The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-01-01

Paraguay rom which we may anticipate great
extension OF our commercial privileges and poll
teal influence, not only i'll Paraguay, but in all
the other States of South America.
Very true it is that the necessities of the trea-
sury have compelled the government to resort TO
some heavy issues Of notes and loans; but these
are cue to causes for which Mr.. Buch an is, we
dare say, less responsible than Governor Morgan.
And why Because the terrible financial collapse
OF 1867 was but the natural consequence Of that
uaiveisa carnival Of overtradine, sp cula'iug,
lobby jobbng stockjobbing, embezzlements, de-
lalcati ms, kite-fying, paper money, paper for
irpes. land grabbing, town lot railroad and
other joint stock ventures, set in motion by
the golden discoveries Of California and Austria
liza: and we presume that the republican party
were more deeply Implicated i'll this specula-
tive mania than Mr. Buchanan At all events,
the inevitable revulsion came with crushing
weight upon the federal treasury, and treasury
notes and loans have thus been demanded to
make up the deficiencies Of reduced revenues from
reduced importations And so it is that while
the legacies inherited by Mr.. Buchanan from
Fillmore and Pierce have largely increased the
necessary government expenditures, the specula-
tors, peculators. stock, land, bank, railway and
lobby .iobers' legacy of the late revulsion has
quite as extensively diminished the treasury re-
ceipts.
liut he difficulties thus accumulated upon the
shoulders of Mr.. Buchanan, we maintain. instead
&c oos t;ro bio administration into a pt.to n
suspended animation" have only confirmed its
living energy and intrepidity. We refer to his
late annual Message for the proof, for here we
have schedule Of measures and suggestions
presented to Congress which, if promptly and
fully followed up, will not only relieve the
treasury and the country from the still existing
pressu c Of the late revulsion, but viii clear the
calendar Of all our outstanding accounts in re-
ference to Cuba, Mexico and Central America.
and put Pacific railroad into practical opera
ton. To this extent the administration has
done its duty, and the responsibilities in the
premises now rest upon Congress. Here, how
ever, we come to the place where the shoe
pinches-here We find, in reality, the controlling
characteristic of 'mbecility," and q most de-
plorable condition of suspended animation"
And here we may say that if the existing adj
ministration, with its Offices distributed, and its
power and purposes limited to its appointed term
of Office has less of influence over the managers.
aspirants and disappointed spoilsmen Of the
party. than the game and scramble for the plum
der Of the succession, the trouble lies deeper in
the system than any acts Of omission or commits
sion chargeable to Mr.. Buchanan. He has
specifically recommended his line of policy,
foreign and domestic, and he awaits the action
of Congress. If Congress shall adopt his mea-
sures we may hold him responsible for the con-
sequences; but if the present session shall ad-
iourn without providing for the current necessi-
ties of the treasury. or for the settlement of our
pending emharrassments concerning Cuba, Mexi-
co. &c. the responsibility will belong to the de-
moralizea Presidential parties sections, factions.
clioues and leaders of the two Houses, while the
administration will stand absolved and secure
in the confidence Of the country. To SIM up:
while the historical facts. acts and events of the
past year fully vindicate the living energy, in
dustry and sagacity of the administration, the
Presidents Message of December last proves
its readiness to grapple with all the great re-
sponsibilities of the present, in view of the ne
cessities and contingencies of the future.
The administration lives in health and vieor-
it is the demoralized democratic party, and it is
the disorganized opposition league Of all fac
pended animation