The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-11-25
EATHsT BY TELEGRAPH.
Secretary Boutwell, Does not Favor
Immediate Resumption The
Funding of the Ma
tional Debt.
Social Equality-Triumph of the Ten
nessee Liberals-School Teachers
Convention - The Millers
McCoole and Allen.
FROM WASHINGTON.
Secretary BoutweII's Position on the Financial
GuestiOn-A FOreshndowing of His Report.

Guestion-A Foreshadowing Of His Report.
Special Despatch to Tine EUening Telegraph.
WASHINGTON, Nov. 25.-Several times of late
some of the enterprising newspaper correspon-
dents on duty here have announced, on pre-
tended official authority, that Secretary Bout
well was IN favor of a speedy resumption of
specie payments, and would even go so far as to
recommend, in his forthcoming annual report,
the fixing by Congress OF certain time at which
such resumption should be commenced. | am
enabled, on the highest and most unquestona-
bic authority, to pronounce these statements as
being utterly groundless. Not only does the
Secretary of the Treasury not favor the imme-
diate resumption of specie payments, but in his
report he will deprecate any attempt on the part
of Congress to force such policy upon the
country. The Secretary holds that the resump-
ton of specie payments before the busi-
ness interests of the country were fully
prepared for it would cause a greater de-
rangement than we have yet been
afflicted with. The financial condition of the
country is bad enough, as it is; and, although it
is steadily improving any attempt to forestall
the natural course of events by mischevOus spc-
cial legislation would throw everything into con-
fusion, bring about relapse of the late extreme
depression in all classes of business, and result
solely in still further postponing the day when
concerted and systematic attempt at resumption
could be undertaken with prospect of success.
The Secretary believes that the first requisite to
a practicable resumption is a restoration of
business activity throughout the country, which
will react upon the credit of the Government,
and cause its promises to be accepted for their
full face. The cause of the premium upon gold
is found, not in the fact that specie is worth
intrinsically more at the present time than it
ten years ago, but in the fact that the credit
of the Government is below par, and its paper
not worth, in the markets of the world, as much
as it claims to be. With general resumption
of business activity would come a strengthening
of both private and public credit an increase in
values, and the restoration of healthy feeling
which would pave the way for practical re-
sumption of specie payments to insure which no
legislation whatever would be necessary.
The Funding of the Debt.
The reports OF Mr.. BoutwelPs anxiety to
secure the funding of the public debt, and q
lowering of the rate of interest paid by the
Government, however, are quite correct. The
Secretary believes that the nation is now paying
much higher rate of interest than is warranted
by the necessities of the case, and the only
manner in which the rate can be decreased is by
| the issue of n new and uniform loan, from the
| proceeds of which the Government can buy up
| its old bonds. 1t is the general impression in
| the highest official circles here, that Govern
ment loan to the amount of five hundred mil
lions of dollars, the principal of which should
be unquestionably payable in gold would be
taken at once in European markets at much
lower rate of interest than we are now paying.
The measure of uncertainty which still prevails
as to whether all our bonds are payable in hard
money, it is believed, would materially assist
| the placing of such q loan on the European
| markets.
First National Bank Building on Fire.
| Despatch 10 The EUening Telegraph
! WASHINGTON, Nov. 25-11 A. MA fire broke
out this morning in the marble building occu-
pied by the First National Bank and Jay Cooke
d Co.'s Washington Branch. The fire was con-
fined to the cellar, having originated from the
furnace, which ignited a pile of waste paper
! and rubbish. Damage slight.