The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-08-10

nm. a. ven known that very considerable port A m
the railways Of America was made win foreign capital
for the purposes Of the census caused s los Of pro-
perty 70 be merated twice over Ine iesl OF each
Da as w sa LENT 10 custome W. 1890 uss h in
property which was also included
We said suf,sisnt 70 that No estimate Of
United STATES in 1890 can, 81 DO taken - accurate but
the erro of assuming a 10 be true slight compared
t,onai property r s"oe BEEN dss.rpysS national
debt has been ceated which in round numbers amounts
10 six huzdrsd millions State debts have been enor
mousJ infeased but of these amounts We nave no re-
tuy ebnnning onr attention 70 the debt OF the Union
very considerable portion Of was OF course spent IN
ssa %ncn asst ssa can scarcely be- an ex
aggersion 10 suppose that two-thirds OF the capt.
tai raised BY the federal debt has IN TINS sway way
an amount very nearly great TO have been consumed
by the ConfeAerates during their struggle There must
c course be added TO this the capital destroyed con-
sequence W the operations Of the war; the Cities towns
and hoeeads battered to pieces and the railroads and
the capital thus destroyed to be half Is great as capital
directly consumed in war, We have ZOO GOO 600,
24oo 600 and goo 600 600 Or a 900 go co. sbso-
derlng whether tho money was not well invested-we
are only concerned with the totals which scarcely
sion that the total properly American citizons has
receded In value since $780, and cannot very much OK
.eed what was 10 Soo - can % % San .ns'
forth be maintained unchanged. Mr. Walker ignores
the influence OF the existing debt and the taxation 70
ignores the proAbitory duties which suocessnl
in preventing American citizens from buying in the
cheapest market that the customs revenue h dwndling
away under shar influence and he takes no Of
tho inland taxes which have been fastened upon every
branch Of industry and must hinder their free develop
whose wealth and commerce slowly grew through long
years 81 Restrictive policy, and have since widely e.
the effect Of restrictions upon industries which have
hitherto been free The last objection 70 Mr. Walkers
seesn national and 'e sspsnSurs said
that the national debt Of the States s still increasing at
the rate Of day This IL probably an exagge
hopes that growth of the debt will be arrested 1867
when its amount will be 3e4s, 600 0o0 and the annual
interest will be- 435 0O0 but the rate Of increase
present 10 certainly less than hundred millions
year, we must dismiss these estimates too sangune
we do not n.ppme that the debt Of the United States,
great as II Is, scN crwsh the energies Of Tho american
not likely to Be deferred BY TIE le 1t IT, however idle
financial ability Of the nation and It lie that account
that the f0urishing statements Of Mr. Walker should
tho. %.tel ss many Of his
trymen, has been unable TO appreciate the great
influence which the issue Of an iredeemabe currency
has had upon the financial history Of the federation
In many parts Of his essay he puts forth statements
which to be baseless when the difference be-
tween currency and specie Is taken into account The
issue Of rredeemable paper has greatly increased the
capital of the American debt and has to some OK
tent undermined the morals Of the nston but II made
parativey easy Mr. McCulloch to have been the
first Secretary of the Treasury who the dangers oil
unlimited issues and expressed desire for their con-
traction. If he remains in Office long enough and ID
adequately supported by his colleagues he may In tmt
finance but the publication Of such an essay that by
Mr.. Walker sufficiently shows the difficulties which avail
him.
sons Policy.
From the London Times, July 201
10 must be said to the credit Of President johnson that
In spite OF the tumut OF ex0abe counsellors, he ha
a and we who have s1psrsuced similar dicuies
ought not TO withhold ous sympathy from him in ha
trials, nor our appreciation Of hts success Imagine
vast territory which possessed at the same time thu
worst characteristics of Ireland and the West Indies
We may have some faint idea Of President Johnson
men were, II not like what they are 10 their dsahec
ton to the established government and in their oh
:tinate attachments 70 false ideas For many genera
Of planters children that is their duty to live and tina
OF the negroes work To struggle with the discomfort
hard enough and yet would be light compared with
the troubles Of the negro question. Planters could b.
left to themselves till they had found by experience tina
their notions mistaken They have sense enough
to give them up when driven to by necessity but tn
OF the Unhappy black man in the Southern States IL tn
same rs that Of his brother In the West Indies
that he has no wants He is content a. long AZ he ha
sees no reason to toll. Where the country, Xix,
Barbados, SO thckly popu':sed that be must worl
to 'squatn he is idle The Southern States not
lite island like Barbados and the negro may be as idt
because he need not work. But the black man is moi
only dlc he Is also improvident; he has been accus
toned to receive his meat In due season and he ha,
horse has OF saving hay In tor use In winter
At the same time he has no notion OF starving II he
can help IT, and II In tho winter season he finds himself
foodess he scarcely be expected to abstain from
taking IL where can be got II lie very wrong TO rot
those who have been more prudent than yourself
but people who will look the truth in the face car
have little doubt about the dangers Of society In the South
The difficulties Of the negro question are sasy stated
The freedman lives in the neighborhOod Of men who
have been accustomed 10 authority over him almos
the good season, and in the bad oang about begg NJ
he can, robbing II he must How should such clas
BY no
may opprou, tie more raadiiy oseass T. prineipI
monasteres broken up and sturdy beggars
about the land the American government has begun
do The principle Of action the same though there
| Of course difference In ts machinery. The Freed
mons Bureau has been established at Washinstor
as sort Of peor law board II has its local ofices
throughout the South, at Of which each freed
must be enrolled The freedman may be masterisss Blu,
he not 70 be homeless and his place Of enrolment il
his place Of settlement the union from which he psssef
TO work, and to which he returns II unemployed The
local commissioner Of the bureau sanctions the contract
between freedman and his employer and II is his duty
IL secures Definite and fair wages TO the aborer Ap
prenticeshps In the OF contracts ndssoluble
definite term not to be permitted, but
terminable at the option OF either party
II the contract faithfully observed both Sides there
s, OF course nothing more TO be done; the freedman
has obtained the position Of agricultural laborer and
further interference Is unnecessary
The future condition Of the negro In the South de-
ponds however, much the planters than on the
government II they will acquiesce in the order
which has come upon them, the material comforts OF
the negro will not have suffered through his acquisition
Of freedom II the planters resist the system the
negro must look forward TO that Wholesale immigration
OF Northern farmers which has often been threatened
and must gradually take place. the surety of bic
ture webeng The conduct Of the planters Of Virginia.
In attempting to get rid OF negroes altogether thss
no profit can be got out Of breeding them for slavery
dscoursging; but whatever be the trials Of the