New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-05
WASHINGTON SKETCHES.
INr1 ATOM IN CONGRESS.

1NILAIlON IN CONOhLH7'
WASHINGTON March 1--we do not expect Iosc
from Congress. We expect caprice and eccentne1y
and we are seldom disappointed. Yet VIC got a logi-
cal vote the other day the proposition to increase
the present volume of paper money. When Mr. Nc
Culloch's advice followed, and congress resolved
by overwhelming majority to support him In con-
tracing the currency there hopes strong hopes
that public opinion and Congressional opinion could
be so instructed and manipulated that both could be
led into the paths that led to a. restoration of the
specie standard. Those hopes were dispelled
when, at subsequent session, Congress sud
denly and with equal unanimity voted
that contraction should STOP There were those who
then formed the opinion, and publicly expressed ~
that the logical result of that vote was an OF
the volume of paper money sooner or later, Tor the
that in state of suspension we cannot stand
STILL The drift of sentiment will be one way or an
other, and when Congress shuts the gate down
absolutely and positively against contraction it only
requires little more of the same sort of pressure
that produced that result to induce it to initiate But
am not going to discuss the financial question. We
have all had enough of such discussion only aim to
expose the present state of the caset
From your indignant comment upon the vote l
refer to- it is quite plain that you do not see at least
others see the real posture of this question
in Congress Congress has given up the intention of
resumng specie payments. 1t never had any fixed
idea of this sort. 1t did have fancy once, it might
be good thing to do. But it was fleeting fancy
II has disappeared, and in its place conviction has
arisen that it is good thing not to do. And so long
as members have influential constituents behind
them suggesting and pressing delay on this point
till they and their friends get all their notes paid
and all their enterprises little and great, consum-
mated 80 long can pretty surely count upon their
Ill HntUl nnO hla will
every man must Judge for himself. 1t is plain how
ever, that it will not be to-day nor tomorrow nor
this session. nor the next that it will be deserted.
! look with moro complacency upon the vote to
initiate than you do because from my observation of
the Congressional mind and may say of the general
public mind, it appears rather too plain that the
opinion prevails that the country requires more pa
per money and that 1t is worth while to try the ex-
pertinent of having it. All the theories in the world
won't arrest the momentum of an idea of this sort.
We have been making strong efforts for years for
policy looking to resumption. We have not gained
IN inch of ground yet. For no one who sees below
the surface will pretend that the low price and long
continued decline in gold is any evidence of our
actual nearer approach to specie payments. This de-
cline is owing to a want of demand for the article,
arising from the large relative exports of the coun-
try, and to the great with which We can pay
foreign balances in Government bonds; they beng,
at their current market value, just as good as god
in all the European markets.
The true premiums on coin in our markets ls not
what price gold bears when it is not wanted as now,
but what it will fetch when il IS wanted And the
true value is to be found not in an exceptional con-
dton of the market such as now exists, but to be
found by the average of its price through long
period, or one sufficiently long to embrace all the
mutations and circumstances of trade TO which 1T IS
ever subjected.
The volume Of paper money being unchanged
through any given epoch embracing the conditions
suggested the price OF gold, measured in that paper
money, will be the same in every revolving cycle,
and thus the average price of gold in the future will
be it has been in the past, so long as the volume
of paper money remains unchanged.
Hence say after all orr efforts mental fear,
only. we have not in two years moved an inch to-
ward specie payments. We are reallyEgoing the
other way. If anybody doubts the fact, let him wait
a little
YOur correspondent " Honestus,' to whom you so
literally accord your columns, treats in sonOrous
periods few leading topics in finance in luminous
manner. But i'll suggesting the best methods of ex-
tricaton from our present embarrassments, he hits
upon that precise remedy which Congress has re-
fused, and persistenty refuses to adopt, namely the
funding of the greenbacks. The project is utterly
sensible and feasible, but Congress peremptorily
rejects it, Practically therefore. it is preach
ing to the winds TO advocate it. Congress
has, by diligent study, learned at least as
much as this on finance, to wit That body knows
that to fund Is to contract the volume of paper
money and this it has determined shan't DO done.
And is there then, you may well ask, as may your
able correspondent also. no hope from Congress
The House of Representatives has given its answer
IN its vote in favor of imitation. The Senate is
conservative just now, and perhaps the President
more conservative still. But neither would long be
an effective hinderance if the public mind took
decisive lunge in the direction of more paper money
as it preparing itself to do. The most prom
nent question of the hour is, whether we are ever
going to get ont of present straits without first
trying some such destructive experiment. J.sP.
THE SALE OF CADETSHIPS.