The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-10-09

sense of the country. The rumble which we |
hear is nothing but the march of the intelli- |
gence of the land to its political rescue.
Secretary McCulIOCh's Letter.
From the ". Y. World.
The letter of the Secretary of the Treasury,
which we published yesterday, is a proof of
the mischief apprehended from the repuda-
ton tenets of Messrs. Butler and Pendleton.
Some such reassuring manifesto was needed
to oounteract the depreciating influence of
these theories on the price of our securities in
Europe. We suppose the letter, or its sub
stance, was telegraphed to London on Monday
night, and so far as any official statement can
relieve existing apprehensions, Mr.. McCul-
lOch's assurances will have that effect. 1t
may be said, indeed, that the Secretary
of the Treasury, being the mere servant
of Congress, the mere minister to give
effect to such laws as Congress may
pass, speaks without authority; that he
merely expresses an opinion by which
nobody is bound. Whenever the debt is paid
it must be by means which Congress will pro-
vide, and if that body should order it paid at
the expiration of the five years, and paid in
greenbacks, the assurances of the Secretary
would 60 for nothing. For this reason, the
assurances of Secretary McCulloch are of less
value than those made by Secretary Chase
when he offered the bonds for sale. Mr.. Chase's
assurances bind the Government because
having been made while the transactions were
pending, and coming at that time to the
knowledge of Congress, they were not dis
ayowed. Mr.. McCulloch's opinion is valuable,
only because his position makes him CONVEX
SAINT with the subject, and his statements are
supported by the history Of the transactions
Mr.. McCuloch is unquestionably right in
saying that the people of this country favor
| the honest payment of the debt with the same
unanimty with which they supported the war
| by which it was incurred. There is no people
| in the world in whom pride of country is
| greater, national spirit higher, or who are
| ready to make greater sacrifices to ideas and
| sentiments. The war for the Union was war
| for an idea not a calculation of interest;
| although in the long run, and in reference to
| posterty, it will probably be for the national
interest. But the interests of this generation
| have not been served by the war. If we had
| permitted a peaceable dissolution and had
| divided the public property, both nations
| would have been better off during this genera
ration and the next than the two sections are
likely to be in a common Union. And yet no
man grudges the sacrifices which have been
made. The sense of national greatness, and
the satisfaction of transmitting proud heri-
tage to posterity, compensate our feelings for
| all the losses we have sustained. With the
greater part of our people this is purely dis
interested feeling; it is pure pride of country;
it is the solace felt by the popular imagination
in expanding to take in so broad a territory
and investing it with kind of patriotic owner
ship which belongs to every citizen.
The American people would feel no exulta-
tion in physical greatness, if it were stained
and smoOChed with moral disgrace. Like all
other people, they dislike and grumble at
taxes, but more than most other people they
have a quick and sensitive national pride
and will make any sacrifices rather than be
lowered in their own estimation and that of
the world. They will discharge the public
debt according to the understanding with
which it was incurred, with a resolute honesty
which no repudiation party will ever dare to
confront.
Let us hope that the recent furry about the
| public debt will have some good consequences.
The Democratic party, which made vigorous
opposition to the legal-tender act at the outset,
have been in favor of as rapid return to
specie payments as is consistent with fairness
to the business community. The currency is
a very delicate thing to touch even for the
purpose of improvement; but the Democratic
party believe that, without any dsloCating
jerks or hitohes there may be gradual, safe,
and sure If not speedy, progress towards
resumption. The Republicans have been
stirred up to express SO much abhor-
renee of the new reputation doctrine
especially for the few days they sup
posed it was monopoly of Mr.. Pendle-
ton, and that damaging party use could
be made of it-that they cannot with very
good face now turn round and obstruct mea-
sures calculated to strengthen the public
credit. return to specie payments VIII
completely lay the spectre of Reputation (at
least in the present fOrm) for when gold and
greenbaoks are at par, it will be of no oonse-
quence to the public creditors whether they
are paid in one or the other. If the indignant
adherence of which the Republicans made
such parade while the scheme was merely
Mr.. PendletOn's and not yet General Buffers
!, was not sham we hope they will give evi-
! dence of their sincerity by cooperating with
the Democratic party in steady and unial-
teriDg return towards specie payments. Inc
existence of an inflated currency is the only
thing which renders the new theories danger.
! GUS to the public credit, and we hope tnat
hereafter every prominent infatiOnist Will ee
| cd no q OF