The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-09-23
A Wonp ABOUT SpEun PAYn1rNrs.

|
able the Secretary Of the Treasury's sue.
cess in placing $500. 600. .000-a drop in
the buoket-of the national indebted
ness at five per cent. suggests to ,is two
questions. the answer to one Of which
| will go for to answer the other First,
why s1ould this financial achievement
admitting it to be all that upon the sur
face it appears and processes to be-in
the case Of q nation so great, so wealthy,
30 prosperous and growing as the United
States, be the subject Of copgratulation?
Secondly, why is it that of late we have
heard 30 little upon the subject Of re-
turn to specie payments? We take for
granted that if this last event had taken
place, If to-day government promises to
pay were worth their face in gold, dollar
for dollar, Mr.. Boutwell, would have had
no difficulty in placing not 5000, 600. 600
merely, but the whole of the S500.000.-
600 Mt five per cont. This is all that is
the foremost rank of the financial mar
kets OF The world With paper cur
rency at par, with the demonstration
which the history of the last ton years
has furnished Of tho strength of our in
stitutions. and Of the ability and dispo-
sition of our people to grapple success
fully with tho heaviest financial burdens,
and to bear uncomplainiDgly whatever
weight of taxation the vindication Of the
national good faith may require, what
foreign power could compete with US in
an appeal to capitalists seeking an in.
vestment at once profitable and secure?
What is there to-day to hinder the fund
ing Of our entire debt upon the most ia
vorable terms, but tue fact of our ire
deemable and deprecated currency !?
This remains fact in spite of all that
has been done by the Treasury, and all
that has been borne by the people for
the purpose Of sustaining and olevatipg
the national credit. We have approx
mated to the standard OF specie pay.
ments. but we have not reached it.
Worse still. the Government in it's poll
cy appears to hnve lost sight OF it. Why
is this? Has deprecated currency
ceased to be considered national evil?
II 30, oil the teachings of political eco
nomy, all the experience OF former times
and OF other nations. not excluding our
NAL debate which took place upon this
subject in the Senate of the United States
in the last winter OF Mr.. Johnson's ad-
ministration, if we remember Alright,
there was no difference of opinion ex-
pressed as to the Importance, the neces-
sity even OF q return to specie payments
at the earliest practicable moment, that
is, it we would impart q healthy tone to
trade. prevent confusion Of values, re-
store the balance of exchanges, and
place American credit upon the pinnacle
where it really deserves and ought to be.
The only difference OF opinion was as to
the best method in which this desirable
end should be accomplished. Senators
Trumhull, Sumner, Feesenden, Sher-
mau. Morton, all had their schemes
differing in principle, perhaps differing
III detail largely, bull alike in this, that
oil aimed Ostensibly, and we believe ho-
nestiy, to make the paper dollar of the
Treasury equal in value to the gold dol
lar Of the mint.
Unless, as we have remarked, all for
mer experience is at fault, all former
theories. in error, and the whole Senate
of the United States, and with them the
entire world Of thinking and business
men. mistaken as to the very principia.
the alphabet go to speak, of the science
of political economy, this great desider-
atm, is as much to be desired to-day as
ever before. Why, then, is it so entirely
lost sight of by those having the manage
ment Of our national finances? And
nave tuo Am6IlCau people, lulteQ 10
sleep by the Indifference and apathy OF
their rulers. come to regard the present
condition Of the currency with equa-
nimity, and to consider on irredeemable
currency in the light OF blessing? Be-
fore we congratulate Mr.. Boutwell, upon
his success in placing the new loan at
Ave per cent, we would like to know
whose fault it is that American credit is
so low, that this result, after so much
hawking and advertising and such ex-
trnordinnry efforts. we'll paid ''syndi-
cate" being called in at the last. deserves
to he hailed as a great achievement in
finance. And this, be it remembered,
is question wholly apart from the
doubts and insinuations that are up in
financial circles as to the real cost OF
placing the loan, the commission paid to
the "syndicate." and the legality of the
expedients resorted to by the Treasury
for tho purpose. Baltimore Sun.
The LOST CoUNTy.-In explanation OF
the catastrophe, OF which intelligence
was given recently, by which an entire
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