The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-10-15
SPLRI4 OF THE PRESS.
EDITORIAL oPINIoFs OF THE LEADING JOURNALS
UPon CURRENT roPIos--ooMPILRD BvBRf
pAv ToR THE EvKErNs TELEGRAPH.
Rumors I'm W sshIn gton About Financial

rumo,a I'm W ashIn & ton About Financial
MATTERS.
MON me NJ T. Herald
We learn that a number of Republicans in
Washington, who are prominently connected
nth the financial institutions of the country,
have been consulting together about our ma
t;onal finances, and have agreed upon pro-
,,os;tion 10 relieve the Government and country
- o,,isting and future troubles. 1t is said also
that these financial philosophers are about to
Law their plan before Mr.. McCullooh. Surely
the people should be thankful for the wisdom,
benevolence, and disinterested conduct of such
patriots Of the Republican faith. Seeing it has
been the Republican party, led by Salmon p.
Chase MoCulloch, and the rest of the
Treasury ring, which has crushed us down
with burdens and involved us in almost mex
tricable financial troubles, it is certainly some
relief to learn that an enlightened few Of that
party have found the panacea for the evils we
endure.
By the Republicans 'prominent in financial
institutions of the country" we suppose the
correspondent means national bankers, large
bondholders, and the Wall street gold and
stock operators connected with the Chase
McCullooh Treasury ring, though he was too
modest to say so. Well, what do these finan-
oial patriots propose to do 7 Simply to return
to specie payments about eight months from
this time-that is to say, on the Both of June
next. And this is to be done by redeeming in
gold the bonds these patriots hold. That is,
the Government shall pay for the bonds about
thirty per cent. more than they are now worth
in the market. The Government can now enter
the market, Just the same as Mr.. Smith, JONES'
or Brown can, and buy these bonds at little
over seventy in gold. Yet it must not do So
according to these philosophers; it must give
a hundred in gold, though all the rest of the
world can buy at seventy, or it must not buy
at all till the market price is forced up to par.
This would be a nice little arrangement for
the bondhOlders, if practicable. But we are
not told where the gold is to come from to pay
for two thousand millions of bonds. Mr..
MoCuuOch has got hundred millions
in the Treasury, but that is only a twentieth
part of the amount needed. Should he part
with his hundred millions in buying bonds at
par, where would he find gold to take up the
other nineteen hundred millions Nearly all
the specie coming into the Treasury is required
Tor current demands, and he would be left
with but little of the precious metal How
then, could specie payments be brought about
by this plan Nineteen-twentieths of the
bonds would remain unredeemed, and Mr..
McCulloch would be left without gold in his
chest Would not gold go up again, and,
perhaps, higher than it is now, under such
state of things The truth is, there is no way
of reaching specie payments, without fearful
revulsion and bankrupt Treasury but by
letting things take their natural course and by
ceasing to tamper with the currency. The
country would grow up in the course of a few
years to that point when the present volume
Of currency would be not at all too much for
its necessities, and then should reach
specie payments.
This conference of financial patriots al
Washington holds out sop to the people
however, for the purpose of having theiI
bonds increased in value over thirty per cent
They will consent to have the outstanding
bonds taxed or the debt funded at less rate
of interest. This is simply dodge to get the
specie-paying plan forced upon the country
If we had Secretary of the Treasury who
understood the subject of national finance and
would take advantage of his opportunities to
reduce the debt, he would use all his resources
in buying up and cancelling the debt as fast
as possible and at the lowest rate. He would
be in no hurry to return to specie payments
till large portion of the debt were liquidalec
and the weight removed from the people. we
should come to specie payments much sooner
by constantly reducing the debt than by IN
creasing its burden through forcing IT to pa
value. But we must wait till some abler maj
is put at the head of the Treasury before w
can hope for any improvement in the presen
ruinous financial policy of the Government.