The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-17
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Financial TInkerInE In COngress-The
morrill, Bill.

FinanOisl Tinksring I'm oOngrssS-The
MorTtI Bill.
FYom ne ~ Y. Herald.
MIR. Morrill,, the Senator from Vermont, has
hbill before Congress to resume specie pay
hents after July, 1869, or, in other words, to
pompel the Secretary Of the Treasury to re-
Ieem the interest-bsaring legal-tender notes
and to pay the bOndholders in coin after that
date. This bill provides also for the sale of
gold in the Treasury at that time, for which
the Government is to receive paper in the
shape OF the three per cent interest COM
pound notes. 1t also requires the national
banks to redeem in coin their currency of five
dollars and under; but permits them to re-
deem bills of higher denomination in green
backs.
The Government is first to part with all the
gold in the Treasury, aud then, after having
parted with it, is to redeem the legal-tenders
In coin, while the national banks are not re-
quired to pay in specie their notes over five
dollars. Such is the confused and impraCti-
cable legislation to which Congress is invited
by the Vermont Senator. The mountains Of
his State are not as green as is this scheme for
reaching specie payments. A bill to dry up
the Mississippi or to stop the flow Of Niagara
would be quite as reasonable. Is ought to be
= -
TO the wealth of the bondholders at the ex-
pense of the people, and to turn over to the
national banks all the gold, while it allows
these favored institutions to circulate an ire
deemable paper currency. 1t is an insidious
measure for the special benefit of the national
banks and the bondhoders, from which both
the Government and the mass of the people
will be the sufferers. But it is impracticable,
and if Congress should be stupid enough to
pass it-whiCh, if we may judge from the
action of the House lately on the currency
question, it will not-the consequences may
be serious while the object will not be reached.
The British Parliament tried to force specie
payments after the wars with Napoleon by
such measures as this, but had to undo what
was done several times. From 1915 to 1921
several efforts were made to force resumption,
but the Government had to abandon its pur-
pose in consequence of the suffering produced
and difficulties in the way. Finally, when re-
sumption was forced through the clamor of
the bondholders and capitalists, which was
not fully reached, however, till 1928, the coun-
try was plunged into terrible financial revul-
sions and appalling distress. Similar results
will follow here if the same disastrous policy
be pursued. If Mr.. Morrill, cannot be taught
by such lessons of experience, it is to be hoped
the majority in Congress can, and will reject
the impracticable and dangerous bill of that
Senator. Let the circulation of the currency
remain as tits, except to make it uniform, by
notes, and the country will reach specie
basis gradually, without serious revulsons.
Another absurd proposition made by the
financial tinkers is to raise another and a
foreign loan to pay portion of the debt-that
is, to create one debt to pay another-to place
ourselves still more at the mercy of British
and other foreign capitalists, and to make big
Job for some spectators. The British wisely
kept as much of their debt as possible at home,
30 that the interest, when paid, should not leave
4ha 11nfTu and IOl1iG Nam Uyha he
raised large loan, was careful to spread it
among the French people; but our sapient
iinanciers want to make us the debtors of
foreigners, to bind us hand and foot and to
leave our finances and trade under foreign con-
troll. The debtor nation like the individual
debtor, is always more or less at the. mercy of
the creditor, and the foreign creditor from
year to year drains nation in debt of the
specie or money which is the lifeblood ofinter-
nal trade.
Suppose, according to the theory of these
fnanciers who want foreign loan, that the
whole of our debt could be sold or transferred
to Europe, we should have to send upwards OF
a hundred and twenty millions in gold abroad
every year to pay the interest. The capital
on the purchase money would soon be swal-
lowed up as in vortex, and after the first
stimulating effect passed away we should be
left dependent and helpless. The Government
wants no loan, and least of all, foreign one.
AS the debt falls due, if there be not money
enough in the Treasury to pay it, let Congress
provide for changing one form of Indebtedness
for another by the simple process of substitu-
tion. That is all which will be needed, and
we can dispense with foreign loan negotiators
or the assistance of foreign capitalists, so far
as the United States Treasury is concerned.
If these fnaneiers are desirous of getting
foreign capital, or the foreign capitalists OF
using it here, let them apply it to the hun
dreds of profitable enterprises in the country
90 the development of our vast undeveloped
resources and to the creation of wealth among
us. 1t this way loans would be profitable
both to the country and foreign capitalists
but it would be better to keep the national
debt at home among our own people. Rather
pay off the debt as fast as possible than to ere
ate new one. We are not among those wh'
believe a national debt national blessing
and we are quite sure it would be anything
but that if held by foreigners.
Failure of the Roman Confer Tence-Th
situation IN Italy
From The ~. Y. Herald.
pr taJaorauo thror1ph the Atlantic cable