The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-12-15
SPIRIT OF THE PRESS.
EDITORIAL OPINIONS OF THE LEADING JOURNALS
UPON CURRENT ToP1Cs-CoMPILED EVERY
DAY FOB THK EVENING TELEGRAPH.
The Democratic Party and the National
upht.
R.ofn the ~. y. 7Ymes.

rate OF interest, and the Iact JnaI Ine OHeT5 lar
exceeded the amount required, furnish text
for Democratic disquisitions on the cost in
Cured by our Government for similar accom-
modations. If a despotic government in Eu-
rope, which may any day be shaken by
revolutionary outbreak, may obtain all the
money it needs on the most favorable terms,
why may not the United States Government
do the same This is the form into which the
question is thrown, and the answer is inva-
riably adverse to the credit and interests OF
this country.
Now, it is this system of warfare which is,
in no small degree, the cause of the difficulties
that impede the reduction in the interest on
our national securities. There is no valid
reason why, within q comparatively brief
period after the resumption OF specie pay
ments our Government may not expect to
negotiate q five per cent. loan, to take the
place of the six per cent. bonds at present in
the market. The resources of the country,
its marvellous growth, and the greatness of
its future are all in its favor. No national
debt in the world rests upon foundation so
solid as ours, estimating it simply in relation
to the paying capacity of the Republic as
compared with that of any Old World mon
archy. On the other hand, no government
in Europe is exposed to the systematic de-
traction and enmity which meet ours at every
turn.
The French Government, for example, has
its opponents, able and energetic. Its fnan-
cial management is the theme of searching
criticism. Its enormous expenditures are
apalyzed continually, and in spirit untavor-
able to the judgment of its functionaries.
There, however, the opposition rests. While
assailing the Government, it sacredly respects
the public credit. Reputation is neither ad
vocated nor predicted. The Government
faith is not assailed nor is doubt cast upon
the value of its securities. The opponents of
Napoleon do not try to make partisan capital
at the expense OF the honor and welfare of the
nation.
Our opposition pursues widely different
course. During the war the Democrats did
all that was possible to impair confidence in
the credit of the Government, and they have
steadfastly adhered to the same policy since.
They contributed more than all else to the
embarrassments which beset the Government.
They assailed its currency and its bonds.
They impugned the constitutionality of action
from which the national credit could not be
separated. The depreciation of greenbacks,
and the consequent dearness of the loans,
were in good part the result of the Democratic
opposition, conducted as it was in the interest
of the Rebellion, and in hostility to the fnan-
cial measures which its eXigencies necessi-
tated. Nor have these tactics been changed.
They appeared in the Presidential election,
when the party openly identified itself with
reputation. Politicians who contributed to
our financial difficulties have, therefore, no
right to complain of high rate of interest or
of other burdens borne by the Government.
They eXerted themselves to render more favo-
rable loans impossible, as they now exert them
selves to prevent the Substitution of easier
terms.
Mr.. McCulloch's attempt to discredit the
greenbacSs at the very time when the consti-
tutionality of their issue engages the attention
of the Supreme Court, and Mr.. Johnson's
appeal to the fears of the bondholders as
set-off to the policy marked out for the Repub-
lican party by the recent election, are circum-
stances which have no Ineligible meaning
except as moves in the Democratic game.
The country has declared that the contract en-
tered into with its creditors shall be fulfilled
according to its spirit, and has assigned to
Congress the duty of perfecting measures
which depend for their efficacy upon the
creditors themselves. To accomplish this pur-
pose it is essential that the last lingering sus.
piciCns be dispeled, and that the credit of the
Government be established at home and
abroad. The Democrats, however, desire to
illustrate this policy, if possible, and the Pres-
dent and his Secretary of the Treasury, each
in his way, come forward to help them.
And the Democratic journals indorse their
efforts, not indeed, without some qualifca-
tions, and perhaps some exceptions, but
generally in a manner that indicates how well
the thing is understood. While sometimes
depreoatipg Mr.. McCulloch's attack upon the
greenbacks, they are agreed that his opinions
are correct; and while confessing that the
Presidents proposition amounts to "repudia-
tion, pure and simple" they uniformly sug-
gest that it is no worse than the Republican
policy of funding The obvious falsity of the
latter assertion renders it harmless, but the
spirit that prompts it is evidence of the close
relationship that still exists between the
organs of Democratic opinion and the scheme
of robbery of which Mr.. Johnson is the latest
disciple.
We suggest, then, that the Democrats with
hold their crocodile tears when the heavy ex-
penditure on account of interest is mentioned,
and that before complaining OF Republican
management of the debt, they abandon the
intrigues with which they now assail the ma
tion's credit.