The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-30
SPIRIT OF THE PRESS.
ADHToRIAL OPINIONS OF THE LEADING JOURNALS
uPoN CURRHEF ToPICs-CoNPILED EVERY
DAT FOR THR EVENING TMRaRAPH.
Thinking Thlngs Out.

due 70 the too prevalent practice OF not "think-
ing things out;" that is, Of not mentally push
ing political doctrines to their extreme oonclu-
sion, or of not trying to conjure up before the
minds eye the whole OF their results if put into
practice. 1t is almost painful when one hears
the Western "cry" about the currency, and
reads the lucubrations of such inanciers at the
East as General Butler and Mr.. Thaddeus
Stevens, to recall the loose thinking aud talk
ing in support of the Government credit
which prevailed during the war, and which
was due to the same unfortunate habit of
mind as the loose thinking and talking in OPP
position to the Government credit which one
hears now. For instance, during the years 1868
and l964there prevailed, only too generally,
en Indifference to the amount of the public
debt fully as marked and as alarming as
the restiveness under it which we now witness.
All expressions of anxiety about the rapidity
with which it was increasing were treated as
INDICATIONS either of a constitutional tendency
to orOak or of sympathy with the public
enemy, and of desire to put a stop to the
war. The unlimited capacity OF the American
people to bear taxation was then as loudly
preached as the excessive burdensomeness of
taxation now is, and, we are afraid, by many of
the very orators and journalists who are now
busy in contriving dishonest means of reliev-
ing the people of their honest liabilities. We
do not place General Butler and Mr.. Stevens
amongst the number; but we greatly fear that
if any inventor, foreign or domestic had ap-
preached either of them for advice in either of
the years we have mentioned, when the Gov
ernment loans were dropping under the in
Auence Of Rebel successes or Rebel persistence,
he weuld have received a very glowing
account of the mineral resources of
the United States, and been shown that
the product of the Nevada and Colorado mines
alone would in four or five years pay Off
the national debt, to say nothing of the
wealth of the rest of the country. In fact,
during the mining fever of those years the
gold and silver mines were constantly dwelt
upon in speeches and articles as ready means
of meeting the burdens of the war if taxation
should be found unpleasant or inconvenient;
and this was done, too, by men making great
pretensons TO be statesmen and financiers. A
little thinking of the matter out would, how
ever, have made it clear that to talk of the
Government paying off its debts with the
product of the gold and silver mines was as
absurd as to talk of its paying off its debts
with the product of the coal mines or with
the hay crop. The Government can only get
money from mines either by working them
Itself - in which case it must work
them on the same terms as private indi-
viduals, and can make no more out of them
if so much-or else by taxing those who do
. III
to reduce the rate Of profit below that of other
business, of course capital would desert them
- and mining would cease. In fact the obfus-
eating effect of mere names on the popular
mind was never better exemplifed than in the
easy, satisfied way with which this comfort
able doctrine was received. The difficulty
which the miners themselves have since had,
and we believe will always have, in making
even living for themselves out OF the pro-
oeeds of their labor, has completely demolished
it, but nothing short of actual experiment
would probably have been sufficient to do it,
so general is the tendency to believe what is
pleasant to believe.
Another delusion also used in support of
the national credit during the war was the
theory, which was fully as often propounded,
if not oftener, than the foregoing one, 'that
the whole property of the country, real and
personal, was pledged for the payment of
the debit Nor was this confined to stump
speeches or brokers' advertisements. We re-
member to have seen it solemnly and for
mally laid down in a pamphlet on finance,
written by the President Of one of the New
York banks; and we are satisfied it gave con-
hdence and consolation to millions of people
in dark days. Here again, however, a little
thinking out would have cleared away the fog,
and shown that there was not the smallest
basis in reason for this really astounding
assertion, and that anybody who lent his
duced to lend his money on false pretenses.
In the discussions which have recently taken
place on the nature of the representations
made to the public creditor, attention has only
been given to the speeches Of Congressional
committees, and to the letters of the Secre-
tary of the Treasury and the advertisements
of bond brokers. But the heated and enthu-
siastio utterances Of loyal men in their speeches
and writings had probably as much, if not
more, to do with selling the Government bonds
as the formal official promises and eXplana-
tions OF the Government agents.
The idea that the whole property of nation
can be pledged for the payment of its public
debt is, in fact, revival of the fallacy on
which the French based the issue of their
"assignats" in 1880, and which was in sub
stance that the holder of the assignat having
simply general claim against the enormous
mass OF church property confscated by the
state, he must be sure of being paid. But it
was soon made perfectly clear that nothing
can be called pledge for the payment of
money which the creditor does not either
mold In his own possession or can lay hands
upon When he pleases. Now, the real aud
personal property Of the people of the United
states Is not thing which the public creditors
could seize, or, If they could seize it. is not a
tnlng they could turn into money and
oivlde. Moreover If such seizure were
phyhcally possible, it would be IogicaIIv
absurd 10 expect it. II the Government dabt
mele nov PAID, u would be owing N the
-. ia nsss Oh the people TO pay their taxes
A1 suA1 is a small portion of their ann,,si ;e
come and the promulgators of tha lain III
uhGer uHcussion then asked us TO bel;asa 90
tne PeoPe deliberately refused 10 nav ora' ona'
small porthn of their incowo ~ P~y over