The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-08

Annapolis to-day.
Tho Reconstruction Of Parties-Hsw IL the
South Geinge
AS Wendell Phillips has it, our political
parties are in transition state. Upon the
issues drawn from the slavery question, which
have divided the republicans and the demo-
cracy since 1854, the former have been com
pletely triumphant, and the latter, step by
step, into the war, through the war; and since
the war, have been utterly vanquished. Upon
its prestige as the Union war party and its
great achievements-the suppression of the
rebellion, the abolition Of slavery and the es-
adjustment Of civil and political equality in
Southern reconstruction-the republican party
still holds together; and upon their unpopular
record as the pro-slavery, anti-war faction, the
Northern remnant of the old broken-up ma
tional democratic party remains a powerless
minority. But something more than they have
done will be required to keep the republicans
together. Having falalled its appointed work
the party must set up new platform Of new
ideas and new measures, or it will 60 to pieces.
The republican leaders are aware Of this, and
aware, too, that with the restoration of the
outside rebel States the future possession Of
the government may be determined by South
ern balance OF power.
How, then, is the South going in this ap-
preaching reconstruction Of partiesf What
are the signs of the finest The Southern
emancipated blacks seem to be gravitating to
kha - kho~v hol~ ~sv
ton. Such are the Developments Of Senator
Wilson's Southern missionary tour from Rich
mond down to Georgia. The great body Of the
Southern whites, on the other hand, while
csming up, as Speaker Colfax expresses it,
"with an alacrity unexpected by many, and an
acquiescence expected by but few" are, new
erhless, holding aloof from both the Northern
republican and democratic parties, and are
casting about for . new and independent
Southern party, on Southern ground, and as
Southern balance Of power. What, then, is
the prospect? Upon what new issues are we
to look for this independent Southern partyi
Mr.. Speaker Colfax gives it ms his opinion
that Congress will abide by its terms Of South
ern restoration; that @the great party which
has thus become responsible for them intend
10 stand by them, faithfully and literally, If
their terms are complied with by the rebel
States in good faith and without evasion"
Believing this, we may assume, from the work
gong on, that all the ten excluded States will
be readmitted into Congress in season to give
them dcliberative voice and choice IN the
next Presidential election. With their admis-
sion, as the civil and political rights Of the
blacks and the safety Of the national debt will
be established in the constitution beyond the
reach Of any political party hereafter the
present dividing lines of parties at the North
and Of races in the South will be superseded by
new divisions. And in the favor which the
name of General Grant seems now 10 command
among Southern politicians we have q sign Of
what is coming II is the reconstruction Of
parties on the money question, in all its
branches OF internal taxes, tariffs, national
banks and Treasury management
Upon all these questions General Grant is
understood TO be Western man, decidedly in
opposition TO the Eastern politi clans Of the
high taxes, high tariff protectionist school Of
Thaddeus Stevens. We presume that a new
party platform, embracing the doctrines Of the
lowest practicable revenue tariff the lowest
schedule Of internal taxes, general cutting
down Of expenses, the reorganization, II not
the abolition of the national banks, whereby
the Treasury may be saved the millions which
these banks now absorb as their perquisites Of
the public money; aud funding system to
enable the government with light taxation to
make all needful provisions in regard to the
national debt would be q national policy
that would commend itself TO General Grant
Here, then, we may look for the dividing lines
OF our national parties in 1868, aud for
party commanding the great Northwest and
the South, and dividing the Central States and
even the Northeast against the party Of high
taxes, high tariffs, protection, bank monopolies
and heavy expenditures.
With free labor, Northern emigration and
enterprise, and with ample water power In the
midst OF their cotton fields and iron mines, the
Southern States will need no high tariffs to
develop a great manufacturing system. In
view OF their PROSTATE condition, however,
they viii need light taxes and gradual liqui-
daton Of the national debt in order TO get
firmly upon their feet again in the production
Of hull crops Of their great staples. Let the
southern States, therefore, hurry up the work
OF reconstruction, and they may, even In 1868,
WELD the balance Of power in the Presidential
| election.