The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-03-19

age of bronze and their golden age and we,
under the most wonderful notifications and
additions, to be sure, have been and are going
through the same experience. Our golden age
was ushered in with the acquisition of Califor-
MIA our iron age with the great railroad enter
prises with which the different sections and
States of the Union have been bound together
in bonds of iron; but the age which is now
upon us is conglomerate Of gold, brass, iron,
paper and speculation and stookjobbing, finan-
cial and political The financial speculations
of these times extend from corner lots in
Spuyten Duyvil to the great Erie Rail-
road litigation, and the millions of stocks in
volved therein, with all their fluctuations from
day to day-from the variations in gold and
government securities and foreign exchanges to
the latest bogus petroleum comprehension
Hve-twenties and ten-forties, and State stocks
and Southern cotton plantations, to the newest
Wall street bubbles, great and small. The
great overshadowing movement In all these
purely financial speculations, however, Is for
something tangible and substantial in exchange
for paper equivalents, which, though good to-
day for anything, may be good for nothing
tomorrow.
But great, multitudinous and comprehen-
sive as are the purely financial speculations
and stock gambling operations which rule the
hour in Wall street, they sink into utter insig-
nifcance compared with the stupendous politi-
cal speculations and stockjobbing movements
of the day. First, there is the impeachment
of Andrew johnson. This Is political specu-
lation, involving the possession and distribu-
ton of all the Offices, spoils and plumber of the
federal government, on peace establishment
of six hundred millions Of annual taxations,
several hundred millions of whiskey, tobacco
and other spoliations, and national bank per-
quisites and pickings. Under Andrew John
son as President all these enormous resources
of patronage and corruption are, to great ex-
tent, neutralized between him and Congress-
but with ''Old Ben Wade" in Johnsons place
all these smovables" will be added to the
radical electioneering stock in trade for the
impeachment of Andrew johnson, therefore,
from the Offices and emoluments, jobs and con-
tracts, spoils and plumber involved, though they
are all delusion and q snare, Is without
precedent in its magnitude as a political
speculation, looking only at the things we have
enumerated. But it becomes intellectually
larger, and defes all conjectures as political
adventure, when the political reconstruction
and restoration and the political balance of
power to be secured from the ten outside
Southern States are taken into the general esti-
mate. Here is the main question and the main
pressure upon this radical Senate for the re-
moval Of Andrew johnson. We may truly say,
then, that upon this impeachment there are
issues and consequences to the dominant party
depending greater In their magnitude than
those against which Charles the First of Eng
land or Louis the Sixteenth Of France so vainly
struggled.
But stupendous In its length and breadth and
height and depth as is this political party enter.
prise Of Johnson's impeachment. it is eclipsed
by the overshadowing political stockjobbing
Presidential movement Of the great Western
democracy under the banner Of Pendleton.
What is this Pendleton movement, then, when
such are Its imposing Dimensions that it dwarfs
the impeachment Of Johnson It is simply q
movement to wipe out from the books Of the
Treasury our twenty-five hundred millions OF
national debt, with all its appendages of the
internal revenue tax laws. Nor Is II confined
to the democracy in the West; for the republi-
can party In that quarter are on the same tack.
The government bonds are mainly held in the
East, and the men Of the West Of both parties
say, we will pay you on in greenbacks. As to
the redemption Of the greenbacks, Jesse D.
Bright, who has become shining iuminary Of
the Kentucky democracy, frankly says:-"We
propose to settle your little bills In paper, and
let the paper take care Of itself" From Wheel
ing to Omaha the democracy have run up the
banner Of Pendleton, and the legend which Il
bears is, 'Greenbacks for the bondholders and
an issue Of twenty-five hundred millions to
pay them OF, beginning with an instalment Of
five hundred Millions" The republicans also
soy "Greenbacks; but let us pay them only
when the bonds call for the money" They beg
the question which they dare not boldly meet.
But does any one suppose that this load Of
national debt, with its burden Of taxations, will
be borne for ten years3 No. The ways and
means for complete liquidation In the interval
must be provided by the party in power or II
will be displaced BY the opposition, and IL not
In the elections for the Forty first Congress ii
will be done for the Forty
The head centres Of the Eastern democracy
are resolved to head of Pendleton with bis pro-
gramme. They, too, ask for delay; but the
issue between Belmont and Pendleton Is so
sharply drawn that the result may be even this
year the breaking ground for Western party,
which viii soon absorb both parties In the
West against the East Thus upon the great
money question and all its soriea-ban nh.