The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-04

The Financial Condition Of tho Country
and President Lohnson's Administra-
tion.
The attention Of the government and people
of this country has been SO much occupied
hitherto with closing up the war and the resto-
ration Of the Southern States that other matters
have been made subordinate to this or held in
allegiance. But there is one scarcely less i'm
portant, and intimately connected with that,
which will now call for consideration. The
public finances, including questions regarding
the currency, revenue, banking, and the
national debt and credit, will require imme-
diate attention and the ablest craftsmanship.
The President, in his message to Congress
next December, and the Secretary of the Trea-
the subject in q mastery manner. And it will
be the duty Of Congress to pass such measures
as will give confidence and stability to the
public credit and to the business of the country.
In order to do this it will be especially
necessary to provide for the return to
in such gradual and healthful manner as to
prevent fever of excitement or a commercial
and monetary crisis. The financial affairs of
the country may be compared to person in
high state offever which requires the most deli
cate and skilful treatment. The pulse beats
lants would only increase that. Soothing and
quieting medicines alone can restore the pa
tent to his normal condition. Such is pre-
cisely the condition Of the country at the pres
ent time, and such is the treatment required.
Every thing is inflated by the appreciation OF
gold, or rather by the depreciation of the green
back currency. And in many cases this is so
in far greater degree than the proportionate
value Of specie and paper money would war;
rant. The spirit Of speculation takes advan-
tage of such an abnormal state Of things to ride
rampant over the ordinary laws Of trade and
there is difference only of forty
three or forty-four per cent between
gold and the currency, prices have risen
in many instances to one or two hundred per
cent above what they formerly were. In this
there is nothing new or extraordinary. II
always uos uocu 81 III cVcTy CouutTy III tlmeb
similar to these we are passing through. Nor
need we be under any apprehension If the
government displays ability equal to the occa-
sion. Although the debt is enormous and the
volume of circulation vast the magnitude OF
our resources and the wonderful increase yearly
Of our real wealth from actual production are
such that we may come out Of our difficulties
easily and in comparatively short time.
The financial pulse in Wall street beats
pretty steadily now, as If waiting the operation
of public affairs to raise or lower 1t, as the case
may be. In fact, its action depends chiefly on
that Of the government While It does not
come within the scope Of this article TO discuss
the various and delicate questions Of public
finance, upon which political economists and
statesmen even disagree, we may advert to
certain general ppinciplss which ought to be
kept in view.
Conade.acc Is the first thing necessary in this
matt. as il is in private and commercial trar
lotions. There is no want Of con6decIace in
the resources Of the country; for. thew arc