The Portland daily press., 1870-06-10
TIL H PR E 5 5.
Friday Morning, June 10. 1870.
She Finances i'm Congress.


The telegraph brings us news of another Oh
those financial, discussions which have no"
become chronic in the House, this one peipS
accompanied with the usual failure to accom-
plish anything. II is now five years since
the war closed. The resumption OF specie
payments and the funding of the debt al 4
lower rate of interest have been talked about
ever since, and if talking could have restored
our finances no nation in the world coald
compare with the United States in regard 10
financial prosperity. We do not mean TO in
innate that these discussions in Congress and
out, many of them exhibiting great ability and
intelligence, have been frUitiess. Ii is far
otherwise. They have contributed largely to
the stock of information possessed by the
masses on a subject previously little Under
stood or cared for, while at the same time
they have done something toward demolisb
ing visionary schemes and laying the founda-
ton for intelligent and concerted action here
after. Yet it is sufficiently evident that talk
ing, unless it leads to action, will not fund
the debt at four per cent, make greenbacks
equivalent to gold, or relieve the country from
oppressive taxation.
With an efficient administration giving us,
by means of an increased revenue and reduc-
ed expenditures, a considerable surplus, moth
ing but the discord in our public councils pre-
vents the reorganization of our finances upon
permanent and satisfactory basis. The
conflicting views among the friends of a sound
orr harf. eli l,;x,
selves into two general phases of opinion
One class of reformers think the remedy
should first be applied to the currency before
the debt can be funded. This is the view ta-
ken by President Grant, and very generally
shared by financiers from the Eastern section
of the country. Others think with Secretary
Boutwell, that the funding of tho debt need
not be postponed, but may at once be effect
ed, thus strengthening the government and
the country for the effort of resumption
While both views find able advocates, the bet
ter authorities seem generally to favor the
former. Still it would be better to try the lat
ter than 10 let things drift A trial would
very speedily settle the question of its feast
bility.
1t is very important that the administration
should have clearly defined policy on the
subject 1t is to the executive department
alone that we can look for responsible leader
ship. Congress and the newspapers may GO
Cd talking till the day of judgment and still
the resurrection find greenbacks worth only IS
cents on dollar, for all that their TALKING
would amount to. But the administration is
in position to concentrate around itself ma
ny supporters who would acknowledge nc
other head. The Republican party needs in
the approaching campaigns the moral inspira-
ton of a definite financial policy. No party
can ever thrive upon negations. The Democ-
racy has been starving upon this diet for more
than twenty years, and any party that tries
the experiment will find itself in the same ca
davorous condition. The policy of the Repub-
lican party has always had in it those ele-
ments of positive merit which command the
enthusiasm Of earnest men and secure victory.
As new issues arise they must be met in the
same way if the same career of success is to
continue