The New York herald., 1865-07-26

in every pie, and although, as general |
rule, temperance is not in their line, still any
hobby is good to ride if it only runs first to the
winning post.
The Financial Condition and Prospects |
Of the Country.
The daily operations of Jay Cooke, the gov
ernment broker in Philadelphia, are despatched
across the telegraphic wires in every direction,
and represented as the achievements of great
benefactor who is struggling for the general
good. Many journals are endeavoring to force
the conviction upon the people that five or six
millions added each day to our national debt,
entailing an interest of nearly seven and one
third per cent upon every dollar, is not only
an evidence of our sound financial condition.
but is positive proof of the extraordinary saga
city of the great selfdenominated financial
strategist above mentioned. We do not hesi-
tate to assert that we entertain directly oppo-
site views. We cannot look upon the augmenta-
ton of our national debt in any other light than
that which marks the path to financial distress
and commercial ruin. Simply returning to the
government its non-ntsrest bearing paper and
increased in volume at the rate of three to four
millions week, and receiving therefor seven
and three-tenths bonds is, in our opinion, no
evidence of the soundness Of the national credit
or the healthy condition of it's finances; it only
proves that the currency is inflated and that its
depreciattssda condition has closed many Of the
ordinary channels for safe insyesstment
During the continuance of the war the Auc-
tuations in the premium on coin created no
more uneasiness than what was produced by
temporary excitement The government had
flooded the country with greenbacks to the
extent OF seven hundred millions, and it was
not surprising that gold took a stand far above
the representative value of the legal tenders
but the premium from day to day became greater
or less as our prospects were frightened or
clouded by defeat or victory on the field Of
battle. But now that the war is ended what
is there, it may be asked, to cause fluctuations
in the price of gold, or even to keep it above
the face value of government paper, which for
all purposes in our daily transactions is its
legal representative? The question is easily
answered. II is simply the distrust which is
engendered by the continued increase of the
currency and the enlargement Of the national
debt.
We are in the same track that England pur-
sued during the ten years subsequent to the
final close Of her war with France. The mis-
takes which the government of that country
made resulted not only in monetary revulsions
o;o1 ri min har
trade and commerce, but in domestic broils
and riots which threatened the very existence
of the kingdom. If we do not commence early
to profit by the knowledge we possess Of the
financial blunders which that country perpe-
trated, we must be prepared to witness
monetary collapse that experience has already
taught us will spread disgrace and disaster
throughout the heretofore prosperous Northern
States.
We call upon President Johnson to take the
matter in hand, and with the aid of Congress
to endeavOr to avert so direful a calamity.
He is doing well in his efforts to restore the
political status of the South, and to bring the
misguided people of that section back to their
normal condition in the Union. But more is
incumbent upon him. He must keep in mind
that it is just as important to preserve and
sustain the national credit and to re-establsh
our currency upon the metallic basis, as it is
to reconstruct the Southern States. He is a
man of sound common sense, and we are con-
vinced that he is fully equal to the task Of
averting the danger which threatens us, and
which the course of policy now pursued will
inevitably bring about.
The British government finally overcame
its difficulties by consolidating its debt and
reducing the interest thereon to three per
cent. This movement Of course raised an
army of grumblcrs; But it was con-
tended that as the majority of them had en-
riched themselves by taking advantage of the
country necessities, they could not be con-
sidered as having been unjustly dealt by. The
question now arises whether IL would not be
better for us, while we are yet free from any
real monetary commoton, to follow some-
what similar course. We may ultimately be
forced to adopt such policy; and far better
for the country will it be to secure whatever
advantages such a necessity possesses now,
than to wait, like England, until we shall have
passed through financial vicisstudes from the
effects of which it would take us long time to
recover. The adoption Of such course would
probably raise the cry of population, and the
government would be accused of violating its
faith; but the charges would come mainly
from government steamboat agents and shoddy
contractors, who have fleeced the nation and
robbed the poor soldiers and sailors to in
crease their wealth. But in the end the mass
of the people would be benefited and the
prosperity of the country secured.
The CONSPIRACY TRIAIs.-Some papers are
still discussing the late military trial at WASH
ington, and the pros and cons of the execution
of Mrs Surratt and the rest This Ia an indica-