan at
onceY Let us resume-jhere is nothing want
ing but the willard have specie prices for
labor produce, and goods. Then, thousands
will invest in ralroad-maklng, building, etc.
ETC.. who are now deferred by the consideration
that what costs $4,000 will be worth but
$4,000 when we get down to rock-bottom, as
we surely must aud shall. Do let us descend
from the clouds, and stand once more on terra
trina. Iftbis was ever right, it is right gene
To limited extent, we agree with the
Tribune. A return to specie payment would
beyond all doubt, be desirable, were it not for
certain considerations-one OF which is that
the return at the present time is simply inn
possible. Our contemporary argues in favor
of using the gold in the Treasury vaults to
cancel the currency, and, by throwing it on
the market, cause a decline in gold. We
tried that once before. The Government
sought to cause fall in gold by Cutting the
market with its specie. 1t utterly failed.
The appearance of more gold only increased
the demand, and the premium assembled in
stead OF descended. We think that the Secre-
tary is acting like financer of the first class.
as he doubtless is by his course at the present
time. He Is contracting quite rapidly enough
for the present. AS long as capital dislodged
from Government securities has no place for
investment, he is dislodgng it quite fast
enough. Until Congress has met and adopted
funding plan which will inUlre Consols
similar to those of Great Britain, we do not
favor rapid extingushment. Mr.. McCulloch
probably appreciates the necessities of the
nation, as he is well fitted, by character and
position, to judge Of the national wants.
Meanwhile, we must look elsewhere for
reliet 1t must come through the proper
apportionment of the revenue. The Internal
Revenue system is working admirably. Mr..
Rollins has again and again demonstrated his
admirable fitness for the post OF Commissioner,
and the whole plan is working, under his
management, as well as could be hoped for.
But it is not on the Internal Revenue that
we must lean. Our taxes are paid in cur
rency, and currency is not what is needed to
pay interest In gold on the national debt. We
need vigorous and effective protective
tariff. From that we will derive taxes in
gold sufficient to secure the payment of the
interest by the revenue derived from that
source. When thaC is done and Congress
consulted, we can talk about resumption: as
it is, with thirty days before Congress meets,
we hope the Secretary will take no step with
out its advice.