The Ebensburg Alleghanian. [volume] (Ebensburg, Pa.) 1865-1871, 1869-02-04
The eAlleshan1an.
THURSDAY, FBBRUARY 4, 1863
Things TO be Done Now.

cerning the future, rather than the imme-
diate present, engages the attention and
occupies the thoughts, to the injuring of
both present and future. Men often look
forward to old age, fretting over the dan
ger of grey hairs and poverty, now seeking
to wrest wealth from this, now from that,
speculation or enterprise, hoping 20 get
rich from some impulsiyo effort, while-all
the time they have competence within
their reach BY outstanding their present
resources, and thus reducing their expen-
ses to a less amount than their income
Congress and the country are now explor-
ing the labyrinths of finance to discover
how to bridge over the gulf of twenty
seven cents on hundred that separates a
dollar in greenbacks from dollar in gold,
and each new explorer is the architect of
a new bridge, which almost all eyes but
his own look upon as better fitted to be
trodden by the feet of fairies than by a
nation struggling to restore full value to
its discounted currency.
While this interesting discussion IS go
ing on as to how we shall resume, we seem
to be daily drifting further and further
from resumption. Some seven hundred
millions of dollars in government bonds
are estimated to be held in Europe, bought
at from fifty to seventy-fve cents on the
dollar in gold, the bulk of which is wait
ing to be thrown upon our market so soon
as their gold par value can be realized or
demanded as due and payable. A like
amount of railway and other stock bought
at like prices is also waiting in the same
hands for a similar realization of one hun
dred cents where only fifty or seventy-fve
were paid. Yet this volume of indebted
ness against US is on the increase. In the
past year we bought from Europe enorm-
ously more than we sold to her, and must
send in payment of the balance to her
merchants, our government and other
bonds at seventy-three cents, gold value,
on the dollar, which ultimately we must re-
deem in gold, dollar for dollar. Pray,
gentlemen of Congress, cannot this state
of affairs be changed-changed noao? Ev-
cry dollar of debt in Europe must be paid
at once in gold, or in a promise in the
shape Of a government bond or otherwise,
finally to be redeemed in gold. Can We
not nop, at once, begin to keep our gold
and our bonds at home? Can we not no1C
begin to turn the balance OF trade in our
favor, and thus receive back the govern
ment obligations at about the same price
at which we parted with them If an in
dividual were overwhelmed in debt, aud
would discuss With his creditors when he
would Gag dollar for dollar on his discount
ed paper, yet al the time were spending
more than the amount Of his income, he
would be looked on as fool.
Yet we are acting with but little more
wisdom than he. We are getting less and
less able to resume, and will continue to be
until the balance of trade with Europe is
in our favor If taxes bear too heavily on
our various industries, Tighten them
Better defer the payment of every dollar
if the public debt than by its immediate
payment depress the industries of the
country Whatever is the lowest point to
which the public expenditures can be re-
duced, to that point let them be brou ght.
With the development of the wealth of the
country will come increased, vastly in
creased, ability to discharge our obligations.
These things can be done, can be done
no,o. If we do them, we may dismiss ,he
discussion of qchen we will resume. We
will know that our wealth is increasing,
that our foreign obligations are diminishing
in aanount, that the gold and silver pro-
duet of our mines is remaining at home
rather than paying for foreign importa-
tions, and that the value of the greenback
is getting nearer that of gold and silver.
With such a state of affairs few men
would have the curiosity to debate when
we would resume. We'have no desire to
see an era of speculation nor the country
flooded with discounted currency.
The lavish expenditure of the public
money and the balance of trade with Eu-
rope against us mean financial crisis and
National bankruptcy. State and National
economy mean State and National pros
n,,rity. The solution of this question is
impo, -tant to the country, as well as to the
Republio,an party. When we can resume
and bv wha+ means resumption shall be