The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-11

Why not cut down our foreign embassies, |
missions, and consuls They cost a mint of |
money, one-third OF which might be saved.
Cut the $17, 500 fellows down to $12 900, the |
$12 900 chaps to $40, 900; the 0,00Os to $500,
and the $750Os to $4,000, and perhaps some Of
the patriots may throwup their Offices in dis
gust. If half Of them did, and no others could
be found to fill their places, so much the better
That Congress is in a retrenching mood
gives reason for hope that the grand army OF
stipendiaries that infests the Capitol will be
considerably reduced, and that the twenty
per cent. extra" to the Department clerks will
not again be voted. In short, the public
augurs great and lasting good from the spirit
in which Congress has begun, and we trust
that this fond hope will not be disappointed.
Reputation by Congress Of Mr.. Moo uI-
IOCh's Financial Policy.
From The ~ Y World.
In commenting on Secretary MoCulloch's
report, we likened him to navigator who
should set his sails with view to have the
wind blow north, when in fact it was blowing
south. The overwhelming vote of the House
by which his policy is repudiated proves that
the comparison was not inapposite. The
promptitude with which Mr.. McCulloch's
policy is flung back into his face, as we'll as
the mortifying decisiveness of the vote, shows
how little skill he has in marking times and
seasons. We suppose the Senate will endorse
the rebuke of the House, when Mr.. McCul-
loch's humiliation will be complete.
1t being evident now, as 1t ought to have
been to Mr.. McCulloch when he prepared his
report, that no steps will be taken towards re-
sumption till after the Presidential election,
the thing to be devised is a policy which will
carry the country most safely and smoothly
| through the era of irredeemable paper. Mr..
AZ .Aal IL H.
| solution of this problem; and, therefore, his
report, though containing much excellent
matter, is of no practical value. 1t contained,
/ as we showed on its appearance, some funda-
mental errors. Mr.. MoCulloch makes him
! self the champion of the national banks,
! though it is easily demonstrated that the en-
| tanglement of the Government with those
institutions is one of the chief obstacles to the
resumption which he so strenuously advo-
Gates. AS things stand, the Government can
not resume until the banks do; while if the
| Government were divorced from the banks, it
might safely precede them and put its own
financial operations on sound basis without
communicating any shock to the business of
the country.
Another fatal obstacle to an early return to
specie payments is the disorganization and
continued prostration of the South. The full
revival of the great Southern exports as sub
stitute for the bonds we send abroad to meet
our importations, is an essential element OF
resumption. The delay in rebuilding the
shattered institutions and industry of the
South operates as a postponement of specie
payments by shutting up large field for the
absorption of money, as well as by depriving
us of any solid means of keeping the foreign
exchanges in our favor, and preventing sud
den drains of specie out of the country after
we resume.
Mr.. McCulloch is probably right in arguing
that we can never resume without contrac-
tion of the currency; but contraction neces-
sarily brings more or less stringency and dis
tress, and it is absurd to suppose that the
party in power will give its consent to put on
the screws the year of Pre- sidential election.
The financial policy of the Government
has been a blunder and a muddle through
out, and has wrought more evil than car
be suddenly remedied. The chief blundel
is of course that of making the South
theatre of wasteful expense instead o.
+ a source of revenue. There have beer
t other great blunders, though none quite
so ruinous. We have been making large
f payments of the national debt at time
3 when such payments are as ill-judged as
: Harvesting sick horse to the plough. The
: great source of revenue and strength il
t the prosperity of our various industries
a and the first business of Congress on the
D close of the war should have been tt
facilitate recuperation by the prompt remova
? this, Congress has kept up expensive armies
Q to supplant republican government in larg,
: part of the country, has raised in taxes
/ one or two millions year in excess of III
extravagant expenditures, and has increased
the eXOrbitant prices of commodities by
0 high tariff. What has been collected in take
d beyond necessity is more than double tn,
!. expense of the Government previous to tn
< war. Such a policy violates the PLANES
o principles of good seuse. 1t is as If
8 farmer whose working animals had beel
# carried off by a cattle plague, shoulC
S think it more important to cancel mort
), cages on his farm than to restock it ant
d make il productive.
n The currency, when cut lose from its moor
:, ings in the precious metals, is the most diff
h cult and delicate subject to handle in tn
% whole province of legislation. The funda
/ mental requisite in a measure of values i
stability; but stability is inconsistent with tn
, very nature of an irredeemabe currency, par
70 ticularly when it is very much inflated. An,
" yet, without some approach TO stability mel
's know not how to lay their plans. This ina
Z bility to calculate the future makes fuctu
: ating circulating medium far more expensiv
It to the community than gold or silver, sine
IT the equalization of losses by insurance is i'm
: possible, and every man being obliged to tax
q the risk Of changes in the value of money,
IS charges higher price for his goods.
y But the most dangerous policy OF all con
U sists in sudden leaps towards specie payments
Q since it tends to general stoppage of busines
d and stagnation of industry. The great card
/ nal fact must never be lost sight of that ma