Year: 1870

We copy below an article from the
Philadelphia Day on the financial sit
uation, which we commend to the at
tention of the advocates of repudiation.
1t says:


With the steady decline of gold, and
more or less influencing it, beyond
question, comes the gratifying intelli-
gence that our exports during the last
six months very nearly balanced the
imports during the same period This
nearly puts the balance of trade in our
favor, condition favorable to financial
health and stability in values. 1t also
leads TO the inference that our varied
industry is thriving, in spite of adverse
circumstances; and it goes to prove
that while Senators and Representa-
tives have been devising methods to
correct what appears to be financial dis
temper, the laws of trade have been
quietly operating to restore equilibrium
lost during the great convulsion. This
fact should be made. to profit the ma
ton by instructing its public men. Not
many of them appear to be aware that
some things must be left to the opera
tion of natural laws. The lesson is
watchful patience. 1t is by no means
certain that the laws of trade, acting
in harmony with the irrepressible en-,
rerprise of the American people, would
not furnish solution of the financial
problem in the shortest time consistent
with safety If gold has touched a
lower figure within week than at any
time since midsummer of 1862, can the
decline be credited to any recent legis.
lation? The various financial schemes
put forward in Congress, and the dis
cussion which has taken place upon
them, clearly indicate no policy agreed
upon We must look elsewhere for the
causes of the appreciation of currency
indicated by the decline in the gold
market.


Prominent among these causes may
be considered the reputation of all
measures looking toward reputation as
a means of caneelling the public debt.
Every attempt to rally party around
the standard of Reputation has sig
nally failed and Mr. Mungen's speech
iB its favor has nowhere met with bit.
tcrer denunciation than at the hands of
leading journals of the party to which
he belongs. The clamor for an act Of
national dishonor has been confined to
a few destructives who aspire to the
leadership of the ignorant and preju
diced among electors, with an eye to
local political preferment. 1t is in
structive to note the mode OF paying
debts prescribed by these petty leaders
is not the mode prescribed by Mr.. Pen-
dleton and others of this stamp.


The creditors of the nation have not
failed to observe the shaping of public
opinion with o calmly critical eye.
There is no longer any suspense relat.
ing to the payment of the debt: Capi.
tai, thus relieved, puts off its hesitaney,
and embarks freely into the work of
production. Not so many thousands
are wasted in "margins" by Wall St.
operators as formerly, and the release
of those thousands may have something
to do with the convalescence of an al
most distracted industry. AT the same
time we are, according to the showing
of statisticians. paying our debts aud
something over, and are likely the score
balance due as by foreign consumers.


Among individuals this state of affairs
would be regarded as financial prosper
ity. As nation is an aggregation of
individuals, why should not the same
rule apply?


We congratulate the country upon
the gradual approximation Of values
in gold and paper, holding, as we do,
that it is the result of the laws Of trade
operating under favorable circum


stances.