The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-05-28
Our National Fsnauces-What VIII Congress
DO with Themt


DO with Thems
Little has been said in Congress about
financial matters since the impeachment Of the
President began to occupy the attention of
that body. Members had neither the time nor
inclination to consider questions pertaining to
the national finances while this trial has been
pending; and perhaps it is best they had not;
for such important questions require calm
elaboration and statesmanship, and cannot be
properly treated in the heat of political and
party excitement Nor do we expect to see
much accomplished till after the Presidential
election. In less than six weeks we shall be
in midsummer, when members will want to
leave Washington and 60 home to the country.
The nominating national conventions, one of
which will assemble next week, will interrupt
the work of Congress. Then there will be an
exciting political campaign for the Presidential
election and other elections all along through
the summer and fall, and Congressman win
devote their time more to these than to legisla-
ton. There is little prospect, consequently,
of much being done with the national finances
till the session next winter. Indeed, the less
attempted under the circumstances till the cleo
tons are over the better.
Still, the national finances are in deranged
condition, and members are uneasy and restless
under this state Of things. They want to do
something, but know not what to do or how to 90
about it. Every one has his nostrum for curing
the evils we suffer, and the dominant radical
partyis anxious to adopt temporary expedients
at least 80 as to produce an effect upon the
coming elections in its favor. But there is no
concert Of views nor unity of purpose in that
party, or in either party really, upon financial
measures In fact our national legislators
are inexperienced in financial questions of such
magnitude as those which now press upon us.
They are all at sea, without any statesmen
among them Of comprehensive grasp of mind
to guide the ship of State through the breakers.
Nor is it likely that any national party plat
form on financial questions can be made at
present; for we see the widest difference of
opinion among both the radical and democratic
leaders, and among the adherents of each
party in different sections of the country. The
people of the West and East of the same
political party differ as much on these qaes-
tions as the opposite parties do in politics.
What we have to fear most is that the
politicians in Congress may tamper with
financial matters, regardless of the future
welfare of the country, for political effect
and for temporary party purposes. This
they did, as we saw, in the abolition of
internal revenue taxes to the amount of sixty
millions or more year, to favor the manufac-
turers Of New England, just as the elections
were about to take place In New Hampshire
and Connecticut The extravagant sums of
money given away by bounty and pension laws,
from which, however, agents get the lions
share, were for the purpose chiefly of Sc
curing the soldiers votes. And 80 we may say
the expensive military governments in the
South, and that costly lazzaroni establishment
the Freedmen's Bureau, are kept up to secure
negro voters and to give the negroes political
supremacy over the white people. The ma
tional bank institutions, by which the people
and government are feeced out Of forty or
fifty millions of dollars year, were organized
and are maintained with q view of aiding the
dominant party to hold its power. In fact, the
amount Of money squandered and the burdens
imposed upon the Treasury and tax-paying
people for party ends are frightful.
With such record and experience in the |
past, and up even to the present time, what
are we to expect In the future? Will the party
in power, which is becoming more reckless
every day from sense of Its desperate con-
dition, be less extravagant and INSCRIPTIONS
Will 1t not 60 to any lengths or resort to the
most desperate remedies to save itself if posi-
BILE? If an imitation of the currency by hun
dred millions or more would help the radical
party through the elections by creating an
apparent and a temporary prosperity, and thus
making the people believe for the time that
the radicals are the direct cause of such pros
perity, we may expect food of paper cur
rency. twill not be, however, an issue oflegal
tenders, through which some benefit might be |
derived in buying up and cancelling the interest
bearing debt to that amount, but will be, pro-
badly, an increase Of national bank rags, SO as
to gain the support Of that most powerful and
monstrous monopoly, the national bank institu- |
tions. There Is undoubtedly powerful party
in Congress, combined of men of the different
parties, and particularly among the Western
members, in favor Of imitation; and perhaps it
is safe to say that third at least of both |
the Representatives and Senators are interested |
directly or indirectly in the national banks.
These institutions have vast influence-an in |
Huence that is constantly increasing, too, over
Congress. Looking at this matter, then, in all
these points Of view-at the necessities of the |
dominant radical party, at the intense political
struggle coming on in the elections, at the |
selfish individual interests Of many of the men,
bers Of Congress, and at the number of those
who honestly believe in bountiful currency
Il Is not imnrohahle that there will be hard |