The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-05
Now for q Revival Of Business.

mind Is at rest. All feel aSSurou yoo, WV
the defeated as well a. the successful party
~ r~nAral Grant will be conservative and
that we shall have poao0. THO roaicals, having
secured the election. will be less disposed to
extreme measures. They viii see, too, that
the democratic party is still strong, and that
they have succeeded, through the popularity
of General Grant and the blunders of their OPP
ponents, and not because the party itself was
popular. Besides, they will not be SO powerful
for mischief even if they should be SO dis
posed, as their great majority in Congress is
cut down considerably. In every point of
view, then, there is reason to expect public
tranquility and the end of our political and sec
tional troubles.
This happy state of things will be felt in all
the business and Industrial interests of the
country. We may confidently look now for
breadth Of hisg thrQaSho%t the length .hs
city, which is the centre oftrade. The Ameri-
can mind is intensely active, and when freed
from political excitement will find occupation
in business enterprise and industry. The South
will increase its energies in planting, so as to
restore its material prosperity and to become
independent in everything required to sustain
life; the agriculture Of the West will be stimu-
lated; the manufactures Of the East and North
will take fresh start; mining and railroad
enterprises will be promoted, and our mercan-
tile and shipping interests will feel the general
impulse of peace and prosperity. The trade
of New York and the rush Of people here will
be far greater, probably, within the
next six months than has ever been
known before. The world has been as
tonished at the recuperative power of
the United States after going through the
most terrible and exhaustive war ever wit
messed. 1t is surprising even to ourselves.
Look, for example, at the South, utterly
desolated and impoverished, its implements
and appliances of industry destroyed or worn
| yet it raised last year q crop Of cotton worth
over two hundred millions of dollars, besides
| fine crops of sugar, tobacco, rice and enough OF
other produce to live upon. But we shall see
now still greater development Of our won
derful and varied resources throughout the
whole republic. The truth is, there is no
limit to the growth, wealth and industry of the
country.
Still much depends upon the action of the
| government hereafter. We shall have, as we
said, fresh and good start with the settle
ment Of the political excitement and election
of General Grant to the Presidency but the
prosperity of the country may be retarded by
| unwise legislation or bad administration or
advanced by wise measures. The new Presi-
dent and Congress should turn their attention
to the financial situation Of the country and to
| relieving the people of the present enormous
weight of taxation. Taxes to the amount of
four hundred millions year in time Of peace
cannot and will not be borne. Such taxation
| Is monstrous. From two hundred to two hun
dred and fifty millions year would be ample.
| The current expenses Of the government, in-
dependent of the interest on the debt, ought not
i to be over seventy five to hundred millions,
including pensions and everything else. The
| expenditures of the government must be
brought down hundred and fifty to two
hundred millions. Then the whole revenue
lightly upon industry and the industrial
| classes. Revenue should be raised from q
few articles Of luxury only and from the
wealth Of the country. There should be a
uniform Gd ualorem tariff At present the
system Of raising revenue, both by internal
taxation and duties, is cumbrous, COM
plicated, very costly and oppressive. 1t
might be simplifed so as to cost not q
third Of what IL now costs. The army Of
hungry and thieving oficeholders in the
Internal Revenue Department and Custom
Houses might be reduced to one-fourth the
number and more vigiant eye kept upon
those that would remain. The national banks,
which are devouring nearly all the profits Of
industry, should be abolished or be reorganized
so as to make them give up the twenty millions
year which they now draw from the govern
ment and public through their circulation.
The bondholders should be made to bear a
proper share Of the public burdens. The ma
| tional debt should be consolidated and the in
terest reduced and it should be either utilized
or put under q process of liquidation. The
American people will not be burdened with q
perpetual debt. 1t would be contrary to their
views and habits and to the spirit of our insti-
tutions Then, with regard to the currency,
any attempt to contract that, as the resump-
ton theorists advocate, would create general
bankruptcy and paralyzc the business of the
country. We should suffer more than the
British did when the government, yielding to
the clamors of the bondholders and capitalists,
attempted to force specie payments after the
wars with Napoleon, because in this vast coun-
try and with It's widespread interests there is
greater necessity for an ample circulating
medium. Contraction Of the currency would
only be of benefit to the bondholders, national