The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-03-11
sP1z1E OF Tzn PRESS.
Editorial Opinions ofthe LEADING Journals
upon Current Topics Complies Every
Day for the Evening Telegraph.

THE APPROACH To- SPECIE PAY
MENTS-THE PROSPECTS OF THE
COUNTRY.
From the NJ Y. Herald. Ia Ns
The news comes from Washington that at
Cabinet meeting on Tuesday the decline of
gold and the financial situation Of the country
were subjects of discussion; that all the MEM
bers agreed that our condition and prospects
are most favorable, aud that no measures
would be taken by the administration to force
specie payments. This is q common sense
and practical view Of the matter. The less
Government interferes Just now with the cur
rency or the gold market the better. The
steady decline of gold and approach to specie
payments are altogether independent OF Gov
eminent action. The condition of the country
and state of trade are theoausesof thefallof
gold. If Hwereach speciepaymentsw withina short
time, as many believe we shall, that Will be
brought about through the abundant resources
of the country and by the natural laws of
trade. If there should be q reaction and
specie payments be deferred little longer
the same natural laws will govern, and it
would be unwise for Government to interfere.
History furnishes many examples of the folly
of governments attempting to force specie
payments. Great Britain passed through
terrible disasters in consequence Of such at
tempts after the long wars with the first Ma
poleon we're ended. It is q sensible conclu-
sion, therefore, of the Cabinet at Washing
ton not to meddle with the currency or to
force resumption, but to let the country and
people work out the problem for themselves.
All the members of the Cabinet agree that
the financial situation of the country is most
favorable. Well they may. The revenue has
been coming in at the rate of nearly hun
dred millions year in excess of the expen-
ditures, an enormous floating war debt has
been paid off within three or four years,
and the standing debt has been diminished
some two hundred millions since the war
closed. But the most remarkable fact is that
the people have been able to bear enormous
taxation to accomplish all this without great
suffering or murmuring. Such taxation or
such demands upon the people of any other
nation would have caused the greatest dis
tress. No other country, probably, could
have borne what this has. None could have
sustained or overcome in so short time such
financial difficulties. The natural wealth,
productive industry and recuperative power
of the republic are equal to any demands or
the most trying emergency. Whatever may
be thought of the administration or whatever
credit may be due to it for faithfully execut-
ing the revenue laws, the happy condition of
our national finances and the approximation
to a specie basis are to be attributed princi-
pally to the industry and wonderful resources
of the country.
Even with regard to specie payments the
people are taking the initiative. The Gov
eminent stands in the background and waits
the result. Business men in different parts
of the country are giving change to their
customers in specie. This is particularly so
on or near the Canada border, where silver is
abundant and approximates the value of cur
xsncy. In the city of New York specie is
paid out now in the way of change at several
.fI Nha - &Io
Treasury has been informed by telegraph that
in Texas and Northern Louisiana actual
resumption of specie payments has taken
place, and that currency and coin are taken
alike without distinction for cotton. In
California, we know, coin has been in circula-
tion for some time, and the greenbacks have
been an article of trade. Thus we see the
tendency and desire generally toward specie
payments. This being the case, nothing can
prevent the early contamination of the
object but some change in the course of
trade or some extraordinary disturbance in
the world.
People are somewhat puzzled, il is true, at
the constant and daily decline of gold, and
the speculators in Wall street hardly know
what to expect in the future or how to act.
Some attribute the existing state of things to
one cause and some to another. There are
several causes operating. The export of cot
ton during the last few months has done much
toward paying for our imports. The produc-
lion of the precious metals to the amount of
sixty or seventy millions year has had its
effect. But the appreciation of the credit of
the Government abroad, which has caused an
extraordinary demand for our securities in
Europe, has paid the balance of trade and
made exchange more in our favor. Con.
sidering the high rate of interest American
bonds bear, it is probable this demand will
continue. We should not be surprised, there
fore, to see gold exported to this country and
exchange being in our favor. Under this
state Of things there is no reason why we
should not reach specie payments Of course
we should have then, with the amount of the
precious metals brought into circulation in
addition to our present currency, an easy
money market and general stimulus to trad,
and enterprise. Whether we can remain on
specie basis and go along swimmingly in thil
way viii depend upon the future production
of the country and the maintenance of peace
throughout the world. For the present al
looks well and promising. The balance O.
trade is favorable, and that rules the MONEY
market and the price of gold. Let us looi
TO the future, however, and maintain, if pos
sible, the financial position we hold by in
ereasing our products and expectation O
them.
THE PIEGAN SLAUGHTER AND IT!
APOLOGISTS.
From the NJ Y. Times
We can we'll understand how friendl
fraf faa1in0 nd