The Express.
London, England, 1865-12-18 00:00:00

OUR CONTEMPORARIES.

(THIS DAY.)

THE UNIT= NATI&
The voluminous report which Mr. M'Culloch,
the Secretary of the Treasury, has addressed to the House
of Representatives. is described by the Times as being re-
markable among similar official dunce/Ma of the States,
as being pounded on sound financial principles. His argu-
ments for the reduction of the currency, sod the measures
he proposes, which may be briefly stated as comprising
• large funding of the paper currency, a simplifica-
tion of the machinery but a maintenance of the
amount of taxation, and a gradual redemption of the na-
tional debt, show that he is a sound financier. It must,
however, be noticed that the possibility of keeping the
average rate of interest on the national debt of the Union
as low as 5 per oent depends upon the exemption of the
national creditors from all state taxation. Were the holders
of the bonds of the Union subject, like their fellow-citizens,
to taxation within their several states, and also to
taxation in respect of their capital invested in such secu-
rities, the bonds could not, in Mr. M'Calloch's opinion, be
issued at less than 8 per cent. interest. Mr. M'Culloch
defends the exemption of these bonds from state taxation,
but his reasoning appears inconclusive, and it is known that
the exemption will be severely attacked in Congress. Bat
the point in Mr. M'Culloah'i scheme which must strike
Englishmen most forcibly is the 000fidence which he invites
in the action of the executive.
The Daily News, while reading the praises so liberally
bestowed on President Johnson for the moderation and
good sense of his message, finds it impossible to help
thinking of the confidence with which the vices of fanati-
cism and extravagance were imputed to him when he was
soddenly called to office, and when it was oorifemed that his
character was almost unknown. We should expect the virtue
of moderation in a ruler disposing of interests so vast as
those which are committed to Mr. Johnson's care. Now that
Southern influences no longer predominate at Washington,
the insolent tam that ones pervaded the state papers of
the republic, the love of giving annoyance to England, and
the aggressive policy towards the countries south of the
republic, have passed away for ever, but this national dis-
position is not one on which rivals or enemies might safely
presume, nor one which may be expected to induce the
government of the Union to depart • hair's breadth from a
policy which is the natural out-growth of its character and
principles. The language in which Mr. Johnson refers to
this country may be described as friendly, but dissatisfied.
Mr. Johnson gives the world to understand that his country
has been ill treated. We, of course, do not admit this.
But no one will deny that our unqualified refuel either to
entertain the Alabama claim', or to refer them to arbitra-
tion, leaves us in all unsatisfactory position as a nation,
which may at some future time be deeply concerned as to
the manner in which neutrals perform their duty towards
us as belligerents.
The most striking feature of Mr. Johnson's message, in
the opinion of the Post, is the quiet tone in which he
affects to lay down rules from which, under no paellas
circumstanced, a peoplenamberiog some thirty millions are
to think of departing. The whole drift of the message is
that a form of government which was framed close on
century ago in the North American continent under very
extraordinary circumstances, must not be changed even at
the will of them for whose benefit it is supposed to exist.
We have often heard of the Divine right by which
kings were accustomed to claim the obedience of
their subjects ; we sow learn, however, for the first time,
than another and still more sacred right is that by which an
elective government claims the support of those by whom it
it is called into existence.
The text of the Message fully confirms the favourable II
impression created, in the cam of the Telegraph, by the tele.
graphic summary of its contents. Moderate in its tone,
nobly free from any noisy bluster, calm, temperate, and
dignified, it is a State paper of which the whole Republic—
North as well as South—may reasonably be proud ; and the
spirit in which it deals with international questions is at
once so conciliatory nod so judicious as to afford the most
satisfactory guarantees for peace.