The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-01-24
A Suggestive Remonstranoe.

From the Times
Whether Congress heed the remonstrancc or
not, there can be no doubt that Mr.. Dodge, in
his speech upon the Stevens Reconstruction
bill, correct described the effect of the pre-.
yailing tendency to extreme partisanship, as
well upon the credit as upon the industrial and
business interests OF the country. He pointed
out the importance of so regulating the work of
reconstruction that 1t shall present the fewest
possible obstacles to the development of the re-
sources OF the South, which must precede the
revival of healthy trade IN that region. Aud
he deprecated the Impeachment project as hav-
ing, even in its inchoate state, been detrimental
10 the national securities. One case he mem
toned, in which a large amount has been
diverted into other channels simply by the tear
OF impeachment as a contingency which recent
events have shown TO be within the limits Of
probability.
1t would not be difiicutt to multiply illustra-
tions OF this nature. The Wall street quotations
may not give evidence OF any serious mlsglvngs
in the minds OF the operators. 1t IS notorious,
however, that extreme sensiHyeness exists, and
that the slightness OF the rise in gold, and the
sieadmeSs in the rates OF Government securities,
are attributable to the prevalent disbelief in the
reality of Mr.. Ashley's scheme. Let be once
certain that the scheme Is going forward, and
that the conflict between Congress ana the
Executive approaches its critical stage, and the
upward bound OF gold would be paralleed only
by the tumble Of Government bonds. The fall
of one would be as disastrous and sure as the ad.
vance of the other. Besides, the present sLeadi-
ness in the prices of bonds Is doubtless due to
the efforts OF their holders. Mr.. Dodge's remark
does not apply TO these so much as to the indls-
position OF investors to touch them afresh, or to
enter into them more largely. His point is, that
timld cautious persons having money to in
vest, are driven by the eXcesses OF partsanshp
80 seek other forms of investment. They prefer
not to exchange their cash tor bonds whose i'm
mediate convertible value depends on the abso.
lutte stability Of the public credit.
The impeachment project is, of course, the
most formidable OF these sources of peril. 1t is
menace to which no capitalist can be indlt-
ferent. 1t points 10 the recurrence of DAYS as
gloomy as the goomiest days of the war, and 1t
makes possible contest whereof we cannot see
the end. The whole question of reconstruction,
however, is pregnant with tendencies of the
same sort. There can be no assurance Of solid,
lasting peace, while ten States stand out of the
Union. The merchant and the manufacturer
are left to grope IN darkness so long as the
States which are richest in natural advantages
continue practically closed to Northern enter
prise. Until these things be changed-until the
danger of renewed trouble oe passed, and the
political aud industrial relations OF the country
attain a condition more promising than the pre-
sent-Mr. Dodge's warning will merit remem.
brance. The politicians whose recklessness he
condemns NAV or may not be actuated by honest
purposes, but their violence shakes confidence
in the future of the Government, and in the
same degree retards the healthy operations o
business and finance. ..
These considerations, we are aware, have NJ
fremists. MIR. Oml SchurZ, in the Detroit Pos
pooh-poohs the effect upon the national credi
as matter 10 which the advocates OF impeacf
meLt should give no attention. Wendell PM
lips aud the tribe of irresponsible takers mol
similar language. Anarchy, according to tn
denagogues, is less 10 be feared than the COZ
tnuance in office of President Johnson. VIII
10 them is the value of Five-tweuties, or th
reorganization of Southern industry, or tn
promotion Of trade. compared with the oojec
ibey have in view So far as they are CO.
cerned, Mr.. Dodge will remonstate iu vain Bl
The great mass of the people, not being pr
fessional patriots, are more practical IN the
ideas. They don't want anarchy They a
not prepared TO drive gold up to 200, or Go
ernment bonds down below par. They kno
that, at the best, trade and industry have a tr!
ING time before them, and they have no desii
10 add paralysis TO depression.
Not that any general desire exists to temp
ri ze with the great principles that must COVE
4be reconstr uction OF the Union. The peop
who bore the hardships of the war; and prov
their readiness to make any sacrifice viii
miSht be needed in support of the Governmei
are not likely to repine at the difficulties VIII