The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1867-12-12
Congress and the Finances.

Congress and the country are evident
" agreed in holding the Financial ques
tion to be one of the highest import
ance, and demanding early, careful, and
exhaustive consideration. Already sever
al propositions have been submitted, which
evince that no ordinary pains taking has
been used during the vacation to compre-
hend the difficulties of the case, and to
end out remedies adapted to remove
them
| 1T is shown that In the House those
who favor contraction of the paper cur
rency, and return by that means to
srecie payments. are in minority. There
are even indications that majority may
| be found in favor of another era OF ex
pansion. But the temper of the Senate
does not warrant the expectation that an
absolute increase OF paper circulation will
be sanctioned by that body
Nor can it be disguished that the feel
ins in the House is much stronger against
the National Banks than it was believed
to be before the session opened The
feeling is becoming very general that 1t
is not right to exempt from taxation TOR
any ordinary purpose SO large an amount
| of capital as is represented 10 the national
securities and banking capital. Doubt
less the government, during the war, OBJ
tained money with which to prosecute
military operations on the best terms it
could, and is morally a well as legally
bound to fulfill its engagements. To do
otherwise would be shameful and hu-
initiating to the last degree. Still, this
consideration, powerful as it is, aud con-
elusive as it ought to be. does not satisfy
m multitudes These feel that capitalists
took advantage of the necessities of the
government to drive hard bargains with
it really got it by the throat, and con
strained it to accept such conditions as
they were pleased to dicate and that
these conditions are so oppressive upon
all who are engaged in productive indus
tries that relief from existing inequality
of burdens must be had. Still, it is claim
ed that no measure so sweeping as the
substitution of greenbacks for bank notes
can be carried 4 new loan, of sufficient
volume to take up and cancel all outstand
| ing bonds, and hich shall be fully Ii
able to taxation, may possibly be agreed
| upon as compromise.
| Business classes throughout the coun-
try are in feverish state. Their affairs
have not progressed satisfactorily during
the past year. In many lines of produc
ton the prices of commodities have set
tied even below the rates that prevailed
before the war, while wages are still about
as high as at any former period. Provi
sons are still dear, and will remain So at
least until after another harvest Here
are serious difficulties in the way of agree
ment between owners and the men they
employ The outlook for the future is
dark. Men do not see the way before
them, and consequently hesitate. Then
there is the general tendency of the cur
reucy towards a specie basis, which is
about as strong as the disposition of wa
ter to run down hill. Government meas
ures may impede this tendency but it
still operates, creating uncertainty and
distrust. Surrounded by SO many diff
fcultics, it is incumbent on Congress to
proceed cautiously, reaping the full al
vantage of the best light obtainable. =
Daily (Scranton) Republican.