The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-23
The Currency Question.

From The ~ Y. Times.
A hard fight is impending between the sup
porters of Mr.. McCulloch's policy of contrac-
ton and the Western champions of expansion.
Both sides are already busy in Washington,
and we anticipate aseries of demonstrations on
the subject whenever Congress begins its work.
The currency is evidently to be one of the big
things of the session, and unless moderation
and good sense assert their supremacy at the
outset, the mere agitation of the question will
be injurious
The business of the country suffers now
more seriously from doubt and uncertainty
than from any other cause. There is no actual
despondency-no general apprehension of pro-
longed disaster; but there is widespread
want of confidence as a result of the absence
of all fixedness in the purposes and policy of
the Government. This evil will be aggravated
from the moment Congress becomes the battle
ground Of the conflicting interests which rely
on legislation for relief. On the main issue
the opposing parties are respectively strong
enough to command attention.
Mr.. McCulloch's plan is in the main sus-
tanned by the Senate, while in the House its
opponents preponderate. No immediate danger
of rash legislation therefore exists rince now,
as in the last session, the Senate may be relied
upon to arrest any measure promoting inha-
ton. But by raising the question in an ugly
form, and keeping it constantly prominent
the infatiOnists of the House may effect as
much mischief, temporarily, as though they
were actually in the ascendant. If suffered to
go on unchecked, they may unsettle every
thing, and by disturbing the public faith in
values, may stimulate speculation. No busi-
ness man will know what to buy or how to
sell so long as there is possibility of inha-
tion. And the positiYeness with which that
measure will be urged by the Western Repre-
sentatives will excite misgivings which the
known conservatism of the Senate will but
partially mitigate.
The inability of either House to do more
than Illustrate the action OF the other WIN
deepen the interest which attaches to the con-
test, and add force to its disturbing influences.
No confidence can be felt in the future of
question which may at any time be revOlu-
tionized by the change of half-a-dOzen votes.
The House cannot hope to carry the expan-
sion theory into practice, or even to reverse
unoualifedly the Treasury process of contrac-
tion. Nor can the Senate feel assured of its
ability to supplement rejection of imitation
with the maintenance undisturbed of the
Treasury measures. In such circumstances,
a deadlock is always imminent, and while
that exists, or is feared, there can be no in
centive to enterprise, and certainly no safety
for trade. Only speoulators can then hope to
thrive.
Some early dIIdhBoiuSht bhoioiOIS dppedIb
desirable, as we'll to utilize the time of Con-
gress as to preserve the country from need
less embarrassment. If the inhationists are
not strong enough to attain their object and
ifthe advocates of contraction are too weak TO
retain all the ground they now occupy, what
would seem TO be the rational course Win
il be better to keep the question open, with
all its chances and annoyanoes, or to close it
speedily, though at the cost Of cherished pre-
ferencesg sf