The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1868-01-28

In times like these, when old theories and pol
icles OF government are unsettled, and a new
system of things Is to be inaugurated, many men
are apt to think that they know all about 1t, and
that their views meet the questions in issue, and
that their theories, II adopted, will be the pre-
else desfdcrdtum which the public exigcncies de.
mand.
The time has come when this Government
must adjust its financial policy upon a basis
which will commend itself to the considerate
judgment OF our wisest fnanciers and states.
men. In speaking of inanciers we do not mean
to be understood as referring 10 Ptock-j obbcrs,
and spectators in Governmcnl securities; be-
cause, as a general thing, thNse men work for
themselves, and are only solicI. IS to inaugurste
that policy which furnishes u" best facilities
for them to make money. There are men, how
ever, who have made finances study, and who
have no sinister ends to be promoted BY the
adoption OF fnvoritc theories, unless their adop-
tion shall work advantageously for he Govern.
ment and TO the best interests OF Ia, people. The
highest wisdom Of our patriotic statesmen and
fnanciers Is needed now. What would answer
before the war, and the temporary expedients
resorted to while the war was progressing, will
not answer for the present, and especially arc
these old systems unsuitol to the future.
We have a large deb, and added to this, vast
sums are absolutely demanded to carry on the
Government satisfactorily and safely each fiscal
year. 1t Is not, how shall we get through this
year, but how shall we get through a series OF
yearsl We have vast resources, but we must
take care that they are not squandered. Prudence
and economy are as requisite as though the
bowels Of our broad land were not filled with
the precious and useful minerals, and the sur.
face soils were not rich and capable of producing
spontaneously and almost withou. cultivation.
Everybody may have his say, and everybody
may PROFOUND his theory, but many OF these
people must be disappointed; for, as we advance
In developing system, each step must be care
fully taken, and our settled financial policy must
be wrought out By the wisest builders In the ma
tion.
Senator Henderson has a financial plan which
has already been foreshadowed, and 1t is under
stood that he will soon introduce bill for tn,
relief of our national finances which has the ap
probation OF some of our best thinkers upon tn,
subject of finance. We doubt not 1t will be op
posed BY others who have plans OF their own. l
is thought by many, however, that Senator Hen
derson's views will meet with more genera
favor than any which have yet been proposed
His plan is briefly and substantially as follows
1.-THE Government to issue a long bond, paya
Bile at the expiration of nifty years, at four pc
cent interest, the principal and interest to b.
payable In gold, and the bonds to be exempt from
taxation. In order to meet any in ustice to pres
ent bondholders, he proposes TO provide for thu
payment of the difference between the four AM
six per cent for the remaining few months tina
may intcrvcr" Between the date on which tn
act goes into Effect and the time at which tn
Government reserved the right to redeem tn
bonds-yiz., at the end of Ave years-thc interes
TO be made payable at Frankfort and London 70
foreign purchasers. Then Mr.. Henderson pre-
poses to repeal the act limiting the nations
banks to three hundred millions of circulatio
and to make banking entirely free but TO secur