The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-09-15
a GERMAN VIEW or AMERICA.

THE FUNDING OF THE PUBLIC DEBT.
We published some weeks ago an interest
ing letter written from Carlisle, Pennsylva-
mia, to the IUustriste Zeitung of Leipsic, Ger
many, and we now lay before our readers a
second epistle from the same pen, which
has been translated expressly for The EVEN
LNG TELEGRAPH
CARLISLE, July, 1S70-There is before
Congress at the present time an act pro-
viding an appropriation for great inter-
national exhibition of art and industry to be
held in Philadelphia in 1876. That year has
been chosen, because il is the one hundredth
anniversary of the Declaration of Indepen-
dence OF the United States and this grand
exhibition is to be principal feature in the
celebration of this anniversary. America
wishes to show the world what progress can
be made in art manufacture, aud science, in
a single century, under republican institu-
tions. The plan is good one, and the more
desirable because there has never been in
America any industrial exhibition on the
scale upon which England and France haveheld
them within the last twenty years. Yet it is
well-known fact that America owes great
part of herpower and prosperity to the indus
trial skill which has excited the admiration of
the world, and has hitherto been unequalIed.
A comparison of the products of her indus
Try with those of the Old World in an inter-
rationa exhibition is therefore most desra-
ble and no time could be more fitting than
dent existence.
The great fear is that the jealousy prevail
ing between the large cities of the United
States Chose cities which would compete for
the honor of having the exhibition) would
stand in the way of their all entering heartily
into it and making it truly national. New
York, Philadelphia and Washington are the
three principal rivals in this matter. At the
first glance one might think New York to be
undoubtedly the most suitable place for such
an exhibition. But closer consideration
would give the preference decidedly to Phila-
delphia; and the reasons therefor, in
volving as they do the future indus
trial interests of the place, may not be un-
interesting.
To say nothing of the fact that Phiadel-
phia is the city where the Declaration of In
dependence was signed, and from whence
went forth to the world the joyful tidings of
the birth of great nation, there are other
and more practical grounds for this prefer
ence. Philadelphia is the second city in size
on the North American continent, and by the
year 1876 will doubtless have o million and
half inhabitants The connections of this
city with the outside world, both by land
and water, will bear comparison with those
of any other city in the Union, New
York not excepted. 1t is easily ac-
cessible on all sides by railroad lines, and
large vessels can go up the Delaware and
lie at anchor at the wbarves of the city. The
magnificent acres of Fairmount Park would
1 afford a ground for the Exhibition building
and its necessary accompaniments such as
could not in the whole world be surpassed.
Philadelphia is, besides, the most healthy of
all the large cities of North America con-
i si0eration of no small importance where
such masses of people from all parts Of the
world are likely to assemble.
4 But what gives Philadelphia special claim
to preference in this matter is the fact that it
E.
Ii its trade and manufactures were excluded
4 no suitable representation of American indus
try could possibly be made. And it is not too
much to say that an exhibition of articles
made in Philadelphia alone would include
nearly everything manufactured in the United
States. 1t would therefore be right and
fitting that this should be the place selected
4 for the great International Exhibition of 1876
Notwithstanding the many sources of
wealth i'll the United States, and the large
revenues from duties and taxes which flow
into the treasury of the Government, our
financial condition is still lamentable
Nothing but paper money, except a few
small coins of insignificant value, is used as
the medium of exchange throughout the
country. A few months ago, when the price
of gold fell rapidly, there seemed pleasing
prospect of specie payment being resumed,
at least of sums under dollar But the
bungling manner in which Congress deals
with the aHalrS OF the money market QueS-
ton has postponed indefinitely the return of
specie circulation. 1t looks as if our legisla-
tors meant purposely to prolong the discom-
fort of our present financial state. There
was a time when gold was as low as 10, while
it is now IA, with strong upward tendency.
Under these circumstances, funding of
our national debt is not to be thought Of 1t
was undoubtedly grave mistake for the
Secretary of the Treasury to have inserted
in the bill providing for the funding of the
debt clause requiring that the interest on
the bonds should be paid only in America,
and not in any of the large centres of bust
ness abroad. This must naturally be displeas.
ing to bankers and money-dealers in Europe,
to whom, as is well understood here America
is largely indebted. Europe has done much
! for us, and it seems, therefore, only Just and
| right that the American Government should
consider their interests in some measure
The present system of paper money has in
conveniences which it is impossible entirely
to remove. Not only is the country flooded
with the worthless rags called and considered
legal money, but we are also in an alarming
degree exposed to the evils of oounterfeiting
OF the amount of counterfeit paper money
now in circulation it is impossible to form an
estimate But this much is certain, that the
/ number of such notes is enormous and in
creasing.
Since the happy termination of the late
civil war, there seems to have come over
certain class of people here sort of negro
mania. They are not satisfied with giving
the black man equal rights with the white
higher position. short time ago Congress
lau infapIad ioin 70