The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-01-26
Mr. Morrlll on Resumrtlon.


From the Tribune.
In the intense excitement of politics, thought
ful men do not forget another subject of even
more Importance than the immediate restoration
ofthe Southern States. These may stay as they
are-not without serious injury to the whole
country, 1t is true-but our finances cannot
continue at they are, and the alternative is inn
provement or ruin. States may prosper without
representation in Congress, but the business of
the country cannot be established upon an ire
deemable paper currency. We earnestly hope
that the speech of the Hon. Justin s. Morrill,
delivered in the House on Thursday, win con-
vince Congress of the necessity of making i'm
mediate preparation for contraction. MIR. Nor
rills argument is thorough and irrefutable; we
belieye the majority OF Congress admits 1t, yet
the hrst step TO enforce its conclusions has not
bpen taken, and there is danger that the subject
will continue to be neglected for others OF far
less pressing Importance. ,
modification that the necessity OF contraction
should require sober argument, or that any one
could "espouse the cause OF an endless reign OF
Daper currency, of which 1t takes one dollar
and thirty, forty, or fifty cents to 0uy dollar
i'm snecle1 The condition of business In the
United States is sufficient, without argument,
10 answer the tn eories of those who believe
that the immense volume OF paper currency
is not more than we need, and that the
abundance of such substitute for specie
is a proof of prosperity. We must even
buy our iron ships in Europe, because
no American can afford to make them.
Our manufacturers cannot compete with those
of England. A nominal increase OF values has
unsettled all business and all prices. The value
OF production, OF manufacture, OF profits, OF
losses is beyond exact calculation. A shifting
standard has made even economy dlfncult, and
the abundance of paper discourages honest in
dustry and fosters speculation, Even the Gov
ernment, in the easy manufacture OF money
out of national credit, spends millions OF paper
with little reference TO their value IN specie.
If the country is not in one sense unprosperous
it is in spite of the burden of currency not
because OF it, AID every month adds to the
proof that we can only escape vast evils in
the future by resumption OF specie payments
and the contraction OF the currency TO the legi-
innate needs OF business.
Mr.. Morrll's statistics show that the total
amount OF paper currency now in use including
legal-tenders, national bank notes, compound
interest notes, etc., is 1868, ,290, ,551 or nearly
one thousand millions, In 1862 the total of
paper currency was but $lS4, ,00O,0 Can it be
COntended that business requires such an enOr-
nous increase? The very depreciation of the
currency is an answer; its excess diminishes its
value, and prices rise as the value sinks. Mr..
Morrill, shows that the increased production OF
gold and silver is tending to the steady depre
citation of specie ITSELF while the coinage OF the
United States in comparison with European
standards is debased. How, then, does ouI
paper money stand when the standard itself i.
degraded2 A Chinese nation may hX arbitrary
standards, but the Americans, a commercial
people, cannot prosper with a currency which
is terribly discounted in every market, and ever
refused in our own gold States on the Pacific.
This excess of paper money Is the legacy o
the Rebellion but 1t is folly to plead the evil
OF war as an excuse for the blunders OF peace
Resumption should have begun in 1865. That
was not attempted then is all the more reaso
that it should begin in 1867 and in Mr.. Morrill'
opinion, ''never shall we have a more ausplciou
moment to initiate measures for a vigorou
retirement of the excess of our paper currency.
That opinion is ours also. We ought to begi
to-day. Credits are not unusually expanded
and the people generally are free from debt. 7
postpone resumption is to tempt the countr
into extravaganza, and to risk, and, IN fac
compel change of this favorable condition. w
know that our paper currency is we'll based o
national credit, and admit the blessings of II
uniformity. The danger is in its irredeemabl
character, and in the excess of issues, nor
strously disproportionate to specie and busines
needs. Mr.. Morrill,, who is certainly deter
mined opponent OF the politics of the SeCretar
OF the Treasury, sustains that great policy @
resumption which is the chief hold of MI
McCullochs administration upon the confdenc
of the people Politics should not prevent al
sound thinkers from urging its immediate adoI
ton. In Offering this unansweTable argument
Mr.. Morrill, has done the country good service
and Coneress will be held to a stern respons
bllity if it refuses to heed his warnings.