The sun., 1873-10-24
NrW CucsllOns.

II the sudden stilngency in the money
mnrl.ct does no other good IL win at least
divert the public mind into new channels.
and compel the consideration OF grave
questions which has been put of from
time to time under vague hope that iher'
might be somo providontial interpostion
20 prevent the crisis which has nj last
come
Since the close OF tho war there has heen
no serious effort, except the spa.modlc at
tempt made 10y Mr.. McCULLocII, 10 b.,nr
the country back to soul.i and solid
basis, and 10 reduce tie public expenIi-
tures TO Il conLIuon Of permanent peace.
This task was not easy with the best
dispositions and the ablest direction. But
it was ALWAYS possible with coolhead and
strong hand at the helm of the Treasury.
The trouble is that the effort was never
earnestly made, and that the national
finances have neither been wisely nor
clpahiy managed.
Mr.. boutwell, never comprchcndcd the
situation, nnd therefore administered the
Treasury upon the narrowest ideas. He
thoaght il the very acme of fiscal wisdom
20 piir up taXauon so that hundred mil
lions, mostly in gold, would always be
boarded ia tine +, clsury, and that he might
purchase ruitel states bonds at lar ge
premium ten or fifteen years before they
were dIc.
Therein consisted the whole policy Of
Gen. GI,ANr's Administration in regard TO
the finances. II was glorined in circulars
from pet bankers who have recently come
20 mil OF Of 80
and by subsidized organs that dIcw their
susteuance from the Treasury. The re-
duction Of the public debt was tho staple
topic on every stump, and deluded thou
sands WHO never counted the cost OF that
folly.
When the supreme Court made an adj
vance toward the solution Of the great
problem, hy means of which thn way
would have been prepared for Legislation
on "a stu larger scale, that movement
was nt once asr's stcd by the President
lie h'lcd two vacancies expressly 70 re
verso that dorieion. ana thus gave IN,
e. nal for "a Will career % rYtnNa-huc
w-TT-nifl uuv ht.r abruptly checked.
Congress win hc forced 10 foIego th
partisan tricNery, shnms. and deception
upon wIch tAe majority have ,uh-,-tcd p
long, ANA to confront an a. tual cohdlil"i
OF things Tor "hich thty are entirely re
spousibl" 1ns duty cannot too soon b
considered Tor IT VIII press home upo
every member from the hrst Monday Il
De'e'i'"'i "'""
The people domnud prompt ana prnoti
cal rehet. Tie suggestion that return I
specie payments IS practicable FORTHWITH
because the premium ON gold has tempe
IaIIly i"!Ieh ana specie Is coming III iroi
abroad under an abnormal impulse,
htuc better Than absurd
Whom the banks cannot pay their obi
cations in currency, It l. hardly suppo-ahl
they could redeem them in gold. The hr'
step is to resume note payments, and the
II will be time enough TO talk about r,
suming specie payments. That subject
To be approached with thcutmo,t care an
deliberation if greater pcrils than alread
exist would be avoided.
The National Currency oot unon vbic
,ho whole honl,irg svst.m rost. wiu ~
,,iro tho oo,li.st att.rti,r II ,ooy ,
ro,,ordoa a.. ,,,s,o,I,.1 a,,1 49,. ,at1, =,
,ho inotu,,, - = ,,,oot ,,,aia,,,~o, :,
,a,,.s 49, 90, a.. ,s,.,',i.'''' r'.'', - y, ',