The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-05

Rebel States. Let us now see By whom he holds
that that power should be exercised
The Convention of Florida, assembled by
him, proposed to submit the Reputation of the
Rebel debt to vote of the people of their
State; but receded on learning that this would
not do, and repudiated that debt outright.
A Legislature was thereupon convened, which
ratified the Constitutional amendment abolish
ing slavery, but appended the following con-
ditiOn:-
'ResolUed That this amendment to the Con-
stttution of the United States is adopted by the
Legislature of the State of Florida, with the
understanding that it does not confer upon the
Congress the power to legislate upon the polfti-
cal status of the freedmen in this State"
Governor Marvin, having issued proclama-
tion with reference to reconstruction, Mr.
JOhnssn's Secretary of State telegraphed him
as follows:-
at must, however, be distinctly
understood that the restoration to which your
proclamation refers will be subject 10 The decision
of Congress. WILLIAM III. SEWARD" .
SO we might go on, quoting Johnson
against Johnson; but why need WEI Having
turned against those who elected him, how
could he help turning his back ON himself !?
We leave the subject, with an avowal of our
conviction that the Observation-Disclosures as he
is-will regret having uttered this most per-
verse Message.
On single further point do we dare to
remark to-day. His views on finance are
generally sound, and in nothing more demon
strably so than in this fOrcible statement of a
primary economic truth -o
'The proI oriion which the currency of any
country should bear 10 the whole value of the
annual produce circulated by its means, is a
not agreed; nor can Il be controlled by Iegisla-
tion, but must be left to those irrevocable laws
Sda TSe e9 W eTep srs
sistibly flow to those points where 1T Is in
greatest demand. The law OF demand and sup
ply is as unerrtng as that which regulates the
tldes Of ocean"
In palpable, overt defiance of the above, we
read in the next column this absurd recon-
mendation:-
Specie payments having been once resumed
by the Government and the banks, all notes or
bills of paper issued by either, of a less denomi-
tlon than $40, should by law be excluded from
circulation, so that the people may have the
currency, which in all their business transac.
tions Will be uniform In value at home and
abroad" or It- cl 7rHt ro. t 'H
Here 'tirrevocable laws" including ''the
law of demand and supply" are ignored, and
Congress asked to deprive the country OF such
a currency as it may choose to employ, in
order that s'the people may have the benefit
and convenience of a gold and silver curren-
cy." But such currency happens not to be
either beneficial or convenient to us, who have
always supposed ourselves a part of the
people. We receive at least 100000 per
annum by mail in small bank notes-money
which could not be sent us in gold and silver
unless at heavy cost and risk. Those notes
are indispensable to the successful prosecution
of our business; for what reason shall we be
deprived of them Who is to be benefited
by that which will work us so grave an injury
We need those n0tes-so do thousands oil
others--whose need is subserved by depriving
us of themi Let us have specie payments
and liberty of choice-those who need or
choose specie drawing it at will, while we who
need notes Of less than $50 are likewise ae-
cOmmOdated. Why cannot the President
trust to law which he says is ''unerring as
the tide, (" and let the people use such cur
rency as experience has proved most conye-
nient and usefut -