The New York herald., 1866-07-23

in store for the present attempt to span the
ocean with the magic wire.
Financial LEGISLATION and Administration nj
Washington.
Taking q careful review of the financial legis-
lation Of the country and the administration
OF our financial affairs during the last few years.
We are astonished at the extravagance, reck-
lesmess and ignorance exhibited by Congress
and the Treasury Department To such an
extent has wastefulness, combined with corrup-
ton. been carried that 1t is surprising how the
country has borne it Certainly no other
country but this, which has almost unlimited
resources, could have preserved its credit or
avoided bankruptcy under such circumstances
Out Of the three thousand millions of debt with
which we are burdened ct least one-third Of
that-a thousand millions-has been recklessly
souandered through the ignorance and corrup-
ton Of men in power. How much more has
gone the same way out of the current revenue
raised and expended during the same period,
which is not calculated in the debt, 1t is impos-
sible to say-probably FIVE hundred millions
more. Such has been the cost Of radical repub-
lican legislation and management Of the ma
tional finances in the short period Of few
wears Fearful as this is to contemplate, the
same ruinous system Of mismanagement is still
pursued. The same men or class Of men con-
troll the finances of the country. We shall be
yery fortunate If we escape the most terrible
disasters and distress, in spite of our immense
resources.
If any one supposes that we exaggerate
in this astounding but nevertheless correct
statement, let him examine the facts con-
nected with our financial history within
the last few years. First of all loans
wero invited and obtained at an unneces-
sarily extravagant rate in the early part OF
have been raised that would have met the ex-
penditures. We had more available means in
the country then than we have now, and yet
we raise at present revenue Of over six hun
dred millions. Less than this amount would
have been sufficient, with proper economy, to
have carried on the war upon the grandest scale.
In fact, we need not have had any debt, or
at most very small floating one, which could
have been paid in few years. Does not our
present experience prove this to be truef This
appears to us so plain that we think every one
must see the truth. Yet the men at the helm Of
affairs during that cventful time were too igno-
rant to perceive it. We say ignorant, but that
docs not express all; for there was undoubtedly
vast amount Of corruption at the bottom. The
thousands Of colossal fortunes made and the
new shoddy aristocracy all over the country
show how the government and the people have
been fceced. For every hundred dollars
loaned to the government, most Of which was
in greatly dcpreciated money, the country will
have to pay two hundred or more. We are pay
ing interest at that rate now. We say nothing Of
the immense sums Of which the government was
defrauded by contractors, agents and the friends
If the party in power. We refer here only to the
infamous system Of managing the finances.
In addition to these ruinous loans the coun-
try was flooded with paper money, thus raising
the value of specie and driving it out Of the
country, increasing the burdens upon the
people, limiting the resources Of the govern
ment and raising the price Of provisions and
commodities enormously. All this could have
been avoided, had there been statesmen and
honest men in Congress and in the administra-
ton. To Mr.. Chase, in . great measure, and to
him and his radical friends entirely, we owe all
the evils Of our enormous debt, Of paper
money, Of deprecated currency, Of burden
some taxation and Of the corrupt legislation
which we witness. It is worthy Of remark that
nearly al the friends and connections Of Mr..
Chase and other prominent radicals have be-
come rich since the war commenced.
The next step in the way of ruinous legisla-
tion, under Mr.. Chase and his radical confreres,
was the abominabe National Bank bill This
gave to . privileged class the profits of the
currency or circulating medium Of the country
without . cent Of cost besides unnecessarily
initiating the paper money currency. In reality
Congress made positive git Of twenty mil
lions or more year to private corporations,
which might have been saved by the govern
ment and deposited in the Treasury. We have
exposed this infamous national bank system 80
often that il ia unnecessary to 60 into the argu-
ment again in this article. We regard this
bill ss the extreme of stupid and corrupt
legislation.
Now we have . proposition before Congress
for funding the national debt upon equally as
loose principles as those which have governed
our radical Congress heretofore. As to the
principle Of funding, if 1t be connected with
legislation TO liquidate the debt and to reduce
the interest in an equitable manner, according
to what the debt was purchased at, and agree
able to the laws Of al countries relative to
excessive usury or interest, we can have no
objection. But we protest, first Of all, against
the job which appears TO be in the belly Of
Mr.. Sherman's bill, which will enable the Secre-
tary Of the Treasury to employ Jay Cooke 4
Co., or others, to pocket millions Of the peoples
money. The one per cent allowed for the
expenses of funding in the original bill has been