The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-10-12

nAsuo tuo inouo WIN Togeru 70 COutucIu Icss-
ration simple one. The conditions laid down
by Congress have been approved by the
popular voice-by the people Of the Northern
States, who have the sole power over the
question in their hands When we say the
Northern States, we take it for granted that the
rest will 60 a. Maine, Vermont, Pennsylvania,
Ohio, Indiana and Iowa have gone. The cleo
tons in these States are sufficient to show the
current and force Of popular sentiment through
out the whole North. The verdict y decisive.
The action Of Congress next session in the
matter Of restoring the Southern States will be
undoubtedly in accordance with this verdict.
The conservative republicans, having obtained
the victory and secured the lease Of power
they wanted, can now afford TO act with more
promptness and generosity in restoring the
South than under other circumstances. They
have nothing to fear with regard to their
political future by admitting the Southern
States Immediately those States ratify the
constitutional amendment They will even
strengthen their position by doing SO. They
are powerful enough in Congress to carry out
this policy in spite of tho radical destructives.
The President, too, it il to be hoped, win see
the necessity Of the present situation, and will
act in concert with the conservative majority
in bringing about an early restoration under
the Congressional plan. This, 1t seems to Us,
is the only practicable plan left and the only
safe course to pursue,
We need speedy settlement Of the political
difficulty, not only because there is danger ID
keeping it open till 1t becomes chronic, bui
because there are other important questions
demanding attention. The most important o.
these is that relating to our national finances
We present the extraordinary spectacle at thu
present time Of being the richest and most
prosperous country in the world, raising nearly
hundred and dfty millions year surplts
revenue, paying of the national debt rapidly
and showing beyond dispute our ability u,
artineuish the whole debt in fifteen or twentr
years, and yet at the same time, our securities
are not worth in the markets Of the world baf
their real value compared with the securities
of other countries. British three per cent con
soils are quoted at ninety, while our six pet
cent gold bearing interest bonds are selling a
other nations will show similar result, if nd
quite so great difference. To tho mass If
people this anomalous state of things mutt
seem almost incomprehensible. 1t is reallya
humiliating spectacle for us, and it calls for
some action to place our credit on proper
footing. The credit of an individual is ma
sured by his ability to pay, always supposiig
he is honest and willing TO pay. Itshould be tie
same with nations. Taking it for granted that
no one has any doubt about this great republic
keeping its faith with the national creditors,
the only question that would be raised TO
keep our stocks deprecated Is as to our means
Of paying Well, the exhibit we have made
and are making Of our wonderful resources is
a sufficient answer to that While the richSst
nations Of Europe have great difficulty in
making both ends meet and have nearly
reached the limit of their produc-
tive power, we, with Q debt as larke
as the largest, reckoning by the interest
it bears, have an immense surplus revenue
and are able to pay of the principal Of
our debt at the rate Of nearly hundred and
fifty millions year. That is our present con-
dition; but when we look at the incalculable
Of this vast continent, ct the surprs-
ing productive power Of thirty-dve millions Of
active and enlightened freemen, and at the
increase Of population, which doubles in TWEEN
ty-ive yeaB-when we look at these facs,
in the history Of nations, who
can doubt our ability to pay not only the
interest, but the principal Of the debt also
within few years. In fact debt that would
weigh down any other country il Comparatively
. trifle to us.
We call upon the administration and Con-
gress, then, to heal up our political troubles at
once and to turn their attention to this most
important matter. Let our finances and finan-
cial system be placed upon such basis as to
make our credit stand as high or higher than
that Of any nation; for that is where il ought to
be. Let the debt be consolidated and simpli-
fed in one form, and sinking fund established
at the same time, with the fixed Object Of ex-
tinguishing the whole within reasonable time.
Let Notwithstanding legal tenders be sub
stituted for the national bank notes, aad the
bonds, upon which these notes
are based, be cancelled to the same amount.
The interest which the government wouh thus
save-say some twenty millions year-might
be made the sinking fund, or part Of Il. By
skilful, statesmanlike management In making
these changes, a considerable portion ,f the
debt might be swept away in the process No
thing would bring US sooner to spech pay
ments, and II would efectually destroy the
oligarchy which 10 fastening itself
upon the country and the labor Of the poor
Assuming that our political difficulties will
be settled, this remains the paramount mbject
for our statesmen and The government! take
up. What statesman will immortaliS him