The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-06
The Trsnsurv Report.

IRON ute ~. Y. Tribune.
Mr.. MoCulloch's views are, in the main,
eminently sound and wise. His exposition of
the causes which led to our departure-unde
the pressure of war and disaster-from the
specie standard or measure of value, and Of
the evils and perils-industrial, financial, and
moral-of persisting in the use of inconver-
tible paper as currency, after the seeming
necessity therefor has passed away-is able
and conclusive. His calculations of the past
history and present state of our finances are
nsurpassed in terseness and lucidity. His
summary of the reason for continuing the use
of national bank notes, as well as greenbacks,
should carry conviction to all whose under
standings are not clouded by prejudice and
blind hostility. His demonstration that
currency expansion may (by enhancing
prices) increase the pressure for money
which it was designed to abate, will be novel
to many, yet can hardly fail to produce con-
viction. His discussion of the nature and
moral obligation of our National debt, and of
the medium wherein the several loans must
respectively be paid, though condensed, is
mastery; and we envy neither the head nor
heart of any one who can read this portion of
the Report and still insist that the fve-twen-
ties and their kindred rightfully may (indeed,
CAM be paid off in violated promises-in
printed lies. We should like to hear Mr..
Stevens, Of Pennsylvania, expound the two
following passages from his speech of Febru-
ary, 1862 advocating the passage of the Five
twenty Loan bill, which he had reported as
Chairman OF the Committee of Ways and
| Means:-
"a dollar in miser's safe, unproductive, is a
| sore disturbance. Where could they invest it?
| In the United States loans at six per cent,
| deemable in gold in twenty years-the best and
mostyaluable permanent investment that could
"But widows and orphans are interested, and
in tears, lest their estates should be badly in
vested. pity no one who has money invested
twenty years, with interest semi -annu ally"
That the proposed payment (P) of those
fve-twenty bonds in irredeemable paper would
be gigantic, bare-faced fraud, we have never
doubted. That it would be as suicidaI as
great knaveries usually are, Mr. McCulloch
shows more clearly than any one has hitherto
done. Ne American, who either has any pro-
perty already, or means to acquire any, can
afford to countenance this fragrant rascality.
1t seems to us that the opponents of that das-
tardly form of repudiation which the Secre-
tary reprobates ought to combine and print
one million copies of this Report in large,
fair pamphlet, and give copy to every voter
who will promise to read and preserve it.
There will be ten thousand villainous stump
speeches made within the next year which
perusal of this Report would most effectively
answer. Shal IL not De placeQ IN tne nanQS
| of every voter whe can read
Those who have talked of a surplus reve-
nue. of $3.50, 100000, to be dissipated by re-
ducing Nand repeating taxes at this session,
will be somewhat disconnected by Mr.. McCul-
| loch's less fattering but more truthful ex-
| hibit. 1t seems that the reductions most i'm
providently made by the last Congress have
nearly arrested the payment Of the principal
! of the public debt. The Secretary estimates
| 4ha (inaln1inO
| on the debt from September 80, 1867, to June
| 80, 1859 at 1926, 900, 000 and the current
| income at barely 81, 10000 more; and he esti-
] mates the revenue for the fiscal year thence
ensuing at 1881, 100000, whereof all but
50, COO coo will be required to meet the cur
rent outgOes, leaving but $40, OOO, 600 in all to
| be applied to the payment Of principal OF the
| public debt for the twenty-one months COM
mencing with October last and closing with
| June 1869. Yet journalists talk of taking off
scores after scores Of millions OF taxes, as
though we were dealing with surplus that
we could scarcely devise means to get rid Of
We trust Congress will be at once startled and
sobtred by this timely exhibit.
The Secretarys numerous suggestions Of re-
trenchment, by converting the Branch Mints
at Dahlonega and Denver into Assay Offices,
by the sale of Government stocks in various
private or local corporations, and by limiting
the time wherein war claims may be made,
|
in most respects strong and good one. Yet
we have looked carefully through il for a ius-
tifcation of the Secretarys policy in keeping,
for many months past, more than
100000 600 in coin shut up in his Golfers,
and have scanned it in vain. Had that sum
been expended, months ago, in buying up in
open market and destroying our interest-bear-
ing bonds, our national credit must have stood
| higher, while we should have been much
nearer to specie payments than we now are
We speak from experience when we say that
he who owes largely and has comparatively
little ready means, can use those means tC
great advantage in buying up and cancellinl
that portion of his debts on which the holders
are most anxious to realize. We regret tha
this course-which commends itself to th,
! judgment of almost every one else
should still be distasteful to Mr.. MoCulloch
We beg him not to. persevere in it till Mr.
Seward-by the purchase of countless Wal
russias and St. ThOmases-shall have used VI
his magnificent reserve altogether.
The Republican Cutlery Against th'
Presidents Message
BTom The ~ T. World.
The courageous aud able message of Presi
dent Johnson gives great dissatisfaction to tn
, Republican party, and their organs oommen
4 on it in spirit of bitter rancor. Their cen
a qres would be better bestowed if given t.
1t OoAsress, which has violated all the decorum
+ Snu eveN all the deoencies due from one de
y y PAi'inens osthe Government to another. Con
= siSsS nas s'rPaad the President Of the oontro