The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-09-09
Our National Finances-The Next Great Issue
Looming In.

Ut business, are governed by their interests
True, they are sometimes mistaken and BAN
boozed by politicians for time, but in The
end they rarely fail to see what tends to their
interest, and act accordingly. Hence, we may
be sure that it will not be long before our
national finances must become the great aues-
ton which will occupy politicians and states
men, and on which parties will be divided and
recognized. The political troubles of the
time, growing out of the war, involving chiefly
the question of reconstruction and restoration
of the Southern States, with the collateral
issues between the Executive, Congress and
the Judiciary, must soon come to an end
unless, indeed. the radical Chase politicians,
with the high tariff men, the bondholders and
the national banks, should be able to keep the
country in state of disorganization for their
own purposes. The people are becoming very
impatient under the state of things existing at
present, and, we believe will demand cessa-
ton of agitation and a return to harmony
They are positively disguised and worn out
with the war Of factions over the late rebel
States and the negroes, which they see has no
other object than the power and spoils OF
Office. The people OF California have led off in
their election against this wearisome and dam
gerous agitation, and there is reason to believe
the other States in the fall elections will
follow. The politicians will be checked in
their ruinous course by the all powerful voice
of the people. Then will come up in all its
bearings the subject of our national finances,
including the revenue system, taxation, the
management and payment of the debt, the
currency and the national banks.
We see already this important subject loom
ing up, and prominent public men in different
sections of the country are taking their ground
for the contest, irrespective of old party issues
or affiliations. We noticed a short time since
the address Of one of the ablest men of the
democratic party in the West Mr.. Pendleton,
on the question. This gentleman showed in an
able manner the ruinous policy OF the onto
specie-payment theorists, of the national bank
monopolists and the grasping bondtoldsrs.
He expressed, undoubtedly, the views. not
only of the mass of his own party,
but the mass of all parties in the West,
for the Chicago Tribune and other leading
radical organs express similar views. few
days ago the opinions of bold New England
radical leader, General Butler, were circulated
through the press. Few men are shrewder
Than he, and though he did not prove to be
much of war horse at Fort Fisher he can
scent the political battle afar off. Here ale
two prominent men, of different sections of the
country and belonging to opposite parties,
agreeing in. the main upon financial matters.
Both are opposed to a contraction OF currency
and to The monstrous national bank monopoly;
both denounce the shameful donation of twenty
to thirty millions year in the profits on national
crculation-protits which rightly belong to
the people and government and which ought
to go into the Treasury both are in favor OF
making the national debt uniform in character,
of reducing the interest, and of paying it off az
speedily as possible in currency-the same
money which the gov ~nlent received when
contracting it; and sney agree that we should
have uniform legal tender circulation, and
that government securities should be taxed as
other property is. There are many other promi-
nent men, particularly in the West, who
hold similar opinions. This was seen in the
debates Of Congress during the last two or three
sessions. Even the veteran Pennsylvania
statesman Thad Stevens stood firmly against
the contraction theorists. Never in the history
ofany country, perhaps, did the public men and
the people make so much progress in getting
right views on an important matter as they
have in this country on the subject of our
national finances. Two or three years ago it
was little understood. Congressman and the
people were led by the Chase and McCulloch
school Of financial quacks but lattery they
have become better instructed. A great
change is going on in public sent-
men,, and il will not be long before this
country will emancipale itself both from the
crude theories of our own financial tyros and
the exploded dogmas of British bullonists.
The Independent press has been the powerful
instrument of educating the people up to this
point. II is hardly necessary TO refer to the
course of the HERALD for several years past,
for our readers will remember how persistently
we have assailcd the contraction theories, the
national bank monopoly and the wretched
financial policy of the government generally.
The views expressed by General Butler, MIR.
Pendleton and others, are in the main the
same which We had previously published over
and over again. Our labor has not been in
vain.
This subject, which now begins to loom up
prominently, must be the absorbing one. Far
seeing statesmen, as We have noticed, are pre-
pairing themselves for the contest. The national
bank monopoly will have to go under; we shall
have to come to a uniform currency, and that
OF government legal tenders the bondholders
will have TO bear part of the burdens of tax
alton as other people do: contraction OF the
currency must be resisted. and an ample cir
culation maintained to promote the active in
Of t,. ..n l..