The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-20


deal with this assumption of power as 1t de-
serves. Let it be settled evermOre that the
peoples money can only be disposed of by the
peoples chosen representatives.
The National FInances-A Senatorial De-
From The ". Y. Herald.
Mr.. Sherman, of the Senate Finance Com
mittee, has reported bill that, if it becomes
a law, will determine some important points
in our national finances. 1t provides for the
funding of the debt, the conversion of the
legal-tender currency, and the settlement of
the question of the taxation of public seouri-
ties. 1t is proposed to fund the debt in bonds
bearing six per cent. interest, payable in forty
years, and redeemable at the pleasure of the
Government after ten years. These bonds are
to be exempt from all taxation, State and
national; vet in consideration of this ex-
emption, a certain proportion of the interest Is
reserved for distribution among the several
States. By this course the bill proposes to
hold on to the principle of the exemption of
Government securities from taxation, yet at
the same time recognize that property should
contribute to support the Government that
gives it safety.
These bonds are made convertible with
legal-tender currency, 'unless the amount of
United States notes outstanding shall be equal
to four hundred millions of dollars" With
this bill the committee has sent in lengthy
report the principal point in which is its
argument that the vstwenty bonds should
be paid in gold, because, as the law does not
declare the contrary it must be determined
by the precedent established by the practice
OF the Government hitherto, which has been
to pay in coin. The bill makes no mention of
the national banks, but the report touches
them lightly in these words:-"V arious pro-
positions relating to the national banking sys-
TEN are under consideration by your COM
mittee, and will be carefully examined. What
ever view may be taken by Congress as to the
| continued existence of this system, it is mani
fest, from the report of the Conn mptroler of the
| Currency, that more equitable distribution
of the bonds among the States, and new pro-
visions for reports and for the redemption of
! their notes, must be made"
The members of the Finance Committee
seem to believe that this bill reflects ''com-
! prehensive policy that will preserve the public
faith restore confidence to the people, and
stability to our business interests and even
"Tapidly restore our currency to the standard
of gold" And of all this it would be difficult
to convince any one outside the Senate Finance
| Committee. 1t is clear that the remedy for
the financial difficulties of the country is not
to come from that source; and the reason is
that these troubles have not their origin in
| any mere departure from financial laws, but
are due to the political condition of the coun-
try. Political and financial troubles go together
III the United States more than anywhere else,
and the relationship between the two is so OBJ
vious at the present hour that it is clear
to all that the mismauagement of our
finances, bad as it has been, is less to be
blamed for the present dangerous cOndi-
tiOn of the country than is the madness of
the dominant political party. Were the
country restored to peace, the Southern
States represented in Congress- labor and
capital bearing their proper relations to each
other in the South-were the revolution
ended, the conntry could readily and easily
bear its burdens, and might treat as trihes
even the follies of Mr.. McCulloch. But so long
as the politicians in the interest of wild parti-
san schemes and President-making purposes,
keep the country distracted, and organize
anarchy in politics, so long will it be nonsense
to expect that financial committees can restore
confidence by bills, however deity drawn.
Our troubles are the necessary consequence
of that policy that keeps half the Union in a
state of suspended vitality, in order to force
its theories of negro supremacy through the
very distress of the people. Radicalism hopes
yet to force from the nation a desperate ac-
ceptance of its policy as the only escape from
ruin, but, apparently, does not see that its
victory, if ever secured, will be of little value
in the universal disasters that would come
with it. Absolute reputation of radicalism is
the only remedy for our financial, as for oul
political troubles, and that remedy must come
from the people.