The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1869-10-27


There has nrobabiy never been time since
the suspension OF specie payment when the
m ,ioritv of the people would not have hailed
return to a sound currency thing greatly
to be desired This problem has largely en-
gagged the public mind particularly since the
war. perfect flood of plans has deluged the
literary market The n. Y. Evening Post
stated some time since that on an average
not less than dozen communications on the
subject were daily received at that Office each
with some financial plan possessing some pc
Guitar merit. When we remember that a
multitude of other journals were without
doubt equally favored, and then add to this
the number of schemes proposed in public
speeches in Congress and out, and through
the columns Of our magazines, we can form
some idea not only OF the extent to which The
Yankee mind has been impressed with the
necessity of having sound currency. but of
its activity and ingenuity in devising means
for the attainment Of that end.
And yet 1t can hardly be said that all these
efforts have brought us visibly nearer the de-
sired cad. If we are nearer specie payments
than in 1855, it is owing, not to any of these
plans, but to the steady improvement of our
credit consequent upon a revenue in excess of
our expenditures. Ii FIVE have worked tow ard
specie payments we have worked blindly. in
deed it may be questioned whether this very
tecundity Of the popular mind has not retard-
ed rather than accelerated the result. In f.
nance we have seen repeated our military
history. Volunteers have rushed to the stand
ard faster than they could be organized. The
result is we have strength without unity of
intelligence to direct it. Our financial army
like our military forces before the command
Ing mind of Gen. Grant assumed complete
control, is pulling in opposite directions like
balkg team" Our great need at the pres
ent time is lieutenant general of finance
some great leading mind whose recognized
superiority viii enable him 10 bring order out of
chaos by reducing to fitting subordination
the conflicting and d,scordapt elements of our
financial world, and by combining and crys-
talising into consistent whole, the fragments
Of merits scattered through multitude of in
dlvdLa schemes.
In II efforts to secure a leader the paralleI
between our financial and our military history
still holds good. In finance as in war we nave
tried at enormous sacrifice one after another
only to be disappointed, and sometimes have
allo eed things to take their own course with
out even an effort at superintendent. The
public eye for the moment has turned now to
Sec. McCulloch, now to Senator Sherman. or
again t' Senator Morton. But no man has
yet arisen who has been able fully to concen-
trale in himself the confidence of the nation.
AS consequence no one policy except that
of contraction, has been adhered to with suf
ficisnt steadiness to test fairly its merits. We
have beer continually vaciating, now trying
one thing, and then another,but being satisfied
with nothing. What See. Boutwell, may vet
accomplish remains to be seen. Thourh his
policy thus far has achieved no very marked
results. he is not altogether to blame for that.
AS he remarked III a speech a short time ago.
his hands have been tied by legislation so that
he has not had chance to show what he can
do. Re has at least shown disposition to do
something and follow it up Systematically.
This very position will do much to coustrain
Congress to settle down upon something. If
is certainly stepin advance to have a policy
that is not mere negation. It is possible |
that We might in time blunder into specie |
payments But it is only an aggressive policy.
pursued with unity Of aim, chat can by sue
cessiye trials find the right channel.