The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-05-20

It is difficult to conceive, or one more likely
to end in confusion and disaster. The prices
of gold and government bonds on the Stock
Exchange are quoted in greenback currency.
In the dealings with the Treasury they are
quoted in national bank currency, and by
means of this artificial contrivance the
public are prevented from learning what the
extent of the depreciation really is, and the
banks are actually protected against the de-
mapds of the holders to have their notes re-
deemed. And this, we shall probably be told
by the radical monopolist bank ring, is
step towards specie payments.
To the two paper currencies thus existing
the intelligent Treasury management has
within the last few days added another ele-
ment of confusion. According TO the last
debt statement the Treasury held in its vaults
106 millions of gold, of which 20 millions
belonged to private citizens, who had nomi-
nally deposited it in the Treasury. In reality
this deposit is a mere fiction. No one, ex-
cept in very rare instances, ever deposits gold
coin in the Treasury. The truth is that the
Treasury, instead of payingsout gold coin to
its creditors, pays out the so-called certificates
of deposit, which are everywhere accepted in
preference to the coin, because of their
greater convenience, and because every one
believes that the coin is immediately obtaina-
BILE for them. Ordinarily these are
never presented for redemption.
They are only presented for redemp-
tion when the coin is wanted for export,
and when so presented the Treasury coolY
proposes to redeem them in small worn coin,
which is worth from three-eighths to one per
cent. less than double eagles. Now, it is very
well for journals like the Times, eager de-
tenders of the worst bank and Treasury tricks,
to say that the holders of these certificates are
only entitled to gold coin, and that dollar
pieces are gold coin the same as double
eagles. But no pettifogging can twist the fact
that the American gold coin of commerce is
the double eagle, and that the other smaller
coins are not and never have been considered
anything else but small change. To pretend
that the Treasury is justified on any such plea
as that in paying its coin certificates in small
change is preposterous. Unquestlonably it is
q mere pretense. The true reason is that they
have not the double eagles-that like all
other radical boasts, this immense Treasury
coin balance is a sham, and consists, not of
merchantable coin, but of small change,
worth probably fully one per cent. less than
it is represented to be. The Mint officers
have for the last ten years gone on in
stupid, mechanical way coming, at an
enormous expense to the country, eagles and
half-eagles and quarter eagles and dollar
pieces and double-eagles, all in the same
proportion as before the war. The double
eagles have been steadily exported, and the
small coin has wandered steadily into the
Sub Treasury, to drive the coin clerks despe-
rate and further muddle our exchanges; and
now the Treasury is full of a miscsllan eous
mass of small coin, useless for all practical
purposes, and worth about two per cent. less
than if it were still in its original shape of
gold bars.
By these ingenious contrivances we have
to-day the worst currency muddle that the
country has ever seen. We have four dis
tinct currences:-
l. Greenbacks at par.
g. National bank notes at / per cent. dis
count
3. Treasury gold certificates at III per
cent premium.
4. Real gold at 124 per cent. premium.
This first is the currency of the people; the
second the currency of the Treasury; the
third is the currency of the Gold Exchange;
and the fourth the currency of commerce.
Almost every transaction made to-day through
| out the United States involves directly or In
directly transfer from one to the other OF
these currencies, and everywhere such trans
fer involves an expense to the buyer anC
seller, of which the whole benefit goes to the
few who foreknow the daily shape of Mr.
BoutwelPs ignorant incompetency.
REPUBLICAN OPINION IN PENNSYL
VANIA.
From the N Y. Times.
Several Republican newspapers in thi
State are in the habit of making virulen
attacks on the administration of Presiden
Grant. Some of these attacks are manifestl
prompted by the corrupt Democrats, who cal
use money in more ways than one. But not
withstanding all these attempts, the grea
mass of Republicans refuse to be led by thos
who seek to deliver the nation into the hand
of the Democratic party. The electors
college of Pennsylvania is secon
in importance only to New York
and exerts equal influence on th
, formation of political opinions. Indeed, tn
influence of Pennsylvania on Republica
opinion is even greater than that OF Ne
York. The Republican State Conventio
which was held at Harrisburg on the 1St
declared unreservedly,
) 'sThat the administration OF President Graz
= | meets the full approval of the Republican party
Pennsylvania. His financial policy, by which Il
| expenditures OF the Government; honest coectio
{ OF the revenues; his fidelity to the principle
human rights through which the liberty OF all IS
be secured in every part of the land; his loyalty
the people, in having no policy 10 ENFORCE again
their win, and the spotess integrity OF ms adniai
y traiion, merit the continued confidence OF u
American people, and point to him as an honort
; leader OF our party now, and proper standar
D bearer OF the Republican party IN lSIz."
/ The Republican party of Pennsylvania do'
= not think it too early to discuss the questio
# of the next Presidency, and the above resolI
s tion is significant reply to the fault-inder
Y The administration of General Grant is en-
o phatically approved, and the President hin
s self is named as the choice of the Republican
d of Pennsylvania in 1872. The conventic
n had a more important duty to perform this
3 the nomination of State officers. Its membe
v felt that the result in Pennsylvania next fl
v would have a very considerable influence {
i, the canvass of 1872, and wisely resolved n
n to allow their opinions to remain doubtfU