The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-05-07
EVENING TUESDAY,

MAY Z, 1867.
TO dof It's advocates have as yet, protested
but a single object, namely, TO hold the
radicals in check But that will be accom-
plished by the approaching schisIn in the
Republican party. The Democratic party
needs but a small addition TO its strength
to be superior to the whole Republican
party united. II needs not single recruit
to insure its success against the Republican
party divided. Democratic split will be as
fatal to the radicals as would be the forma- |
tion OF new party. If the split occurs, |
the Democracy will be triumphantj if 1t does
not occur, we shall gain from the discontented
Republicans votes enough to make us a
majority. In either case the radicals will be
held in check without any such desperate re-
sort as disbandng the Republican party
Messrs. Seward, Weed and Raymond would
no doubt prefer hospitable halfway house.
They would find it awkward to join party
which they have spent their whole lives in
abusing. But the rank and file of quiet
voters, who go TO the ballot-box and deposit
silent vote have no such anteoedents to pro-
tect. The profound and widespread discomfort
of the working classes will alone suffice to turn
the scale in our favor. That their impove-
rishment is the direct fruit of the Republi-
can policy, is truth quite level to their ap-
prehenson.
The whole strength and promise of this
third party movement, so far as it has any,
consist in the expectation of running General
| Grant for the Presidency. But suppose Gene
raj Grant should refuse the nomination. He
| would not knowingly run to be beaten; and it
may be safely assumed that he is prudent
calculator of the chances. As the nominee of
| the discontented Republicans, he would beat
| the bush for the Democratic candidate to
| fnh 4ha rd fba Mt ba
only get votes enough to prevent any election
| by the people; and if the choice is thrown into
| the House, the radical candidate will be
| elected. But the more probable effect of run
ming third candidate would be an easy vic
tory for the Democrats.
History of the Resumption of Specie
Payments An England.
In recent issue of the New York Herald,
nearly an entire page is devoted to history
of the resumption of specie payments in Eng
land after the peace of 1915, We will endea-
vor to present a summary of the most striking
statements and statistics of this financial
sketch, without adopting its deductions The
| treaty of peace after the battle of Waterloo,
was definitely concluded in December, and
there was a demand on the part of the ''Bul-
| iOnists" for the immediate resumption of
specie payments. The Ministry fixed the day
of resumption on July 5, 1916. The conse-
quences are thus portrayed
THE bank Of England began at once rapidly
to contract its issues, and 10 reduce it's dis
counts to the commercial world; the country
| bankers, all of whose issues were convertible
into Bank of England notes, were forced to fol-
mere commodity, fell in price from f5 S.. per
ounce TO "a Is. in January, 1916, and to "a per
ounce in May Of Oft the e same year, But the prices
| Wheat, which was $685. quarter in 1914. fell to
Sos. in 1915. The consequence of this contraction
OF circulation and stimuli taneOus fall of prices
was scene of agricultural and commercial dis
tress of unprecedented severity. Mr.. Tierney
| stated from his place in the House of Commons
that the people of England were suffering
more intensely than at any period since the
ruptcies in 1916 was 1855; in 1915 they increased
to 2OS9, being an addition OF 55 per cent In one
| year. The manufacturing districts suffered as
| much as the agricultural and commercial ones;
nor was the stagnation of industry confined to
| any particular department. Distress was as
| great among the cotton spinners of Manchester
or Glasgow, the silk weavers of SpItalfields, or
| the glove manufacturers OF Nottingham' as
| among the hardware men of Birmingham or
| the iron mouldeIs of the Methyr-Tydvil."
In this season of distress, the Government
of Lord Liverpool brought in bill to pro-
| rogue the resumption Of specie payments
until July 5, 1918. The bill was carried
through both Houses by very large ma
jority. During the two years of the suspen-
sion of specie payments, the country bankers
enlarged their issues, the Bank of England
did not contract, and rise in prices took
place. The home consumption of manufac-
| lures expanded-a sure sign that the working
classes are employed. The three per cents,
which in January, 1917, were sixty-two, had
risen by December of that year to eighty
three. The bankruptcies fell from 2OS9 in
1916 to 1875 in 1917, and further to 1856 in
ISIS. The revenue rose, and in both years
the amount paid of the national debt was
large-larger than it has ever been since
The imports rose from f25, 100000 in 1916
to f36, ,000,0 ,000 A second attempt was now
made to return to specie. The history of this
effort at resumption is thus narrated
''In October, 1917. the Directors of the bank
issued notice that they would pay specie for
notes OF every description issued prior to Janu-
| any LIST of that year. The attempt was fail
| ure. great drain of gold set in upon the
| bank, and the sum paid in specie for these
! notes before the end of the year amounted to
! G2,6O0,OO0. The result of this experiment con-
WINGED the Government that it would not do to
! return TO specie payments on July 3, 1915
fore proposed TO Parliament TO grant the SYM
bolc currency another reprieve for n twelve
| month, until July 8, 1919. The opposition
passionately combated and denounced this
| measure, but they were beaten in the House of
! Commons by l64 to 80, and in the House of
| that Mr., Hudson Quincy and Alderman Hey-
| gate declared against a resumption on princi-
| pie and that the former gentleman uttered the
following emphatic declaration and remark
able waTning:-"But do what you will, one
! thing is certain: your pound of account is not
! III; and under a debt of fSiO,000 900, you can
/ no more force back YOUR prices to the prices Of