The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-11-24

fruitful sources of corruption. Unless the
debt and finances are to be better managed
than they have been thus far, 1t would be better
for the public morals to repudiate the ma
tionsl debt, principal and interest, than to
keep up system which debsuches the bust
ness community and the administrative ser
vice, aud oppresses the people. 1t may be
said that England has vast debt, and never
theless escapes the reeking corruption
which has grown up here. But there
is great difference in the circumstances
TIE interest on the debt of England is only
three per cent, aud she makes no attempt to
pay any part Of the principal. The realized
wealth OF our country (oU~ unsettled lands
and unwoIked mines contribute no more to
our resources than our unborn pOpulation) is
far greater than ours. Moreover, her admin
istratve system is more favorable to Off )ial in
tegrity and efficiency her revenue officers
being appointed for their qualifications, never
removed for political causes, and subjected to
more efficient supervision. Unless we, too, can
manage our debt with some approximation to
wisdom, it would be better to repudate the
whole of it at once (disJraoeful as that would
be) rather than have our public service and
business circles tester with chronic moral
rottenuess. BY repudiating the debt and
abolishing high taxes we should os delivered
from the gangs of thieves that batteu upon
the public revenue. Ii there were no whisky
tax there would be no whisky ring, and so
of the rest. But il Reputation is too humili-
ating and -disgraceful 10 be thought of, we
must have, first, an abandonment (uuul
after the present debt is funded at a low rate
of interest) of all attempts to reduce the
principals OF theedebt; secondly sim plf3a-
tiOn OF the tax aud tariff syst ms, levying
taxes Qize Englsud) on but very few articles
so that the revenue officers, having fewer
duties, can perform them with more
efficiency; and, thirdly, complete
s 4 -,
mode of selecting public officers. AS things
are now managed, the people are taxed to
enrich whisky rings, with little benefit tC the
Treasury. The tax raises the price of articles
in the market, and the increase goes into the
pockets of those who evads IL, SO that, besides
supporting the public burdens, the people
bear equal or greater burdens to gorge sooun-
drels with wealth. Ii this villany caunot be
got rid of otherwise, the people will repudiate
the debt which alone makes it possible
choosing the least OF two hideOus evils. The
lowest possible taxes and honest collection are
the only security for the bOudholders.
The mismsDagemenJ and abuses Of great
corporations are very grave subject, which
deserves more attention than it is likely to
receive while the public mind continues be-
sOtted with political tanaticism. One of the
worse attendants of the negro controversy and
the war has been the div ersiou of reforming
energy from the 81 altic and pOrtentiOus evils
that most require 1t. The whole question of
the organization of great corpOrtions, particu
larly rail. DAD corporations, must be reopened
and re-examiued, ii the country is not to be
governed by an oligarchy of railroad and other
orporate nsbohs They already control our
legislatures, and, in def snce of law cheat their
own stockholders. Besides these evils, cOrpo-
rations which command gast amounts of capital
possess great facilities tor sp4 Gu ation and the
temptation is too strong for their managers to
resist in speculative eras when great fortunes
made or lost by the fluctuations of values.
| We have no vague iugeclives to utter against
CONNIE rcial speculations. For aught we can
| see, they are iust as Legitimate as ordinary
trade. To buy as largely as possible of pro-
| perty whose value is expected TO rise, and sell
as speedily as possible property whose value
is expected to fill, is just az natural aud rea-
! sopable as to buy and sell ordinary goods
! with the expectation of an ordinary profit.
The evil does not lie in the fact of specu-
| latiOn, but in the circumstances that render
| it possible. short crop leads to spscula-
! tions in grain; but it is the short crop not
! the speculation, that constitutes the evil.
| The outbreak of war causes speculatiUns in
military supplies; but the evil is the war it.
| Self A redundant, huctuating currency is q
perpetual incentive 10 speculation, but the evil
consists in the artificial oscillations Of prices
| which furnish the temptation. The tluctua-
tiOns which depend on the seasons and other
uncomfortable causes must of course be left
to their natural operation; but governments
| inhict gigantic wrong when they multiply
the effect of these, and introduce new and inf
nitely more powerful causes Of change by foUd-
ing country with irredeemable paper money,
! the greatest OF all sources of tuctuatiOn and
| the most powerful incentive to speculation.
1t is like upsetting fixed standard of weights
and measures aud introducing gallons that
dilate and contract like blown india-rubber
bag, or yard sticks that vary from twenty
inches to fifty. In such a state of things, he
| is not the most skilul trader who is the best
! Judge of the supply and consumption OF
commodities, but he who can make the
shrewdest guesses as to the variations of nsa-
sure, so rs TO buy goods by a long yard stick
| and sell them by q short one. AS q con
sequence of our debased, uncertsin
currency, speculation has run riot until the
whole atmosphere of business is tainted. The
rascslity disclosed in q management of the
Erie road is merely one OF the worst speci-
mems of the ulcers with which the whole bust
ness of the country is thicky spotted. There
are probably as bad specimens in the manage
ment of national banks as o. railroads. those
| who possess facilities for speculation beiSg, in
multitudes OF cases, too morally weak to resist
when they fancy great fortunes are to be
made. The cure for this evil is the restora-
tiOn OF a sound currency, which would restrain
speculation within narrow limits by giving
comp parative stability to values, and freeing
the managers of corporations from the infec-
tion of poisonous atmosphere.
We have had quite enOngh Of foolish pane
gyrics on o war which has sappsd tbs founda-
tions of public morality, and introduced a
state of things which is as disgusting aud
disgraceful as it will sOoA be intolerable.