The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-10-14

tno spring. ne cnarRed tue Republican party
with enormous extravaganza, especially in
expenditures for the support of the army.
Although the platforms of both political par
ties put different financial issue in the fore.
ground, 1t is curious to remark how the Drift
OF the financial controversy has followed
the direction 80 long ago given to II by
Governor Seymour. All the most notable
efforts of the financial critics, every document
or speech which has widely commanded public
attention, has related to the extravaganza
question and not to the greenbaok question.
Mr.. Wells letter, Mr. Tilden's speeches, Mr..
Atkinson's speech, Mr.. Delmar's letter, are
prolix and elaborate on the question of receipts
and expenses, and nearly silent in respect to
the medium in which the fve-twenty bonds
should be paid. All Of these documents follow
regularly in the wake of Governor Seymour
discussing, with various and conflicting views
the question started by him in April, which
has eclipsed the greenback question made 80
prominent in the two political platforms.
This is due to the fact that Governor Sey-
mour had looked into these subjects more pro-
foundly than the makers Of the platforms. As
an issue between the political parties, the
greenbask question is of little consequence
Widely as the two parties differ on this sub
ject in theory, nothing can be done by either
of them in practice without the consent OF the
other. During the next administration, the
Republican party will have the Senate: the
Democratic party the President and a majority,
or nearly majority, of the House. In this
state of the political chessboard, it is evident
that no law can be passed for increasing the
quantity of greenbacks without the consent of
both political parties. But if the debt is to be
paid without issuing more greenbacks, money
must be raised by taxation and appropriated to
that purpose; which again requires an act
of Congress, in which the Senate as
well as the House and the Presi-
dent must concur. The Republican party
being pledged to pay the debt in gold, and the
Democratic party in gresnbacks, and each
having complete check on the other, none of
the bonds are likely to be paid in either me-
dunn during the next administration. This is
not question on which the Government is
compelled to act. The fve-twenty bonds have
yet fifteen years to run, unless the Govern
ment chooses to pay them sooner; and before
they mature the question may cease to be of
any interest, by the restoration of specie pay
ments. Elections at present cannot turn on
questions whose practical solution lies 30 far
in the future. While the Senate continues
Republican the bonds will not be paid in
greenbacks; and as nobody can predict the
state of the currency four years hence, the
country will decide more wisely then, in pre-
sence of the facts. Under q prosperous and
economical administration we may, in four
years, make great advances towards resump-
tion. We certainly should not recede in a
contrary direction. If there should be q sur
plus revenue within the four years, it would
probably be applied towards the extinction of
the debt by the simple means of purchasing
bonds at current rates-a proceeding which
would steer clear of the present controversy,
and yet have the advantage of extinguishing
the debt with gree eenbacks.
The real financial issue between the two
parties is, whether we shall stop the extrava-
gance which has raised and spent money enough
kbo fn hau off al .fuUa ptv
bonds. This question, unlike the other, is
practical. An adverse Senate can arrest re-
trenchment, if we have Democratic Presi-
dent and Democrats enough in the House to
make his vetoes effeotual. One branch is all
powerful to check legislation, although it can
do nothing Affirmative. 1t takes the whole
| legislative power 10 authorize the payment of
the five-twenties before the twenty years ex-
| pire, or to provide greenbacks for that pur-
pose but either House of Congress alone, or
the President alone if his veto is sustained,
has power to arrest appropriations for the
extravagant or needless expenditure of
money. By a check on appropriations we
can accomplish all the greater objects for
which the Democratic party strives. 1t will
enable u.s. for one thing, to cut down the
army to peace standard, and leave the
| Southern States to manage their local affairs
according to their own liking. 1t will enable
us to curtail expenses in every department OF
| the public service. To be sure, much will re-
main undone, which it would be desirable to
do if we could have Democratic Senate. We
cannot, for example, repeal or modify the
exorbitant tariff. We cannot deprive the
national banks of their unjust privileges. But
| we can withdraw military coercion from the
South; we can put stop to the present mon
strous waste of the peoples money. Governor
Seymour evinced the penetration Of a states
man in turning the financial controversy into
this practical channel.