The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-08

Total 275 100000
Does it become a country with such a pros
pect to bolster itself up on printed lies
Now, If we are to require extra credit in
Europe, it must be for one Cor both) of two
reasons-l. To redeem (purchase) a portion
of our present debt held there; or, 2. To pay
for goods henceforth purchased in excess of
our exports. But we believe that no dime
would be required on the form er account, and
little or none on the latter.
Our existing debt to Europe amounts to
about one billion of dollars, whereof some
six hundred millions is in the form of Gov
ernment bonds; the residue consists of the
stocks and bonds of States, railroads. ETC.,
with some balances due to bankers and manu-
facturers on mercantile accounts. The six
hundred millions of United States bonds have
been bought at prices running up from 40 to so
per cent. of their face. These can be sent here
and sold now, generally, at a profit; and so
they can be after our resumption. But they
will be far less likely to be sent then than
now, because the naked fact of our resump-
tion will evince a strength and courage on our
part that will inevitably exalt our credit, and
increase the market value of our promises to
pay. The banker or retired capitalits who
bought our Five-twentes at so or 90 per cent,
and has seen them advance pretty steadily to
Is or 80, is not likely to sell them because we
have resumed specie payment, or because their
On the contrary, he will be apt to say, 81 am
getting my six per cent. regularly in gold, and
my investment would sell to-day for 80 per
cent. more than it cost me, 10 more than 1t
was worth year ago. | guess I'll hold on to
it; for these Yankees seem to be getting on
pretty well considering" And he Uould hold
on, and probably buy little more with his
acCruing interest
Our State and railroad stocks and bonds
held abroad would all be increased in value by
resumption, because the interest or dividends
thereon, now paid in greenbacks, would
thenceforth be paid in coin or its equivalent:
hence the holders seeing their investment
rise in value, would naturally cherish and in
crease it.
AS to our mercantile balances, they are
generally payable in gold now, and would be
so payable after resumption. But creditors
are not apt to press debtors harder because
they are becoming more solvent than they
were.
Now as to imports and EXPORTS
Does any man really believe that resump-
ton would increase the former or diminish the
latter Certainly not. All who know enough
to cross Broadway in tolerable safety must
realize that the expansion of our currency has
so inflated the prices of products that this
country has become an excellent market tC
sell in and a bad one to buy in; that, after
reducing everything to gold, prices are higher
here in the average than almost anywhere
else; that labor, food, clothing, lodging, ETC..
are relatively dear among us-we say be
cause of our expanded currency; you may
attribute it to whatever cause you will
Shrewd, sharp dealers bring merchandis,
here to sell in large amounts but buy
sparingly OF our products in return, unless
it be the products of our gold mines anC
of Mr.. McCulloch's wholesale mandatory o
promises that are not lies-of promises to pa,
principal and interest in coin. These they cai
buy in any quantity at 20 to 25 per cent dis
count; and thus our foreign debt is beinJ
steadily increased. But let us resume, AM
imported goods would be less salable ant
their importation less profitable than now
because fewer would be able to buy them
while domestic produce would also fall, be
cause fewer would be able to hold It,. Tn
operator in stocks or produce who no
makes $40, 600 by a bold spec, doesn
grudge his wife $1,000 Cashmere shawl or br
Cade dress; but when he comes to sell at
loss, she will be under the disagreeable nece
sity of retrimming her old dresses and Wea
ing her old shawls, and the country will
the richer for it in the long run. We shi
buy less and sell more and soon begin to ]
duce our foreign debt instead of continual
increasing it.
OF course, we presume that our curren
would be gradually diminished in volume
il increased in value; but we do not desire a.
LEGISLATION to this end. What we demand
simply that our Government shall cease to
by the ream. We see no practical use in
pealing the Legal-tender act we would OF
make the legal dollar equal in value TO a r.
dollar, so that the Legal-tender act won
work no wrong and impose no hardsh
Make the greenback dollar equai III Value
a gold dollar, and its being or not beinj