The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-11-17

General Grant administration on the national
finances nothing can be said but in commen-
dation The President set out with the pur-
pose to execute the laws and to collect faith
fully the revenue, and he has succeeded We
see the result in the enormous returns of the
revenue, in the expenditures that have been
cut down, and in the surplus of forty-fve mil
lions applied to the reduction of the debt in
excess of the sinking fund.- during period of
eight months of his administration. So far.
then, as the administrative action of General
Grants Government in this matter goes. the
President can speak proudly to Congress, and
the country will endorse what he may say.
The policy, too, of the President, as indi-
Gated by our Washington news, relative to
funding the debt at a lower rate of interest
and of keeping up the income of the Treasury
till that can be accomplished, will meet with
the appreciation of both Congress and the
people. 1t is the common sense view Of the
subject. In ali such matters General Grant
is eminently practical. Every one, except,
perhaps, the bondholders, will admit that the
interest on the public debt is too high-that
the burden upon the people is too heavy
and that the result of this high rate of inte-
rest and untaxed investments in Government
securities is to absorb the active capital of
the country and to check our material pro-
gress. People will not invest in enterprises
which tend to develop the country while
they can get six per cent. in gold or eight
per cent. on currency ON money put into
United States bonds, which are free also from
taxation. In every way both as a heavy
burden upon the taxpayers and as absorbing
active capital that would be employed in the
development of the country, the present high
rate of interest on the debt is a great evil and
ought to be reduced. Then it is O wise and
statesmanlike idea to keep up the large in
come of the Treasury by not prematurely
taking off the taxes, so as to raise the credit
of the Government and to fund the debt on
the lowest terms possible. 1t is evident, too,
that the President does not regard the ma
tional debt national blessing, for he wisely
desires the liquidation of it as soon as possi-
BILE. large permanent debt, like great
standing army, is inimical to republican in
stitutlons and freedom, and should be got rid
OF as soon as practicable
Now, however, we come to subject on
which the President is less practical, if his
views be reported correctly-that is the sub
ject of returning to specie payments. 1t is
said he will suggest the necessity of speedily
returning to or forcing specie payments.
True, this report comes with the qualifying
remark that the President has not yet deter
mined upon the manner of effecting this
object, and that he may leave the entire
question to Congress, after merely suggest
ing that something should be done. We
have more confidence in this last statement
about the President not having determined
upon the manner of returning to specie pay
ments than in the practicability of the idea.
The truth is General Grant will go
beyond his depth if he attempts to carry
out the notion of the n-to-specie-payment
theorists. Eminently practical as he is
in military affairs and in administrative ac-
ton, and remarkable as he is for strong COM
mon sense, he will plunge into waters beyond
his depth if he should take up the old bull
Zionist theory of forcing specie payments.
General Grant, we suppose, knows little on
this subject, and may be influenced by the
Secretary of the Treasury and other narrow
minded men who have but one crude idea on
the currency question. If a metallic basis
for the currency be desirable, we can never
reach that by any forcing process without
overwhelming disaster. Unless we are pre-
pared to bankrupt the whole country and to
create such revulson as has never occurred
before in this country, we must let the cur
rency alone and leave the return of specie
payments to the laws of nature and trade.
However, there is little for Congress doing
| anything so reckless and destructive The
| country is doing very well under the presene
currency, and if the debt be funded at lower
| interest and the burdens of the people light
ened, it will do still better. With our enor-
nous debt now held abIoad and the exchanges
| so much against us we should, with gold
basis, be at the mercy of foreign capitalists.
The Bank of England could at any time cause
suspension of specie payments here again
and throw the whole business of the country
into confusion. The late Wall street opera
ton of locking up gold was nothing to the
effect that would be produced by the drain of
some millions of specie whenever foreign
capitalists or the Bank of England chose to
put on the screws. Specie payments would
prove fiction, and probably we should soor
have to suspend again. The only safe course
to pursue is to leave the currency alone ant
to let the country grow up gradually to speci,
payments in accordance with the laws of ma
ture and trade.
THE NEW ALLIANCE IN EUROPE.