The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-01-21

From the Times
The class that look to Jupiter for deliverance
from difficulties which their own sagacious
energy should surmount, outlived Esop. The
only difference is that nowadays they trust to
the universal efficacy OF legislation, and pray
for it with singular indiier ence to the con-
yenience or wishes of their neighbors. This is
the case with the sgners ofthe stereotyped petit
tions in favor Of an inflated currency, and the
persistent lobbyists in behalf of prohlbitory
tariff. Both separate their apparent and pecu-
liar interests from the general interest which
should govern the course of legislation. Both
rely upon Congress to suspend laws that are
superior o legislation, and by a couple of enact
ments bring back prosperity.
The welfare OF the whole people demands a
gradual but positive contraction of the cur
renCY. While the war lasted, they tolerated the
mischief of initiation with a patience betting
Their other sacrifices. Regarding it as one of
the necessary concomitants of the struggle in
which the nation was engaged they submitted
without murmur to a remorseless rise in
prices, and the hardshps which followed in its
train. They were content to suffer the penalties
OF an era in which speculation usurped dominion
over trade and the fluctuations OF business re-
tiected the Vicissitudes of the battlefield. Nor
was the evil altogether devoid OF compensation.
II their outlay was greater, their income was also
increased. If they paid more tor everything they
consumed, their own labor brought to them
iei ECl ACtuII. IuG proportion OF Jne TWO lOTulS
OF lncl ease was never more than proXimately
Just; they were neither concurrent as to time
nor equal as TO amount but the donble move
ment SON ewhat mitigated the hardship and
Parually reconclled the multitude to It's en-
duIance.
with the return OF peace the excuses for nfa-
lloh eho' IL is no longer justified by the eXi-
gencies ci the Government, or palhated by the
presence OF seemingly bouudless prosperity
The demands of legitimate trade are smaller
than they were, and the large margin of unem-
ployed currency is available for speculation.
frlces are artlhcially kept up; the fluctuations
lnclueht 10 speculation prevent the adjustment
OF relations between the prices of labor and
commodities; and the return to q healthy con-
ulIlon OF affairs is indefinitely postponed. The
oniy aVaiiaDie remedy for this phase OF the
Ttouple ;les IN the reduction of the currency;
| II shouId not be sweeping OF spasmodic; and
! Delng neither, 1t need not be ruinously disas-
/ Fous' But the policy of contraction should be
nXed IN manner fatal to homes of reversal.
The resumption OF specie payments should be
lhe declared purpose of Congress that specula-
tors may have timely warning aud that the
currents OF trade may steadily approach their
On similar grounds, it is impossible TO heed
| the clamor OF certain manufacturers TOR prohibi-
tory duties without doing violence TO the gene
Ial wellaLe. I. 5ne years OF the war were years OF
unprecedented prosperity to the manufacturers
who are now loudest in their cries for heavier
duties. Their profits were notoriously eXces-
sive. They accumulated fortunes. They enlarged
the iaclntles ana range OF their business All
they produced they sold at prices which well
iering community. The people tolerated the
high prices because the Government required
every gold dollar that could be collected from
customs duties, ana because they believed that
the burden would not continue bevond the war
A certain prosperity, too, prevented a very
close scrutiny OF profits or very strict estimate
Of the ratio of increased prices to taxation anC
labor.
But the check to manufact,,rinp activity
which has followed the disappearance of tho
all absorbing consumer, the Government doe
not constitute reason for leglslating monel
INTO me purses OF manufacturers. They hay