The New York herald., 1868-03-08
The Financial Question In Congress an
Before the People.

Before the People.
While Congress has been tinkering with al
sorts of theories and crude schemes for regu
lating the national finances, the people hav
begun to move in very significant name
with reference to this subject. A gigantic
bondholding and national bank oligarchy, will
its ramifications deep in Congress, has beer
actively at work to increase its own wealth
and power and to fasten upon the country
stupendous debt. 1t has initiated funding
schemes and schemes to force specie payments
so as to increase the wealth of the bondhold-
ers thirty to forty per cent and to increase the
burdens of the people to the same extent. All
the serious efforts of Congress to legislate on
the subject of the national finances thus far
have been in the interest of this oligarchy and
under its influences. The joint resolution to
stop contraction of the currency was forced
upon Congress by an irresistible popular senti-
ment and the imperative necessities of the
| Treasury and the country but there has been
no comprehensive measure introduced with
any chance of being adopted for lessening the
burden of the debt or for its liquidation within
reasonable time.
Numerous propositions have been made, and
some of them very good by members of both
parties for placing the finances and currency
on proper foundation; but this has been
merely guerilla skirmishing There is no
accord, no general view and no plan of action
in Congress. The question of the national
finances is not party one, and it is not likely
that it can be made so at present. The repub-
licans are as much divided as the democrats
on it, and each party is afraid to touch it. The
consequence is that we shall drift along with
out any settled system or relief till the people
rise in their might and demand a plan of
finance suited to the condition and institutions
of the country. The conduct of our Congress
war closed, now nearly three years, has been
like that of the Pharisees whom the Saviour
denounced, in laying heavy burdens upon the
people, grievous to be borne, but which they
themselves would not move with one Of their
fingers.
But the people have begun to move, as we
have said, in very significant manner. They
feel the enormous burden of taxation three
years after the war closed more than they did
at first, and see no prospect of relief-six to
seven hundred millions year drawn from their
industry in time of peace, when half that
amount should be more than enough, with an
overwhelming debt staring them in the face
and threatening to be as perpetual and oppres-
sive as the national debt Of England. They
see no promise of relief for the present and no
hope in the future. The bondholding and
national bank oligarchy, aided by Congress,
seems determined to have, Shylock-like, the
pound of fesh-the blood and sweat and toll
of the American people for all time to come.
But will they get it. At almost every political
convention or great public meeting which has
been held in the Western States, of both the
republican and democratic parties, the pay
ment of the bulk of the debt in legal tenders
has been boldly proclaimed as the proper policy
| Both parties are committed to this policy, and
there is no doubt that the people Of thai
section everywhere approve of it. 1t will bt
the same in the South as soon as the Southern
States are restored to their political rights II
the Union for the interests Of the people there
will be. like those Of the West, opposed tc
the exacting aims Of the bondholding oil
garchy and the perpetuation Of an enormous
debt
But the Central States are moving II
the same direction also. We have noticed
lately several indications of this, but th,
latest and most remarkable indication
is in the action of the Pennsylvania Demo
cratic State Convention on Wednesday last
That Convention asserts in its platform tina
the 6ve-twenty bonds and the legal tender
notes are component parts Of the same finance
system, and until the government Is able Il
redeem the legal tenders in coin the holders
of those bonds should be required to receive
legal tenders in payment" And, again, "tha
the national debt should be paid as rapidly al
Is consistent with the terms of the laws upor
which the several loans are based" The fact
Is, there are but few Of the people-of the
mass Of voters-outside Of the bondholderl
and great capitalists OF the North, who do no
cordially endorse the sentiment of this
Pennsylvania platform and the platform Of
both parties In the Western States. Nothins
Is more certain than that the industrious
masses of this country will not bear al
enormous and continued weight Of taxation
for the benefit Of moneyed oligarchy. Tha
fearful word, reputation, has not beer
uttered yet but II the bondholders push thei
exscting claims for specie payment and d.
not show liberality in bearing a portion o
the burdens Of the nation 1t may not be lon,