The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-10-28
From ps Netg York Times.
The Democratic Method ofImproyInr
fhn RnhIn. n,....a..

From Gte Wet0 York Times.
The Democratic Method ofImproYInE
the Public Credit.
Mr.. Seymour strives very hard to di.
vert attention from the revolutionary
policy of his party on the reconstruc.
ton question. He evidently sees what
many Of his friends pretend not to see
that disclaimers and ex planations are
of little moment as against the declara-
ton OF the platform. The utmogt he
can do on this subject, therefore,, Is to
emphasize the excellence of his own
intensions and the heIplessness of
President who respects the law so long
as both branches of Congress are OPP
posed to him and his plans.
The financial question is that on
which the gentlemen now stamping
the country prefers to eXpatiate. He Is
very solicitous for the restoration of
prosperity. Heis particularly anxious
to restore public confidence, and so to
strengthen the credit of the Govern.
ment. sit Is want of credit and trust
In the management of our public af-
fairs" he said at Chicago, on Satur-
day, (which alone sinks the Govern
ment bonds in the market of the world.
With good credit, - he added, 1--WE could
float a much larger currency than we
now have.n Aud, then, despite the
bursting of the PendIeton bubble, Mr..
Seymour went on delicately to sug-
gest the desirableness of little gentle
initiation. E-
Now, the financial measures of the
Republican party have been many de-
grees removed from perfection. For
some ofthe things with whichsthe party
has been charged, Mr.. McCulloch, who
is one of Mr.. Seymour's supporters, is
almost wholly responsible. The inju-
rious operation of contraction was
mainly the result of his action, and
more recent errors of the Treasury
management are attributable to the
wide discretionary authority with
which the Secretary is invested. The
party is no more responsible for Mr..
McCulloch than for Mr.. johnson, and
allits plans in the last two years have
suffered from an administration never
in active sympathy with, and some
times in actual hostility to, the party
aims and measures.
And yet, Notwithstanding all Difficult
ties, the Republican party has good
reason to be proud of its financial re-
cord. 1t found the Treasury emptled,
and the public credit destroyed by
Democratic trecahery and mismRnage-
ment. Required suddenly to meet vast
expenditures, 1t succeeded in restoring
the public credit, and providing for
the emergencies of a protracted war.
1t succeeded not only in Carrying on the
Government, but IN largely diminish
ing the war debt. A reduction of
round eight hundred millions on ac-
count oi.the debt, and reduction OF
taxation to the extent of Sl6T, 100000
annually are among the evidences both
OF its saRacity and success. For the
debt itself, and for the taxation incl
dent to the war, the Democracy may be
properly held responsible. For the
reduction of the debt, and the retrench-
ment whish has made lessened taxation
possible, the Republicans may claim
exclusive credit.
In regard to these measures of relief,
the men who now support Seymour
did whatever could be done. to .thwart
their enactment. The blighted credit
which Mr.. Lincoln's Administration
was compelled to encounter was the
work of its Democratic predecessor. The
plans of the Government during the
war, as we'll in relation to bonds as
to currency and taxation, were perpet-
ually impeded by Democratic opposi-
ton. Measures without which the
Government must have succumbed to
the rebellion were 1t enacted in spite
of Democratic speeches and votes. The
losses endured In this respect are trace
able directly to Mr.. Seymour.s friends.
They assailed the public credit, never
lost an opportunity of depreclating the
Government currency, and by pre-
dieting disaster and producing embar-
rassment added greatly to. the financial
difficulties of the period. That the Gov
eminent was enabled to conduct the
struggle to its termination without pre-
eipitating financial conYulsion, is a
circumstance for. which we may thank
the Republicans alone. Democratic
sympathy with the rebellion never was
more mischievous, because never more
potent, than when assailing the credit
of the Government; thus increasing
the costliness ofits loans, enhancing
the gold premium, and shaking the
foundations of public and commercial
confidence.
The same Lraitorous purpose Is man
ifest in the financial parts of the plat
form on which MIR. Seymour stands.
The Republican policy, which he reck-
lpssly assHils, is essentially conserva-
the payment of the bonds In the cur
rency of the world, it suggests relief to
the country by economy and retrench-
ment, and by the negotiation of loans
at lower rate of interest. as the es-
sentIal preliminary to this, 1t urges the
Improvement of the public creoit, with
an energy and sincerity to which a
steady reduction of the premium on
gold bears conclusive testimony. On
| the other hand, the party championed
| by Mr.. Seymour makes a direct attack
upon the national credit by repudiating
| part Eu6 Ah6
iment, by advocating the taxation of
bonds in defiance of the contract con-
fferring on them exemptions and by
fayoring further imitation OF the cur
rency. The mere mention OF this pol :
icy alarmed the foreign bondholders,
and forced up the gold premium; and
| IL the alarm in the one instance has
! subsidized, and the premiumin the other
has fallen, 1t is because the country ac-
cents the triumph of the Republicans
| as q foregone conclusion.
| when, therefore, Mr.. Seymour pre-
tends that the elevation of his party 10
I-poWer would improve the public cred
lie, he outrages the common sense OF
his hearers. No man knows better
that the greenbsck doctrine adopted by
/ the New York Contention points un-
erringly to panic and bankruptcy.
None sees more clearly-fors none has
urged more frequently the danger OF
i tampering with the rights of the bond
| holders or depfeciating the value of the
EcuFrency. Phe e1igencies ofthel cam
lpaign entail upon him q degrading
surrender of his convictions, and q dis
honorable trucking TO the demands Of
lrepudiat0rH. We might contrast Sey-
bmonr before the Convention with Sey-
monr at Chicago, and show out of his
own mouth that the policy to which an