The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-04-16


first according to the forms of law, and after
wards for ten years, or any other period, by
the fiat of Congress, under the plea of public
necessity and the general good. This may ap-
pear to some an extraordinary and almost in
credible proposition, but we are assured it is
in the programme of the radical leaders as a
probable necessary contingency to preserve
their power. And why should we be sur
prised? Have not such things occurred be-
fore? Would it not be according to the patu-
raj progress Of revolution Have not the
radical leaders declared they are acting out
side of the constitution? OF course our radi-
cal Congress expects to control Grant and to
make him mere tool, but it has to be
seen whether he will obey and leave the power
in the hands of this oligarchy or act the part
ofCromwell or Louis Napoleon. To the people
it may be matter of Indifference which rules !;
for either would be virtually despotism and
the death of the republic, and they may prefer
one tyrant to few hundred tyrants.
The national banks and bountiful issue of
currency are, we understand, looked upon as
programme. These banks were established
primarily for great political object, and
though the father of them, Mr.. Chase, may not
be able to use their influence as he expected,
the radical party will. This enormous
moneyed power is entirely inconsistent with
the spirit and character of our republican in
situations, and is ct auxiliary to the contem-
plated despotism. The national banks not
only take from the people twenty-five millions
year of the public money-of money that
belongs to the people and should be saved for
public use-but there Is not farmer, merchant
or tradesman in the country that is not at
their mercy. They are at the same time a
gigantic swindle and fraud upon the people,
and are most dangerous to public liberty
1t Is this powerful engine which the radi-
calls intend to use with other means
to take away our liberties and to change the
government handed down to us by our fathers.
Efforts are constantly being made in Con-
gress to give these banks greater circu-
enormous profits and power, and probably we
shall soon see this object carried out. The
natural result of all such radical and revolu-
tionary measures will be the reputation of the
national debt. 1t will be impossible to pay it
or to meet the interest. Besides, this may
become popular idea, which the radicals may
use for their own purpose. They would follow,
probably, their prototypes, the Jacobns Of
the French Revolution, and wipe out all out
standing and old obligations, so as to start
again with renewed means and power. This
is the natural way of revolution, and it will be
well for the bondholders to look ahead at what
is coming. In view of these facts and con-
siderations we are evidently on the eve of great
political and financial crisis and we are certainly
not in position to say with Junius that we
have this consolation, that civil liberty will last
our day. In the present age events march
rapidly, and we may have a despotism, either
in the form of a dictator or Congressional
oligarchy, fastened upon us before we realize
the fact