Year: 1869

ing Tn0H aODDy again.


Our Washington correspondence and the
news Of movements all round indicate the re-
vival of the on-to-specie-paymen clamor. It
is said that some of the Western members of
Congress-and notably Mr.. Garfield, Of Ohio,
the chairman Of the Committee on Banking
and Currency--are speaking boldly in favor Of
immediate resumption. One report states that
Mr.. Garfield is determined to defy even public
opinion and risk his popularity for devotion to
his resumption theory. When speaking of this
he became as eloquent as the old martyrs used
to be when suffering torture for their faith.
1--WE are in power for at least year and q
hall, he exclaims. ''During that time we will
provide for specie payments. We may not be
sent back Ito Congress) )-"and probably will
not be-but we shall immediate ourselves for the
country's good" Well, that is brave; but we
must doubt both the judgment Of this gentle
man as to what is good for the country and his
fitness to be representative, when he sets
himself against the sentiment of his consti-
tuents. The bondholders, the national
bank ring, the spectators in Wall street who
profit by disturbances, and the large capitalists
and rich creditors, whose property might be
enhanced in value by forcing specie payments,
are combining again for movement upon
Congress. All the signs of the time indicate
that. But what would be the consequence Of
an attempt to force resumption to the busi-
ness community, to those who have mort
cages to pay-to all, in fact, who owe any
thing? Their debts would be increased in
weight twenty-five to thirty per cent, while
there would be far greater difficulty to get
money than at present. The people generally
would be made bankrupt, and all for the bene-
fit Of few rich creditors, capitalists and
bondholders.


Some three years ago Mr.. McCullooh, who
was then Secretary Of the Treasury, had the
same notion Of forcing specie payments and
had been contracting the currency to that
end. But there was such cry of alarm sent
up from the business men, the debtors and the
people generally, that Congress was compelled
to promptly check the Secretary in his ruinous
policy. Since that time we have had no fur
ther contraction, and the consequence has
been business has gone on smoothly and pros
perously and the revenue Of the govern
ment has come in enormously. How
ever, the lessons Of the past or of
present experience cannot teach these
insane theorists and men of one idea. In fact
they are not consistent and are incapable of
reasoning. Mr.. McCulloch, for example, who
is sort of representative man of this class,
while urging contraction and forcing specie
payments, remarked in an official letter, dated
and Means, that lit was not desirable that
specie payments should be restored till that
restoration could be made permanent by
increased industry and proper adjustment of
the trade with Europe" Here the Secretary
comedies, in opposition to his own theory and
practice, and perhaps unconsciously, the point
we have been contending for all along-that is
to say, that by the increased industry of the
country we shall grow up to specie payments,
and cannot return permanently in any other
way. He admits, too, that the trade with
Europe must be adjusted frst-that is, the
balance of trade must not be so heavily against
US as to drain the country Of specie and place
us at the mercy Of the Bank Of England and
European capitalists. Yet our debt abroad is
larger now than when Mr.. McCulloch ex-
pressed these words. The balance of trade
against us has been greater, and the drain of
specie to meet this continues. It is absurd,
then, to talk of forcing specie payments, and
it is to be hoped Congress will not attempt
anything SO foolish.


QuR MAIL AnYICEs FROM Gina IT is