Year: 1868

within that period what then will be the state of the
Treasury balances and what will be tho prospect of
resumption There will be just as much paper money
aAoat then az there is now, or more, ana not an
available specie dollar in the Treasury to redeem II
with In fact by that time it is not at all unlikely
we shall be buyers of coiD to pay our interest.


This, we gay, is the present prospect, taking the
recent action of Congress in cutting off the resources
of the Treasury as the basis of opinion. We do not
think there is any craftsmanship in the doctrine Oh
Senator Conkng, that he is willing to face dehcit


in order to stop lavish appropriations. III we were
on a hard bottom this doctrine could be better toer
ated-though, with heavy national deDt on our
shoulders 1t is only too probable that acting on IL
under any circumstances would create greater e'n
than il would remedy But in view of its direct and
perncious influence resumption, 1t IS at TINS mo-


ment most damaging rule of action.


Every dollar that we take out of the Treasury de-


fers resumption Every tax we remove by which we
deplete it puts off the day ofspecie payments Instead
of this penny-wise and pOundfoolish policy of sacr


iong our revenues till we are not to have enough
left to defray even the expenses of tho Government


We ought TO husband them faithfully and apply
them energetically to extinguish those current oD
cations of the Government which are proOnglng
the period of its insolvency and its disgrace hmderlng


the revival Of trade and prosperity and postponing
the approach of that period and those conditions
upon which alone can be built any solid antcipa


tons of either health or regularity in our finances.
But who proposes anything of the sort inf Con-
grcss1 The friends Of sound finance are majority
nowhere not even in the Committee. The Demo-
Gratis lack principle and the lRepublcans lack pluck
and so the Generalization is general Every weak
body voted to Ichange the policy of specie payments
to one of indefinite suspension. Why! Chiefly be-
cause we are going to have Presidential election.
We admit as cheerfully anybody can, that every
thing depends carrying that election. II the
Rebels and their Northern allies get possession of the
Government we know what that means. 1t is a
road which leads into quagInire. Anything is to be
preferred to that But we do not believe the Re
publicans gain anything by a proposition to
take longer road, landing at last in the
same slough We see neither sense nor good
policy in trading away the strong position OF
the Treasury for the vaguest sort of political
advantages There will be other elections to come
after 1865 The responsibilities of sound legislation
cannot be shirked If Congress now adopts policy
for a temporary purpose which will not stand the
test of time and cxperience-which we know this
rash proceeding of inviting large deficit VIII not
it will incur rather than escape the most damaging
political responsibilities. Before the Republicans IN
Congress finally abandon the only means and agen-
ces they have for the control of the question of re-
SUMPTION we beg to suggest that they should
inquire into the manner in which they
propose to treat the financial question In
case they are, by the coming elections left in con


troll of the Government We should suppose they


must see by this time that the very rst step toward
escaping from the embarrassment with which the
whole subject is environed is resumption. 1t is the
only method for abating the burden of the loan. and
for settling the vexed and threatening question Of
taxation Under such circumstances can a greater
folly be- pcrpcrated than to lose control of this re-
suit for two or three years 10 comet J. 5. 7.