The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-03-15

President Wanted.
President Johnson has better opportunity
than he or any of his predecessors ever had
to make great name. The question OF
our financial situation is one Of vast mag
nitude, and the country needs states
man TO handle it. We see it looming up
already above other questions, and in short
time 1t must become the paramount and
absorbing one. If we mistake not the politi-
cal agitation arising out of slavery, the negro
and the war has nearly run Its course. AT all
events Mr.. Johnson can make nothing out OF
that. 1t has passed beyond him. All he has
to do in this matter Is 70 faithfully execute the
laws which have been passed in q constitu-
tional manner, however much he may diner
with those who made them. But on the
new and great question Of our financial affairs,
upon which parties will be formed here
after, it is both his duty and policy to lay
down platform Of sound principles and to
point out the way of safety for the country.
1t is evident the President has begun to
give this subject serious attention. The COM
munication we published from the Citizen
few days ago, which was by authority, shows
this. It is clear, too, that he has some correct
views about our financial situation, though
others are somewhat exaggerated and not
very well defined. With his strong common
sense and honest purpose he may by earnest
application soon master the subject True, it
is comprehensive and difficult one but he
has mapped out for him the experience Of
other nations, particularly of England, to
guide him. The dangerous rocks and shoals
upon which other countries have split stand out
prominently in history, warning us to avoid
them. AS the President then, sees the impor-
lance OF this financial question-sees that it
is going to be soon the absorbing one in our
public affairs-we advise him to call around
him the ablest men of the country and to
obtain all the light he can from those
who have made it their study. Then
let him lay before the people and Con-
gress such comprehensive and statesmanike
message as will arouse public attention, inspire
confidence and lead to solution of the diff
culties that surround us. This is what the
country wants just now, and the opportunity
is splendid one for Mr.. Johnson.
ton we should begin by laying down certain
fundamental principles. First, it is necessary
that the legislation of Congress in all things
relating to tie matter should be Of such cha
racter as to inspire confidence in the ability of
the government to meet its liabilities and pay
the national debt, and in the disposition of the
people to bear taxation tor this purpose We
are convinced that the American people do not
entertain for moment the idea oil reputation,
Notwithstanding the rather gloomy forebodings
of the President. Burdensome as the debt is
they wish and intend to pay it. But there
would be q limit to forbearance if the weight
were to be made insupportable by reckless and
extravagant legislation-by piling up one bur
den upon another in the manner Congress has
been doing for some time past. Nor will the
people be content to have the debt perpetuated,
as the debts of Great Britain and other monar-
chical and arisiocratical countries are; for they
would not consent to pay in the way of interest
for all time to come an amount annually
greater than the current expenditures of the
government. They do not regard national
debt blessing. National debts have proved
great curse to the industrious masses Of
European countries, though they may have
benefited and sustained monarchical ins.itu-
tons and the aristocratic classes through the
moueyed oligarchies they created; but the
people Of this country are wise enough to see
that the perpetuation of a great national debt
would be dangerous to our social and rerubli-
can institutions. We must, therefore, make the
debt as light as possible and provide for its
payment in order to establish confidence and
avoid the possibility Of population. In
order 70 attain this object Congress must aban-
don its extravagant Legislation in enormous
bounty bills and other reckless measures.
Unless there be q change from this extrava-
gance to economy the people will lose conf
dence and chafe under the burdens imposed
upon them.
President Johnson should lay such views
as these before the country and point out
specifically where retrenchment can be made
and economy praciised II he will do this
and show ut the same time the wasteful and
reckless legislation of Congress the people
everywhere will applaud him and rally 10 his
supports for nothing arouses them more than
that which touches their pockets; and, as we
have said before, the financial question is going
to be the absorbing one.
One Of the most urgent measures in the way
Of economy, as well as for the general interests
Of the industrious classes. would be the repeal
Of the National Bank oct The national banks
are drawing twenty millions q year from the
profits Of their circulation, all Of which the
government could save and apply to the
liquidation OF the debt To accomplish this
1t Is only necessary to withdraw the national
bank currency, and in place Of that issue legal
tenders. Three hundred millions Of the interest
bearing bonds deposited by the banks for their
circulation could be bought up by these legal