The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-31
II esumptiOn.

WE doubt not that the reports of the Secretary
Of the Treasury Commissioner of Internal
Revenue, Controller of the Currency, and
others required by law to be made to Congress,
have been very carefully perused by our
readers.
We have had, also Senator Morrill's bill for
resumption OF specie payments in 1869; Hon.
r. j. Walkers project of gold-interest bonds
to be sold abroad at par together with pana-
ceas of all sorts to cure financial disease
the existence Of which we begin to doubt.
If merchant with ample means had been
forced, by circumstances of an extraordinary
character, into suspension, and had laid
before his creditors a careful exhibit of his
liabilities and assets, showing conclusiUely his
really solUent condition, depending upon time
and careful handling to realize dollar for dol
lar to each and every creditor, asking only a
needed extension, what would be thought Of
that creditor who should propose an imme
diate conversion of the debtors assets, at a
loss of fifty per cent. to every creditor, leaving
the debtor in condition almost beyond hope,
when, by granting the asked-for extension, no
creditor would be embarrassed, nor any one
of their number suffer so much as by imme-
diate conversion of the assets
Careful handling of phat zoe haze got is all that
the people ask at this time. They do not de-
into cash at the risk of losing his income. He
now has rents and interests coming in. He
might part with the principal at a heavy
sacrifice for gold, but his dividends, interests,
and rents are surely and safely lifting him out
of his difficulty" All he has got to do is to
cwtail has expenditures to the closest limit of his
needed business operations. Meantime, his
cotton lands, his grain fields, his gold, silver,
copper, lead, coal, and iron mines are yielding
large returns every year, and will surely aid
him in the payment of mis- debts, provided
he is not persuaded to deal too largely
at those English, French, and German
States, which are fitted with such slightly
merchandise.
He has now good deal of paper out besides
his endorsements for the National Banks.
New, the two parties are so closely identified
in their money operations that an injury to
one would very materially affect the other.
1t follows, therefore, that United States and
National Banks should have the kind indul-
gence of their creditors; and just so surely as
the people will cooperate with them, by re-
fusing to deal at those English, French, and
German stores, and buying and wearing home
spun instead, digging in Uncle Sans mines,
ploughing in his cotton and grain fields,
and making up his materials for exchange,
the whole financial question will find an
easy solution-al,Oays practising economy as oOeI
as preaching it. 1t is true that he has
contracted some ugly debts at those English,
French, and German stores, but they are too
anxious to retain has custom to undertake to en-
barrass him. Besides, they can't very well
use their money to any better advantage than
by letting the debt remain at interest, because
they are well aware of their deb'or's posses
sions and the Uigor ,OiM which he pushes ,Ohat-
ever he undertakes and, therefore, rest satisfied
with the security.
Some of his sons are rather too talka-
tlve-those of them that were not brought up
to business-and have created little nervous
ness about his intentions, but no one
who knows the sturdy character of the mer-
chant has doubt about his word.
On the whole, we think the prospect is very
CHEEKY. His Secretary is pretty careful-some
queer notions of converting mines and
fields into movable property-but, in the
main, pretty good manager. With tact and
discretion our nation can, like the business
man to whom we have ventured homely
comparison, easily weather the storm. AL
! that is needed is common sense and economy
The problem then will settle itself.