The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-06-26

who has denied this; but the statement is true,
and it may be that Marcus does not let all his
friends into his little games. Does the new
Minister owe his appointment to his success in
the games played between Mr.. Seward and
the empire Is it a reward If not, what is
it Who can solve this diplomatic mystery
In the meantime, while the country waits for
the solution, wouldn't be we'll If Mr.. Seward
should cut short his oratorical pilgrimage,
hurry to Washington, and rack his brain TO
see if he cannot some way improve upon this
appointment
The Extra sessiOn-Its Effect ON Bush
ness and Finance.
From the Times.
The course of gold is upward. There has
been no sudden rise, and no visible excite
ment, either as its cause or consequence.
And yet the fact that the movement is in the
direction of higher values is a circumstance
too significant to be overlooked by those who
would correctly estimate the financial and
business prospects of the country.
The tendency might be fairly supposed to
be the other way. The influence of the Trea-
the side of greenback appreciation. There
is no heavy drain of gold for expectation.
The condition of the London money market,
the remarkable rise in English securities, and
the reported eagerness to purchase United
States bonds, are considerations which make
it morally certain that whatever balance may
be against us in foreign trade will for the
present be adjusted with bonds, not gold.
The crops, too, wear an aspect that gives no
| encouragement to gold gambling. The grain
| harvest promises everywhere to be bounteous,
and the cotton crop gives signs of yield that
! will restore comparative prosperity to many
|
therefore, we shall shortly send abroad pro-
| ducts that will turn the current of specie
hitherward, and effectually remove the only
conceivable source of commercial apprehension
as to the price OF gold.
For the present movement in its price, then,
we must seek for an explanation outside of
ordinary business considerations. And there
is no difficulty in determining where to find it.
The only lever that has for months past been
available to spectators in gold is of political
nature. They have professed reliance upon
the disposition of Congress to circumvent yet
more effectually the efforts of Mr.. McCulloch
in favor of contraction. Some of them have
affirmed belief in the likelihood of further
issues of national bank currency, and all have
operated on the hypothesis that the existing
imitation will be continued. These views have
impaired all the life which the gold market
has recently possessed, and have prevented the
steady decline that would otherwise have been
inevitable
An extra session of Congress will help these
speculative views immensely. From the
moment that it became probable, an unsettled
feeling has been discernible in the transactions
of the gold room, and now that it is GER
tainty, we may look for renewed speculation,
Whether the anticipations of spectators be OF
be not realized is, for their passing purposes,
a matter of no concern. 1t is enough that q
period of excitement at Washington is at hand
and there will be no escape from its baneful
influence while the session continues.
The calculation is, that if quorum be OBJ
tanned on the Sd of July there will be little
difficulty in frustrating the efforts of those
who would limit the work of the session tC
the amendment of the Reconstruction acts
The more moderate Republicans will un
doubtedly endeavor to restrict the session tC
the few days that will be required for the per-
tormance of this specific task. But there are
other members who are resolved if possible
to extend the session, and reopen the vexa
| tious questions which jeopardize the stability
of business and expose finance to the vicissi
tudes of gambling.
r A Washington despatch to our neighbor
5 the Tribune, reports purpose in radica
f quarters to induce Speaker COlfax to can
) nounce the Committees Immediately, so as tt
9 be able to go right to work. What work
f The removal of doubts and misapprehension
Q concerning reconstruction I? The making sur
Q of reconstruction according to the will of Con
I gress and against The Will OF the President
D Doubtless these points will receive attention
But the work referred to in the radical despatcl
r is of another sort. impeachment and tn
4 overthrow of Secretary McCulloch's presen
t financial policy are the great cards to be played
r And mark the confession which acoompanie
a the announcement 'Those who are in favo
d of a long session say if once quorum is OF
It tanned the session will be kept up long enoug
9 to settle definitely the question of impeact
IS ment" AT any rate the attempt will be mad
IS so to prolong the session, that time shall b
It afforded for the agitation of the variou
J, extreme projects which endanger the prosperit
d of the country and the unity Of the Republica
J. party. Ia .
n Every intelligent business man knows wha
!, the effect of such session will be upon trad
It and finance. We're the former in a thrivin
q condition, and the latter endowed with tn
70 frmness which springs from weIl-founded con
Y fdence, the contingencies of ignorant and reck
,r less legislation would excite uneasiness. L
/ existing circumstances, however more thai
/ uneasiness will be created by the policy whic
y is now unblushingly proclaimed. With trad
already depressed and many branches of in
}; dustry paralyzed, the effect OF radical agita
q ton on the currency question--affecting as
| al he