The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-01-01

| depressed IN price, while the producer has to
| pay inflated prices for everything he buys,
and wide margin to cover the extra hazards
| of trade.
| This policy of fright was begun by McCul-
loch, who had an idea that he could put the
| screws on the money market and scare the
| Wall street speculators without hurting legiti-
mate business and the Masses The same
] policy has been capriciously continued ever
| since, with the foolish idea that speculative
| operations to ''bear" gold is an approach TO
| specie payments. It's effects have been mul-
| tiplied by foolish public journals which have
necessarily clamored that the Secretary of the
Treasury should open the sluice and drop his
pile of gold upon the market and break it..
BY this incendiary policy the whole country
has been kept in continual apprehension of
an impending change, the producers of ex-
portable products have been robbed perma-
nent industrial undertakings prevented,
traders plundered, money capital frightened
into boards, interest on money raised, loan
accommodations shortened, and legitimate
industry cheated of its Just rewards.
Incendiaries roaming at large would be less
destructive than these monetary agitators.
The industry and trade of civilization require
peace and confidence. A continual apprehen-
sion is a continual calamity. Who will enter
into any new enterprise, or into any extern
sion of old ones, while such a state of uncer-
tainty exists, unless he can see in it a quick
turn of cent per cent? Thus the require
ment of margins to cover risks are enor-
mously enhanced, and by these all are taxed
while they do not bring safety to the traders
The consequences of all this mere incendi-
arism have cost the country more for the last
four years than all the expenses of the Gov
ernment and of the public debt. And by
all this the currency has not approached any
nearer to the point of stability nor to the pos
sibilities of specie payment.
Besides all the fright of legitimate enter
prise by this incendiarism, the constant din
ming into the ears of the country that specie
payment was going to be brought in by a
quick turn, when the paper dollar would rise
from seventy cents to the value of the coin
dollar, has stimulated all sorts of boarding of
currency with the expectation of turning it
into specie. This saving and boarding, which
is always practiced to some extent, and in it's
natural way is well, is now greatly increased
by this promise of q speculation, and thus it
becomes serious evil, taking large amount
of money out of circulation. SO ruinous
have been the effects of this soaring policy;
SO many good men have suffered by it while
doing all that skill and integrity could DO to
carry on legitimate business; so harassed
have been the best trading classes by these
variations and uncertainties, that they are
driven to the conclusion that if this is to con-
tinue, it were better to have the crisis come
at once, by wiping out the currency and
restoring specie money, so that they can
begin the work of reconstruction from gene
raj bankruptcy.
And so it would be- Better the steady
pressure of the screw of contraction which
will eventuate in fixed measure of values
beyond the caprice of the Government and
the influence of incendiary journals, than this
continued uncertainty and change which ap-
proaches not one inch nearer to stability. II
we are to have the hardship of q change we
are entitled to know what it is and to be
assured that it is to result in settlement on q
sound foundation. There is one way that
everybody knows will bring this, and that is
steady contraction of the currency. In no
other way can 700 millions of paper money be
brought to specie redemption. All the specu-
lative operations on the market for demone-
tized gold are nothing; for if the price could
In this way be broken down to par with cur
rency, specie redemption on such a volume of
currency would swiftly take all the coin out of
sight; for no one would believe it could last
The hardship of contraction is so apparent
that no party dare enact it. But while afraid
to adopt the only course that will bring specie
payment at the par of the notes, they pursue
course that has consequences as disastrous,
without any progress towards the result
traction; nor is there any excuse for this policy
of destruction which is called regulating the
market. What business has Government in
the money market, putting prices down or
up? What right has it to assume that any
branch of business is to be outlawed Let
the Governme at get out of the money market
and return to its legitimate business. The
Secretary of the Treasury, instead of making
raids upon the market, should be required to
fix the price at which he will sell gold from
the Treasury in exchange for greenbacks, and
should fix it at such rate as will be safe
against all comers. Then let the price of
gold come to it. In this way it would regu-
late the currency, instead of aggravating its
variableness.
The Treasury is under no necessity to sell
gold 1t has, according to the books, a lbe-
raj margin of currency, and the actual sum is
always much greater than that shown by the
balance of receipts and of drafts issued. And
1t has now no great surplus of gold over its
immediate liabilities. This business of trying
to control market prices is a monstrous in
terterence OF Government in private rights,
and is too prolific of suspicion to be safe for
any Government. Aud all this 'bearing" of
gold increases the general uncertainty and
alarm, makes all trade extra hazardous, taxes
the whole people upon its uncertainties robs
the traders, depresses the prices of all ex-
portable products stimulates importation,
expedites the flight of bonds and gold abroad,
paralyzes industrial enterprise, and brings
upon the country all the effects of a general
calamity without any rational cause or good
result.
FRANCE-CHSARISM ENDED-RESPON
SIBLE GOVERNMENT INAUGURATED.
From the NJ Y Herald