The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-10-06
SPIRIT OF THE PRESS.
Editorial Opinions of the Leading Journals
Upon Current Topics Compiled Every
Dny for the Evening Telegraph.
FINANCE AS A SCIENCE.

OF all its posse a nations honor is
The most essential most precious, most easily
sduandered, most difficult of recovery. A free
people being at once party and final Judge in
dispute as to the true scope and meaning of
its pecuniary obligations, labors under a
temptation to bend the requirements of JUS
tice to suit its own convenience from which
the other judges are mercifuly shielded All
iniquity is sweet in the mouth, though so
bitter ever after; aud twenty realize that to
cheat the national creditors would Justify an
immediate reduction of taxes where one
comprehends that the resulting loss of credit,
of prestige, of honor, of power to command
money in perilous emergencies calling for vast
outlay, would immensely outweigh this ad-
vantage, rendering reputation the worst
speculation that ever rascalitY prompted.
Were the United States now to save one
thousand millions of dollars by paying off
their debt in greenbacks, the resulting loss
would so enormously outweigh the gain that
history would marvel that credit was ever ex-
tended to a community of knaves who were
such inconceivable fools.
We do not fear the outright, unqualified
repudiator. His intentions are bad enough,
and he may do great temporary harm; but the
country will no more tolerate downright re-
pudiation than murder, because it cannot af-
ford to do so.
But how infinite, how ingenious are the de-
vices of those who would lead our people
blindfold into the abyss We have just STUN
bled on a scheme artfully-that is skulkingly
--propounded, to reach the end by debasing
our coinage to the level of our greenbacks, by
enacting that two hundred grains of silver
shall constitute dollar instead of two hun
dred and eighty-fve, which is the present
legal standard. This, it is urged, would ena-
BILE us to resume at once; whereas, it would
only remove the obstacle to resumption inter-
posed by those who are in debt, and want to
pay as cheaply as may be.
The coin wherewith to redeem our out
standing demand-paper, whether bond or
greenback, would not be provided by this de-
basement of the standard; on the contrary,
months, if not years, would be required to
produce it. The dodge would simply amount
to q reputation of two-sevenths of the face
of all private debts that fall due or are paid
after resumption. But the pressure to treat
public creditors the same as private would be
intense and formidable; and those who know
how dollar became equivalent to six shil-
lings in New England, seven and sixpence in
Pennsylvania, eight shillings in New York,
etc, etc, might plausibly apprehend its sue
cess Indeed, the pound sterling (Which
was originally pound weight CTroy) of sill
yer, but has been gradually reduced to less
than fourth of that amount, by the prac-
tees of bankrupt or knavish rulers-might
well warn us to beware of the down-hill road
that stretches in prospect before us.
But there are those who profess to condemn
and even execrate repudiation who deprecate
the purchase of bonds with the surplus funds
in the Treasury. If they would condescend to
tell us what they would have done that the
laws do not forbid, we might better compre-
hend them. The Treasury is not at liberty
to cancel and burn greenbacks while the
legal tender act expressly commands ''the
purchase or payment of one per centum
of the entire public debt annually. So much
is beyond the rightful power of Congress,
being embodied in pledge made to the ma
their country. Until that pledge has been
made good to the last iota, we in
sist that the Government has no lawful
discretion-it must purchase bonds with the
coin collected for duties on imports If Con-
gress had not forbidden it to contract the
currency by cancelling and destroying green
backs, it might have done that; as it is it can
do just one thing and that is, convert the
surplus gold into bonds and thus stop the
payment of interest This it has been doing
ever since Mr.. Boutwell, became Secretary;
this we trust it will do, to the extent of one
hundred millions per annum, SO long as
General Grant remains President. Should he
be once reelected, he will thus have wiped
out full third of the debt during his eight
years service as Presidents and, having done
this, he might well afford to rest his fame as
a civilian on that single fact. History coulC
not fail to do him justice, while posterity
would rise up to call him blessed.