New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-02-14
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FINANCE IN CONGRESS.
From our,speelal Correspondent

Prom Ourspecal Correspondent -. IN ,ee,
Congress is full of people. full of tho friends oil
noonle whe are engaged in trade and speculation
and want TO keep up prices as well as those VINO arc
interested in the National Banks and do nos desire
or intend to relinquish the rapaciOus profits no"
heino earned by those institutions. Te the extent III
i; fins influenced it is plain to be seen that III Is
totally unfit body to act the financial institution
And as the money pressure, which has only just
bequn. increases in strength and urgency, ana the
drIlncss of times increases, which the natural
and inevitable results of our circumstances, they
will become more and mere unfit for this duty
II ia 70 the credit of the seaboard representatives
and the great commercial centers, that, with some
notable exceptions, Ethey either do not represent
selfish interests they are possessed OF sufelent
sense and intelligence to see where the true interest
Of the solvent banks and the solvent portion OF the
country resides, and to vote accordingly but the
House vote on initiation shows that tho great rich,
eager, mpetuOus, bullying West and North-We st, IS
mn 70 its eyes in corn, cattle, and conerots az high
prices. and in big debts and fancy banking, and
other similar Injuries. An analysis of the recent
vote in favor Of indefinite suspension and nauonai
solvencv. shows that New-York, New-England. and
Pennsykania cast A votes against this pernicious
measure to 10 votes for it. 1t was the laundering
the House and did the business. 1t is this body of
powerful men, who and whose constituents, have
been at once tho victims and admirers of wild cat"
banking ever since that country began to fill There
il nanificence in the idea of illimltable paper
currency that fills their imagination, and makes
tbem dote on its possession They have been scalded
and skinned and stripped by it in the past. 1t has
bankrupted individuals, bankrupted communities,
baikrupted States in that region but the inhabit-
ants are not cured weaned from their orlgInal
strong prepOssessons in its favor. 1hey almost
unanimously hail the existing initiation of the cur
rcncv "a n blessing and some of their leading men
are even now proposing TO add to the fermenting
mass. They imagine they have got sure holding
ground in the Government credit and that no strain
they can put upon that credit can bring 1t to the
breaking point This perfect view has evidently
infected the public mind to a surprising extent we
hear it often said that the country needs no better
currency than Hrredeemabe paper money. That
broken promise to pay is the highest form OF security
Having obtained such currency as this, nothing is
wanting but to hold on TO what we have, aud get
moro of the same sort as fast as possible
II is an alarming fact that the House of Represen
tves appearsto have fallen into this habit of thought
II seems TO have throughthc predOminance of North
Western votes become a convert To belief III the
deyilish device of an irredeemabc paper currency
and worshppcrs of the wildcat" banking system
under now form.
IL becomes a very serious question how to. treat
this new development Many of the States OF the
Union have been driven into bankruptcy and dis
grace heretofore under less relative pressures Of
debt than now weigh upon the country What has
been done before, may be done again. And with ITS
staggering load of obligations, it is not at all diff
calf thing TO carry the Federal Government also into
bankruptcy. 1t needs nothing in the worh TO do 1t
but little mismanagemcnt of our finances. One
fool may set fire that thousand wise men cannot
extnguish IL is only necessary for the country TO
adopt tho policy Of continued initiation TO accom-
plish this result effcctually.
But it is said. the House of Representatives, don't
mean initiation. They do mean initiation OppOsi-
ton TO contraction means initiation Refusal TO con-
tract this year. means expansion next. Why refuse
10 contraclY For the old rcasonswhCh preccdes all
bankruptcies 1.-The business of the country cannot
stand It. II produces pressure failures collapse
But il simple refusal 10 contract produces no rehef,
as il win not and pressure. failures, and collapse
still come what theni Relief in the shape of cx-
pansion. Why mott The logic in each case is pre-
ciscly the II you cannot save the business,
the enterprise the industry the speculations of the
country by refusing to contact that is OF itself
evidence that expansion is necessary. and expansion
will accordingly come /, is the old story. Men who
will not stand mp 70 n policy Of reasonable restriction
looking toward ultimate resumption, now, viii go
down like falling grain before the financial storm
reaches It's hight and shelter themselves under in
faton or any other folly, 10 escape from the position
OF resistance to what they think il their own inter
csts what others may shortsightedly think to be
theirs
/ may say. then in few words that the existing
position of tho House on the financial question
means ruin 20 the business and the solycncy of the
country. and bankruptcy 10 the Government. This
il strong language know, but IL will be Justified
by every sound finanCer in the country. Only iet
tho action of the Government be consistent with the
late vote of t House aud DO carried out To It's log
zeal results, and we shall bring upon ourselves the
greatest financial catastrophe IN the history of the
country. But how 10 make the public understand
its peril is the great difficulty How to treat tlas
late development 80 20 arrest its evil tendences ~
the problem. hardly know, unless 1t be To- circu-
late the speeches OF some of the champions OF Wild
cat" banking. fpcope could be got TO peIuSe them,
il might serve some useful purpose. J's'f'