The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-22

The RevaIssOn and the Federal Treasury
MOvemes q OF the Administration.
A deepseated revulsion like this from which
the financial, commercial and all the industrial
interests Of the Union are now 80 severely suffer
ing, must inevitably work out great changes in
the political parties and party issues of the
country. Indeed, this widespread prostration Of
railroad corporations spectators, banks, brokers
and merchants, has already brought about
great political revolution. The tremendous
Northern majolities cast against the democratic
candidate for the Presidency last November
have rapidly disappeared; and with the same
upward tendencies FOR another year, the admins
trat;on of Mr.. Buchanan will have recovered
throughout the North all that was lost by poor
Pierce. The niger agitation is superseded by
the irresistible pressure Of the financial embar-
easements of the day. The people are satisfied
with the Kansas policy of the President; but
willie the country is looking to Washington for
measures Of financial and commercial relief, we
perceive that the general government is directing
oil its energies ard movements to the single
necessity of taking care Of itself
According to our latest and most
reliable advices, this isolated policy of
seifprescrvatioa is the policy resolved
upon by the Cabinet. Mr.. Cobb does not
anticipate an exhausting reduction of his re.
any more radical measures in relation TO the
financial difficulties of the country than sweep
ing retrenchnent of the annual expenditures
from the Treasury. This retrenchment, we are
informed, will, in all probability, embrace
heavy reduction of the expenditures for the army
and the navy; q suspension of the work upon
the numerous new Custom Houses already COM
menced, but which will require many millions yet
70 finish them the suspension Of all federal
works of internal improvement not deemed Of
urgent necessity; the contraction of the active
operations Of the Coast Survey; the suspension Of
eeve-al Of the lines of our ocean steamers as
United States mail lines; great retrenchment Of
the expenses Of our lighthouse system, and an
abolition Of the fishing bounties
Through these expedients Mr.. Cobb anticipates
the saving of twenty five millions to the Trea.
sury for the next fiscal year; ard be expects that
this wholesale retrencbment viii suffice to bring
bis actual expenses within the margin Of bis re-
duced resources, without the necessity Of q loan.
We are further informed that the President will
not recommend any increase in the tariff except
ing, perhaps. upon the articles Of tea, coffee and
eugar. To crown all, we are assured that Mr..
Cobb "does not anticipate that the revenue viii
fall Of this year very materially, although be
knows that even now the public warehouses are
filed with over thirty millions worth Of goods
grea. proportion Of which may have to be return
cd to Europe, from the inability Of the importers
to pay the duties"
Now let Us look into this sweeping policy Of
retrenchneat under the footlights Of our past
experience for il is only by this process that we
can even approximate the consequences to the
country ard 10 the administration. And here the
hard and severe practical teachings Of the great
reyulscn Of 1887 cannot be too closely studied
by our present cautious and careful adminis,ra
tion. In that revulsion thirty thousand firms
and men Of business we're driven to the wall, and
bankruptcies to the extent Of four hundred mil
lions OF dollars were the net results. Mr.. Van
Burens administration was called upon Tor re-
lief but relief II had none TO give. Instead Of re-
Lief II adopted, for sefsecuriiy, the specie re-
curing system Of the SubTressury; thus exacting
hard money for all government dues, when de-
p-eclGted bank RAGS aud shipplasters we're the uni
veTsal currency among the people. Thus theory OF
"gold ard tilver for the ofceholders and shluplas
ters fer tie people" became the popular shibboleth
Of the tremendous political revolution Of 1910.
With that revolution, and with q single years.
relief from O general bankrupt Law, and
with practical modification Of the tariff to salt
The immediate exigenoies Of the times, bad az II
was In many respects, ard with q government
loan or two to cover the deficiencies Of Van Blu.
rene administration, the government and tue
country, our finances, currency, commerce, aud
Industrial interests of all kinds, we're placed
upon their feet again for twenty years Thus, in
TIE campaign Of 1874 all our late financial and
commercial disasters were forgotten, and the
Texas annexation question decided the contest.
New, a. like causes produce like effects, VIVA;
is the course suggested to the government by the
teachings Of the revulAion Of 1887 and the policy
Of Mr.. Van Bgreaf Clearly II IL a course Of
sympathy with, ard not Of isolation from, q suf-
feripg peop,e-s course OF relief and not the con-
trscted policy Of neutrality and self preserva-
ton We should BE- sorry to zee the administra.
ton CT Mr.. Buchanan cut itscf of from tie
yupa,hies and expectations Of the people; and
Te regret to say that the foregoing schedule Of
lie proposed retreDchmens ia calculated
to DO this very thing in the most ell
Gent manner. In crisis Ike THE,
PRESENT necessities and past experience
demand that the measures the resources
and The expenditures Of the government
should be directed, even 70 The extent Of q loan
or two If required, 10 the general relief and re
susoiiation If the commercial ard business inte
resis Of ne country.
Mr.. Cobb bortver proposss \ retrench mept