The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-29
III SPIRIT OF THE PRESS.
RDrroRlAL OPnIoEs OF TIE LEADWe JOURNALS
uPoH OURRREx ToP1cB-o0MP1LKD KvKRH
DAT FOB TIE EvKHIEd TELEaRAPH.
OBSERVATION-DISCLOSURES Debt.


Answsr.--The "faot" above set forth has
oI,Oays been ventilated" There never has
been any denial or doubt Of IT, Our Govern
msnt, in great straits, needing vast sums TO
save It's imperilled existence, borrowed right
and left Of all who would lend it. It said to
them in substance: :-"Lend US our own pro
misses, which are now A. heavy discount as
compared with coin, and we will pay you in
gold, or its equivalent, when our obligations
fall due" So we, at the urgent request of the
Governments agents, asserted and reiterated,
day after day, throughout the last two or
three years of the war. 1t was Just as we'll
understood that the Government would pay
the fve-twenties ct maturity in gold, as that
it would pay them at all. And this induced
tens Of thousands to sell not only their drops,
but their stock and their farms, in order to
keep the Government in funds, sustain the
national credit, and invigOrate the prosecution
of the war for the Union.
The work is done. The triumph is complete.
The Government might resume specie pay
meuts on the 1st day of January next without
danger or difficulty. The only obstacle is want
of villa mistaken calculation by A., B., and
c., that they can do better il resumption is
postponed. And this consideration is likely
to be as operative ten years hence as now,
unless the Supreme Court shall have the
honesty and courage to declare '1egsl-tenders"
Illegal, now that the republic is saved and
peace restored.
Some Of the Five-tWenties were issued when
greenbaoks were but two or three per cent.
below specie par; others when they were ten,
fifteen, or twenty per cent; others still when
they were worth but forty cents per dollar in
gold. Yet each of them is precisely Identical
in import and terms-eaoh promises to pay
tbQ haaFQr five md wwft
from it's date, 90 many dollars, with interest
at six per cent. in coin. Does the Commercial
hold that part of these bonds. beeause
they were bought when specie was at a
higher premium, are to be paid in difs-
rent currency from those which were bought
when greenbacks were nearly at par with
specie Let us know distinctly what is
the Commercials theory on this point. We
hold that the Government is bound to pay
exactly what it agreed to pay--what its lenders
were led to expect, in order to induce them to
supply its wants. Whether those lenders or
their assigns live in America or in Europe,
whether they paid in one currency or another,
or whether that currency was or was not
largely deprecated, has nothing to do with
the question:. In the War of 1872, our Gov
ernment borrowed millions at II per cent in
terest, took the proceeds in the deprecated
notes of suspended banks, and paid large
premium for the loan; yet, after 1916, every
dime of those loans, principal and interest,
was paid in full in specie. We shall not be-
Heve our oOuntrymen less honest than were
those Of fifty years ago till we are compelled to-.
The Finances in Congress Hasty
scl Schemes OF Liquidation.
From the ". Y, Times.
The haste of members of Congress to
introduce measures relating to the finances, is
indicative of the deep Importance that is felt
to belong to the subject, and of the promi-
nent position 1t will occupy in the business
and debates OF the pending regular session.
The great number of these measures, the
variety OF points with which they deal, and
the opposing methods proposed for their set
tlsmsnt. shoE what hat "A confusion of opinion
exists ON the whole subject and all its parts.
The interests to be affected, the principles that
are involved, and the personal and party pur-
noses to be served, give elements OF vitality
to the subject in Congress-, and add to the
anxiety with which its treatment will be
watched throughout the country. 'a
The subject was brought before the Senate
on the first day of the session, as soon as
possible after Mr.. Sumner had introduced the
familiar African in two forms; and immedi-
ately upon the opening of business in the
House on Monday it was brought up there in
q bill prohibiting the further reduction Of the
currency = after which a dozen members
stepped forward with their projects and reso-
ltitions bearing upon one branch or another Of
the MATERIAL of which were referred TO
appropriate committees. Tuesday again
new batch Of resolutions were offered on the
question - one Of which bore against the
National Banks, and resulted in two motions
concerning it being submittedao the vote OF
the House before it was disposed of by refer
ence. 81
OF the entire body Of these financial schemes
thus far brought forward in the House, four
have looked to the stoppage of the contraction
policy which the Secretary of the Treasury has
heretofore been authorized to pursue, and
which he has prosecuted up TO this time. "Fo
prohibit further reduction Of the currency" are
the words used in each of these cases-which
sound much more moderate and reasonable
than the demands for imitation, which have
been expected from Western members, and
which we7Will doubtless hear more Of before
things are settled. The only proposition that
looked like indefinite imitation came from an
Illinois member (Bromwell), whose resolution
provides for furnishing at all times an amount
Of greenback circulation adequate To the
wants of the people, and in sufficient measure
to promote the energy and enterprise Of al
Olasses." The terms of this scheme are car.
tainly wide enough in their meaning, II they
can be said to have any intelligible msanine
at all; but we suppose that even its author
would be willing to have some Limitation pui
upon II in practice. On this important ques-
ton Of the amount of currency required by
the country, which is discussed in such an
unproftable manner, and with such inconclu
ufua raaulfq there ia no douht that tha raeau