The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-05
financial Differences-s'Unde Which
King. BezOnian lH

good of his country, would naturally lead him
to attempt an investigation of the finances Of
his native land, and seek to ascertain, from
some Of those writers who have given the
subject their attention, what is the correct
policy for our Secretary of the Treasury. II
he sets about this national task, he will soon
find how vain is all trust in human intellect.
There appear not TO be any two
thinkers of the present day who concur
in any plan which would be the
true policy for our nation. We remark this
with surprise. Before now we have found
differences in other matters. Questions of
public concern generally have two sides to
them, and each writer follows one banner.
But in the present case there is an army, each
man of which carries his own standard and
fights under his own flag. They differ not in
detail, but at the very foundation. We notice
the two leading New York papers of yesterday,
the Tribune and the Herald, took occasion, on
he publication of the Report of the Secretary
the Treasury, to comment on the contents
fthat document and to express their views
the subject of finance in general.
Reading the two articles side by side calls
Banoho Panza. Let the national banks be the
Windmill, and the parallel is perfect. "FOr-
Eune," cried the Don, ''directs our affairs. Look
yonder, Sancho, there are at least thirty out
rage0us giants whom | intend to encounter,
and having deprived them of life, we will
begin to enrich ourselves with their spoils; for
they are lawful prizes, and the extirpation OF
that cursed brood will be an acceptable service
to heaven" "What giants ?'' quoth Sanoho.
sPray look better, sir; those things are not
giants, but windmills, and the arms are their
sails, which, being whirled about, make the
mill CO." The difference of opinion between
our contemporaries is as great as that of the
knight and his squire; and what with the Don
of the Herald and the wild ideas of the Sancho
of the Tribune, and his attempts to con-
vince his neighbor, we do not wonder that
people buy land, and begin to tremble at the
mention of national finances. Let us instance
point Of difference. The Tribune, in speak
ing Of the circulation, favors total with
drawal of all legal-tender,. and the substitu-
ton in its place of national bank notes.
1t says
"Le9GEtenderS are a forced loGn'-a sort Of legal
robbery. adapted only 10 a state of They
do not constitute paper money currency, per-
manentIy secured, and adapted to state of
peace. The National Bank notes do. There is
nothing of the character OF robbery or force
about them, They are not deprecated Govern
ment lies. They represent no broken promises.
They are well-secured promises TO pay dol
"Any paper currency, to deserve the name,
must bel. Secured; 2. Redeemable Green
backs are neither. they are "a standing adver-
lisement that the United states are insolvent.
Ihe national banking system will furnish us
currency both secured and redeemable in gold,
60 soon as the Government and the country
snail return 70 specie pay ments IL Is lmpossi-
"We must have some banking system adapted
TO condition OF peace. The legal tenders are no
have no OselfregulaiIng expaG sive and contrac-
ave power, adapted TO the business wants OF
the community"
The question here is fairly met and decided
in favor of the bank notes. In fact, the article
and language are so strong that We almost
begin to pity the poor creature who could
faver "greenbaoks," and think that after all,
but few people are so deluded, and that that
question is satisfactorily settled Butin look
ing at the Herald, where are our conclusions
That paper maintains directly the. reverse,
with quite equal energy. 1t says:--
"The Secretary speaks of the banks being
CONNECTED with the creditof, the GovernlnenG en,
ae has no not the 9ey " are eonnected with
the credit OF the Government[thet IS, Tue GOV
eminent lends them us CEtult 10 odnh upOn'
and makes in addition gratuty to them OF
national circulating medium. II Is one sided
affair and the banks get all the benefit. They
are OF no earthly use 10 the credit Of the Govern
Snent and sleUer can be- IL Is q nl0nStTous
anoYOpoly drawing upon the credit lent 10 them,
and the circulation given to them, fifteen or
sixteen per cent from the industrial earnings
of the people. Mr. McCulloch and the Comp
troller OF the Currency endeavor TO make IL
appear that the banks do not receive this enor-
nous benefit and that there would be no. saw
hg by the substitution of legal-tender cur
rency for national bank circulation, ana Jhey
particularly refer to the taxes the banks pay by
he way OF sustaining their argument This Is
simply ridiculous, and an insult to the commo
tense of the nation. We t0a1lt no contraction.
md only uniform currency by substituting teggE-
lenders for the national bank circulation We
shail grow up TO specie payments III JnaJ De
desirable, within a few years through the natu-
RAJ CROWN Of population, business, and the
country"
Here, then in language quite as emphatic,
and with arguments almost as specious, the
opposite y held forth. The patient is lying
senseless. Says doctor Of the oIa school s,It
Is apOplexyi bleed him i,eely, and draw the
blood from the head" saSs doctor of the
new school, 'It is exhaustOn y. Won value
his life, not drop of blood must h drawn
Stimulants are all that can save him. And
we unprofessionals stand undecided, and wo.ld
it cause great surprise if, meanwhile, tn
patient diedf Yet, to the un6nancial eye, tn
discussion between our fnanciers looks nc
unlike our sick bed parallel.
The two great divisions which present IRE
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