The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-02-27

elective method that could be adopted for |
summonipg the people to the rescue. aud re- |
covering the lost authority of the Presidential |
Office But II General Grant sows this seed. |
he will have to wait quite season for the |
harvest.
The True Mode OF Preparing for BE ump-
tiOn,
Rso,n be ~ =. Times.
Mr. Schenck does not exsggerate the diff.
culties in the way Of immediate resumption
or the consequences that would follow the
legislative promulgation Of a date at which
resumption shall begin. The former is simply
impossible. Entered upon to-day, 1t would
break down tomorrow, and the destruction
of confidence would be disastrous and oom-
plete. Mr.. Schenck remarked truly that ga
scheme for resumption to take place at a GER
tain date in the future, to be fixed by law,
would be productive of embarrassment and
disaster little less serious and Immediate"
The interval preceding the designated time
would be used by the moneyed class
for their own aggrandizement, at the ex-
pense Of the industrial and debtor classes.
Let it be understood that on a given day,
not distant, greenbacks will be as good as
gold, and from that moment the boarding of
greepbscks becomes profitable. The ability
of the Government to say two or three years
in advance that on certain date 1t will be in
q condition to pay gold for currency at par is
is contingent upon SO many conditions which
neither Congress nor the Treasury can wholly
control, that it cannot be relied upon with
certainty. But whatever the ultimate result,
the intermediate process would necessarily be
harsh and distressing. Not only would gold
be accumulated by the Treasury as its chief
form of strength, but the currency would be
withdrawn from the ordinary channels of pro-
duction and trade, entailing upon the money
market stringency from which all interests
but those of the usurer and speculator would
| seriously suffer.
Such being the tendencies of mere legisla-
tive resumption, the country has reason to be
thankful that neither Mr.. Sherman nor Mr..
| Morton has prevailed upon Congress to under
| take the experiment. OF the measures intro
duced by these Senators respectively, that Of
| Mr.. Sherman is infinitely the more objectiona-
| BILE. 1t would infict upon us the pains of
| contraction and swell the volume of the debt
for the furtheranoe of objects which, after all,
might not be realized. Hence its enactment
would be a calamity in comparison with which
the continuance of the present state OF the
currency is an Insignificant evil. Mr..
Morton's bill, while better in many
respects, perpetrates the blunder of
fixing date for resumption, and is there
fore calculated to produce indirectly the
mischief of contraction. What remains avail
able, then, in the shape of legislation Mr..
are conclusive evidence as to the futility of
artificial means of fastening a change for
which the country is not even partially pre-
pared. He tried contraction until suffering
business protested against its continuance.
He essayed the management OF the gold pre-
MUM by secret sales of gold, without bring
ing us a single fraction nearer the gaol.
Legislation can do no more. 1t can but aim
at the appreciation of the currency by rem
deripg il scarcer, or by forcing down the gold
premium; neither of which is expedient.
The time will come when Congressional
declaration on the subject will not be produc
tive of harm. To be safe or proper at any
time, however, it must be the result of an
altered condition of trade and finance, not
cause designed to produce the change. When
the gradual restoration of confidence shall
have Withdrawn life from gold gambling, and
the natural grow III Of the country in wealth,
population, and industry shall have absorbed
whatever excess of currency there now is ovel
bona .fde financial wants, we shall not bt
, many degrees removed from resumption. i
will then be possible, if the Treasury aud the
J banks be meanwhile compelled to do thei
duty. That stage reached, formal enact
ment will be in order. II will be so because
, in the circumstances stated Congressional de
claration will amount to no more than recog
milton of existing facts, rs distinguished from
the attempt to perform the impossible pro
ner by Mr.. Morton.
3 And yet, though Congress may not hope t.
legislate back specie payments on any direc
!, and specific plan, it wields power by whicl
8 resumption may be accelerated. Only let u
have what Mr.. Schenck describes as "an eco
? nomical and ssgacious administration of ou
financial affairs, % and the natural recuperativ
3 process already in operation throughout tn
3 country will be greatly strengthened. Th
y financial prospect derives whatever of gloon
9 it has in part from want Of faith in tn
y fxedness of legislation, and the disposition
hoth of Congress and the Treasury to resor
i to charlatanry under the pretense of pro
It noting resumption; and in part also from
't the injuries inflicted upon industry and trad
e 10y unwise and oppressive taxation. Naturs
n tendencies are repressed or perverted. Bur
% dens are imposed which vigilant eoonom
\ might tighten. Speculation is fostered b
g causes which Secretary caring more 70
"a general interests than theories or iavorit
G. devices would extinguish All these source
n OF embarrassment Congress may, If it choose
III bring under wholesome regulation before tn
d close of the session. The Supreme Court hs
u opened the road to healthy business by lega
IL izing, in effect, gold contracts. Wall.str
ct gambling has received check from the mes
p sure forbidding the locking up of currency
u and it will be still further bafied when th
I'll Senate finds time to pass the House bills forbi
" ding secret sales of gold by the Treasury an
o. regulating the certifcation of checks by IL
banks.
n, Another measure of importance which I'll
oy Senate persstently negects is one fOrbiddin
at the increase of the gold bearing debt. Thi
q, in conjunction with Mr.. Schenok's q declaratol