The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-14

enemv,s fleet. It Is a burning disgrace that
In the nineteenth century, with the lessons of
a thousand years OF history open before us,
and with the teachings of science weighing
down our book shelves, not that we should
have nothing but paper money--for that is a
misfortune simply, incurred tor noble ends
but that there should be men amongst us,
calling themselves legislators, who do not
know what the evils of paper money are, or
who, knowing them, pass inglorious nights
and more iDglorious days trying to aggravate
them.
We have the less hesitation in using strong
language with regard to all schemes Of inha-
ton, because, at present they are simply
devices for filling the pockets Of large holders
of stocks of goods, or, in other words, of large
spectators at the expense of the poor. An
advocate Of initiation is not simply bad eco
nomist, he is conspirator against the labor
ing classes. At the bottom of the outory for
more greenbacks there is, of course, much
ignorance, but there is also the desire Of a
very energetic and very knowing body OF men
to get rid Of goods at an advance. OF course,
they probably see very well that as expan-
sion means general rise of prices,
they would, in the long-run, not
profit by it. But they care nothing about the
long run. They want to get out of the pre-
sent difficulties, meet their engagements
easily, and trust to luck for the rest. They
try to persuade the woTking-man, too, that
with more money they could employ more
labor; but the working-man is fool if he be-
lieves them. 1t is not with greenbacks that
wages are paid, but with the things
that greenbacks purchase, and the more
greenbacks there are, the less food and
clothing and shelter will a paper dollar buy.
Moreover, times of imitation are always
times of wild speculation. We have seen
this during the war. For every fresh issue
of paper already made, dealers add one dollar
to their prices, and then add another dollar to
provide for the other issues which they believe
may still be made, so that the laborer finds
his comforts every day getting further out of
his reach, and his necessaries every day
harder to reach. Moreover, though initiation
may at first give the demand for labor a little
stimulus, il is a stimulus such as brandy gives
the physical energies. 1t is soon over. There
can be no sudden increase Of paper money
without an increase Of uncertainty as to the
future. Those who have made money by one
issue always want another very soon and
insecurity is the great destroyer of enterprise,
and without enterprise industry must languish
and laborers suffer.
The overthrow of the impeachment projects
shows clearly that common sense and modera-
tion are at last reasserting their sway over
the majority. But we would warn those who
think the party can be helped by yielding to
LILO pIoSeuL cry lOI OK pduSlOu, LuhJ IL IL buOulu
prove, as it assuredly will prove, that expan-
sion, instead of being relief, is simply an in
crease Of misery, by this time next year people
will, as is not unusual in such cases, have for
gotten all about the cry; they will only re.
member that the Republican party yielded to
it. Workingmen are already beginning to decide
on the comparative merits of the two great
parties by comparing prices in the old Demo
cratic days with prices in these days of radi-
calism The process, we admit, is not a very phi.
losoFhical one, but it might prove awkward il
it were continued in use and gained in favor
till November, 1868. Moreover, if experience,
and especially experience during the last five
years, has proved anything, it proves that the
safest course, both for politicians and editors
is to hold on firmly to the teachings of justice
and science and history; let passions or delu
sion carry the people ever so widely away
from them, they are sure, in country like
this, to come back to them at last; and tn,
most successful public men-successful in the
highest sense-are those whose faith in these
teachings wavers least, and whom the return
ing tide finds still at their posts