The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-02-06

National Banks have been eeislated into their
place; vested interests have grown up which
Conaress is bound 70 respect; ana 5ns & aptGi 1,
more than mytbical. 4
These considerations should be conclusive
against the Randall scheme, we're nothlng more
in it than appears upon the surface. ButOther
coneiderationa are hidden below. And OF these
that which ehOuld be decisive against tne mea-
sure is its certain, unmistakaDle tendency TO
produce large initiation OF the currency, and TO
noetpone for wears the return TO specie pay
menrs. The scheme, indeed, dlvested OF dis
puise tsneIther more nor less than device by
false pretenses to neutralize the policy OF con-
traction and set ahoat an amount of Govern
ment paper for which the business OF the coun.
try has no need whatever. This concealed but
positive tendency accounts, we suspect, for the
support Mr.. Randaps bill has received, and
warrants the satisfaction which has been ex-
pressed in regard to the probability ofits defeat
I Delivered from this evil, the country is called
to face another. Defeating Mr.. Randalls bill IN
the interest of the national banks and a healthy
contraction of the currency, we are now re-
quired to meet measure of imitation projected
by the national banks, conceived for their con-
venience, and enjoying the approval OF the
Secretary of the Treasury, although at variance
with the doctrine of his Fort Wayne speech,
and in utter antagonism to the policy of mode
rate but persistent contraction with which his
name has been honorably allied. Loal certlf-
Gates, bearing interest and payable on demand,
are to be issued to take the place of the COM
pound interest notes now held by the banGs,
and which mature during the present year.
Not only are the foundations of national banks
to be weakened so far as the reserve of legal
currency is concerned, but the Treasury is to
be burdened with the payment of largely aug
mented interest to the banks. The embarrass-
ment incident to demand loans is TO be incurred
airesh, and instead OF contraction the country
is to be treated to inhation. In word, the
Treasury policy in the matter of contraction Is
to be practically reversed, and the resumption
Of ig fn IN
remote than at any period since the termina-
tion of the war
Where shall we look for an explanation of
the causes of this extraordinary and, as we
think, disastrous change? The business of the
country does not require imitation, since the
state of the money market has tor some time
indicated an abundance OF currency for all legl.
innate purposes. "The money market is easy"
in the Wall street vernacular, in relation to the
healthy bona tide wants of industry and trade.
The amount of currency iu circulation Is dis
propOTtonately large, estimated according to
every sound rule OF banking and trade; 1t is in
excess of the wants of the country, and might
be contracted steadily, but gently, not only
without injury, but with positive benefit to
every industrial and trading interest OF the
country. Why, then, this further imitation?
Why this issue of what will be in effect more
currency, when the country already has more
than 1t can advantageously use? There can be
but one answer. This measure, gotten up by
National Banks, with Mr.. McCulloCh's published
endorsement, is wholly in the interest of specu-
lators. 1t is a renewal OF the system which Mr..
McCulloch has denounced as fraught with bauk-
ruptcy, and out of which, in the language
of Mr.. Wells, have grown speculation, idle
ness, extravaeance of living, discomfort with
moderate and slow gains, haste to get rich, and
the spirit OF trading as distinguished from the
spirit of production"
Admit, if you will, that the Withholding of
this measure, or something akin to it, would
produce temporary inconvenience in the money
market. Tue fact remains that that inconve-
nience need not of necessity be ruinous to any
industrial or commercial interest, however
much it might interfere with speculation.
Another fact Confronts us-that sooner or later
the inconvenience must be met and overcome;
the reign of inflated and deprecated paper can
not endure forever; and, come when 1t may, re-
| sumption will dlssipate many bubbles, and
| provoke an unpleasant acquaintance with the
| hard realities of fnaLcial life. Is it wise to
| postpone what must come at last, and what will
| come more terribly the longer 1t be delayed
! On the contrary, is it not the part of prudence
| to allow the contraction policy now at work to
| continue, under the conviction that the result
to which it points is inevitable, and will be
worth all it costs?
The currency infationlst and the tariff pro-
| hibitionist belong to the same category. One
seeks TO surmount dull times by the continuous
manufacture of an inConvertible currency,
! which, according to all experience, will make
matters worse rather than better. The other
would improve trade by multiplying its fetters,
and diminishing the ability of the people to
| bay. Both labor under delusions so gross that
they do not admit of sober argument