The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-03-18

for $4,000 ,ooo The place Of battle has not yet
been made public.
President johnson ON Our Financial situation.
We have had various reports, as well as
private Miles OReilly's ''talk with the Presi-
dent" about the Presidents views on our
financial situation. The expressions of Mr..
Johnson on the subject appear not to have
been we'll understood or have been misrepre-
sented. The Judiciary Committee of Congress
even thought proper to- summon Miles O'Reilly
to testify as 10 what Tile President said about
financial matters. There need be no longer
any doubt or speculation concerning the
views Mr.. johnson holds. Our Washington
correspondent has had a "talk" also, and was
able to furnish us, in his communication pub
lished in yesterdays HERALD, statement of
these views con authority that cannot be dis
puted." They are, as he says, " the real opin-
ions Of the Chief Magistrate on the subject in
question"
What, then, is the Presidents financial poll
icy? 1t is that which we have been urging
upon him, Congress and the country; for,
he says, he "sees nothing to object to in the
financial policy suggested by the HERALD
within the last few days." he refers specially,
we suppose, to articles on the subject which
were published in last Tuesdays and Fridays
paper, though we have been urging not only
within the last few days" but through long
period the same views.
The President, so far from favoring or even
limiting at reputation, il most anxious to avoid
any possible agitation leading to 1t. No other
inference could be fairly drawn from his con-
versation with Miles O'ReilIy. All his remarks
were intended as precautionary-as warn
ing, and nothing more. aHe is impressed
enue system, and concerned about providing
adequate means for the gradual liquidation Of
the debt, as we'll as the payment Of the interest
on that debt Knowing what has occurred in
other countries when involved in reckless ex-
penditures leading to reputation, he is
alarmed about the possibility of like causes
producing the same results In our own coun-
try" He refers to the administration OF
John Quincy Adams which was deemed ex-
travagant, and rejected by the people in
consequence Of an annual expenditure Of
| thirteen millions, and he feels anxious when
| he recurs to the fact that the national debt
Is now over two thousand FIVE hundred mil
hundred and thirty-six millions to be provided
| for, in addition to the vast and growing
yearly expenses Of the government. Hence
he Is in favor Of policy which, in the Ian
| guage of the message Of 1865, without being
oppressive to the people, shall Immediately
begin to effect reduction Of the debt SO as
to discharge 1t fully within o fixed number
Of years" He believed when he penned that
message that the whole debt might be paid
of in thirty years, and he was In favor Of SO
regulating the expenses Of the government
and The revenue system as to accomplish that
result in or about that space Of time.
In all this the President and the HERALD
stand upon the same ground. We have de-
nounced over and over again the reckless
extravaganza Of Congress, and have warned
that body that If IL should continue in the
same course, burdening the people to the
last limit Of forbearance, the worst results
might follow. Nobody would think of repu.
1 ulatOH IL OuI untncIai uHdlr6 ana the 0cDt
should be managed right ; but we cannot tell
what might happen If the weight Of taxation
should become insupportable and the public
! mind demoralized by the reckless and corrupt
| legislation of Congress. Unless the brakes be
put down, and that speedily, the most dis.
astrous consequences may be expected. We
must stop extravagant appropriations and
practise economy in every department Of the
government We should also, as the Pres
dent says, and as we have repeatedly urged
provide for the gradual and entire liquidation
Of the debt within given number Of years
say within thirty years Thus the burden
would be diminished from year to year, and
cheerful confidence would be inspired II
the prospect Of seeing II entirely removed
Nothing short Of this will satisfy the people
and give hope and security in the future.
10 connection with The subject OF our ma
tional finances we have recommended thu
withdrawal Of the national bank currency
and substitution Of legal tenders In Its place
for the purpose Of saving TO the governmep
The profits on that amount Of circulation