The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-02-02
THE CURRENCY AND THE DEBT.
From kha ~ Y Times.

THE CURRENCY AND THE DEBT.
From the ~ Y. Times.
On two important questions Congress did
good service on Monday. The House voted
down Mr.. Ingersolls proposition to instruct
the Committee on Banking and Currency to
report back his bill authorizing an uncondi-
tionalincrease Of national bank currency. And
it rejected, by strict party vote, the resolu-
tion of the Democratic McNeely affirming the
right to redeem the fve-twenties in green
backs. Initiation and repudiation were both
unequivocally condemned The Senate, too,
defeated with equal decisiveness Mr.. Chand-
ler's amendment to the currency bill in
creasing the bank circulation to the extent of
hundred millions. Neither chamber showed
inhationists any mercy.
We do not accept the rel ection of Mr.. In
gersoll's resolution as any indication of dis
position to maintain intact the present status
of the currency. The vote certainly leaves
scanty comfort for the indationists, and none
for those who would precipitate the action of
the Banking Committee on a subject requir-
ing the most cautious scrutiny of the various
schemes that have been propounded. But
there are good reasons for believing that the
demand of the West and South for partial
redistribution of the bank circulation will be
in some shape conceded, and that the Trea-
sury suggestion for the redemption of the
three per cent. certificates will be adopted.
The latter measure is obviously de-
sirable on the ground of economy.
And the Justice of the call of the South
and West for larger proportion of local
circulation is equally apparent. The
danger is that the expediency of recognizing
their reasonable claims may be made the pre-
| text for swelling the volume of currency,
and so removing, further off the day of re-
sumption. AS the alternative of what, thus
considered, would be an unmitigated evil,
the redistribution policy challenges favor
able attention 1t has its drawbacks, unques-
tionably; ii would inconvenience for a time
some of our Eastern communities, but the
choice seems to be between this course and
the more Objectionable course which leads to
imitation. Out of the same circumstance
grows the strongest argument for postponing
the enactment of free banking law
81 All these matters are before the Senate in
debate, and before the Banking Committee
of the House, which is entitled to all the time
that is required for an exhaustive examination
of the currency question in its varied bear
ings. Delay is of much less moment than
judicious action, Hasty legislation, even the
premature adoption of an iI-considered reso
luton, would infiet damage upon the credit
and business of the country. The one thing
essential is the development of something like
system, founded upon sound and consistent
principles, a system that shall avert sectional
discomfort by satisfying the reasonable wants
of States now almost destitute of local cur
rency, and at the same time lay the founda
ton of practical effort in the direction oi
specie payments, Any effort of this nature
will be Inadequate which does not make pro
vision for redemption by the banks concur.
rently with resumption by the National Gov
ernment These are reasons for resisting
every attempt to force immature or partia
plans, as we'll as for rejecting the mischieyou
policy yfayored by Messrs. .Ingersoll and Chand
Ter. H9aL .J .l
Nor is the most unceremonious treatmen
undeseryedby Mr.. McNeely and his Democrat,
friends, who, while pretending to desire tn,
maintenance of the public faith, lose no op
} portunity of assaiing it. The allegation tina
the ive-twenties are payable in greenbacks i
} a mere revival of the Pendleton doctrine
which is not disguised by the plea that ''tht
national debt should be paid in strict compli
ance with the contract. That is what the re
} pudiators always say. They are for 'strie
{ compliance with the contract, if it be inter
preted fayorably to partial repudiation---no
T otherwise. The frequency with which tn
Z proposal has been put forward in the Hous
since the opening of the session, and the fac
, that while a few Democrats talk against il
the main body of the party either help it wit
? their votes or abstain from voting, prove cor
5 clusively the insincerity of Democratic. pre-
testations with regard to the debt The De
mocrats are enemies of the public faith an
the country may thank them for not a little
' the embarrassment and loss which attend in
paired credit. The decisive vote on Monda
: shows that their power to do mischief is no
8 great But the mere attempt is worth remern
! 0f