The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-23
Kite-Flying In Congress.

From the Tribune.
We learn from our telegraphic reports the
reason why the Senate bill for exchanging the
six per cent. compound legal-tenders into
three per cent. demand notes was defeated the
other day in the House. 1t was merely pre-
Iiminary movement of the infationists to stop
contraction and get afoat another hundred
millions of greenbacks. This interesting job
was finished on Thursday. The House voted, 95
to 65, not to pay the six per cent. legaltenders,
but to substitute greenbacks for them. By
thirty majority the House has broken away
from its old financial advisers, and embarked
on the sea of ''wid cat' banking. We always
desire to understand the precise situation of
affairs, and thus we are, in view of recent de-
velopments on this subject, glad to see this
vote and to understand the ground of it. If
Congress or the House have got any specific
views on the management of the currency
different from those of Mr.. McCulloch, it will
be a relief to the country to have them
developed.
Not in the shape of sporadic votes but in
intelligent discussion. Let us have an intel
ligible exposition of the policy which Congress
or the House desire to adopt, in lieu OF that
recommended by the Secretary of the Treasury,
and hitherto sustained by them. If there is
an antagonist policy, as there seems to be, let
us know precisely what it is. Give us the
particulars. Let in light upon this subject, so
vital to the business and industrial interests o.
the entire nation. 1t is of immense cOnse-
1uence that the country should know what is
before them. And they do not want votes
merely, they want views clearly defined, anC
measures intelhgently shaped and eXpounded
If the National Legislature is really in the
hands Of the paper-money men, and they
intend to leave Mr.. McCulloch in the lurch
IL l.. l,,,l-
let us know it, and let us know their precis
methods.
Let them declare themselves in the face 0
day by open and exhaustive discussion.
we have got profounder tinanciers III Congress
than have hitherto come to the surface, tro
them out, and let them bless us with thei
expoundings. We grOpe in the dark eve
since that twenty majority vote in the House
now increased to thirty, in opposition to con
traction. The country does not want to b.
led blindfold down precipice; it wants it
way illumined by the new lights of tinanc
which are, apparently, judging from Thurs
davis proceedings, coming out from under tn
bushel where they have been hidden.
If Congress is going to reject the principle {
moderate contraction, let us know what we ar
to have instead. Show us where we stand
If there is anything in this matter beyond tn
necessities of rotten banks, or the renewa
notes of bankrupt debtors, we should like
see it defined. No solvent man, no solver
bank. no solvent community, can hOnestl
object to the principle of a steady contractio
of the currency until we reach specie pay
ments or need fear its results. 1t is I'll
bankrupts and the spectators only who hay
anything to apprehend from the application
this touchstone of national and individual so
vency.
The see-saw debate and voting in the Hou'
on Thursday enoughillustrate the stabilit
of opinion which, on financial topics, dlstil
guishes our legislators. Mr.. Hooper's bill,
reported, was bill to retire the compound
plus a section to repeal the law now author
zing the S4,000,000 per month contraction
Mr.. Hooper does not believe in flying his ki
without respectable tail; his bill thereto
proposed to issue in place of the compouI
notes certificates at 1856 interest-nOt me
sure which commends itself to us as SCUM
but miracle of prudence in comparison wi
what the House finally adopted. NOrthwes
ern finance, in the person Of Mr. Wilson, o
iected to the extravaganza of this plan on Il
ground that it involved a yearly payment
three or four millions of interest. 1t is