The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-12-19

mont Of tho outstanding bonds would not
compensate for the burden OF taxation neces-
"a aais 20 ootsn It. He recommends reduction ion
Time Is approaching when the power OF the govern
nent 70 redeem It's bonds might be exerc sed SO as
10 procure reduction OF che rate OF interest TO four
ana half per cent 1t won be unfair TO expect
simple soldier TO have mastered the deepest reason.
ing OF economic science but 1t would seem obvious
TO any one acquainted with the management OF
aHairs that as long as the SIX per cent bonds are
., par 10 the market It Is impossible
TO erect reduction In the rate or interest
they bear. The contrary opinion, often enough
expressed In American Journals, IS countenanced
by General Grants language; nut, as no practical
consequence can follow from the error, IL may be
allowed 10 refute ITSELF The views OF the President
on the reduction OF tho currency and the restoration
OF specie payments, so far they Gamble gathered
nom has ambiguous language equally er1'0-
neous. The Geographic summary represents him
or insuring o return TO specie payments would be
found IN authorizing the Treasury ~ redeem It's
10 withhold from circulation all currency received
until sold again for gold" This would appear to
imply proposal 10 fix, once Tor all the relative
price or gold and paper but rs the rredeemable pro-
misses OF the federation circulate under the double
guarantee, frst that they shall always be received
al the Treasury al their nominal value In discharge
OF all debts other than customs duties. and
ondly that at some future lndeterminate time the
nation VIII redeem IT'S promlses-that TO say.
withdraw the circulating paper as received-the
action apparently recommended by the President
must be condemned as violating both. We
Congress from the beginning OF the war has been
marked by reasoning on the financial condition Of
the Union and proposals for Its amendment equally
irreconciable with justice and good policy but
these tneoretical errors have never led 70 any
practical mischief. The intervention OF higher
power Than President or Congress-the Supreme
Court-in It's impending decision on the limits OF
the constltutonality OF greenbacKs may not impro-
BABY 30 more than anything else TO enlighten the
citizens or the Union on the proper mode of dealing
with this abnormal and Disturbing element IN their
commercial transactions. The special message
which General Grant promises TO send Congress on
the restoration OF commercial prosperity may be
followed by modt6ca, ions OF the tariff discussions
on which II Will certainly provoke; but the expe-
rience OF the last session SHOWS tue difficulty OF
carrying any change IN either direction OF It's inport
duties through tue present Legislature
The President refers at some length 10 the circum
stances OF the negotiation and the failure or the
Alabama convention, as II was called signed by
Mr.. Reverdy Johnson; but 1t Is unfortunate that
his paragraphs on the subject should be separated
no 'he pat vi ms ihessase referring 70 spalu anu
CUBA by discussion ON the surveys, charters ana
concessions leading up to the formation OF the
Darien Canal. The President expresses The natural
sympathy OF the people and government of the
United states win the struggling Cubans, but adds
that "the contest in Cuba has never assumed
condition which amounts 10 a war sense OF in
ternauonal law which would show an existence
OF d9 juc0 political organization OF the insurgents
sufficient to JUSTLY recognition OF belllgerency.
rhe principle is maiutained.n however the
mary goes on to add, that This nation " It's own
Judge when to accord the right OF beigerency either
10 people struggling to free themselves from gov
ernmenC they believe 10 be oppressive or to nations
at war with each other.'' Mhen we associate these
sHuItHCps Win language IeleIrng 10 nlIItI-
ences with ourselves we are lost VITA astonshment
at the inconsistency uncOnsciously manifested The
President approves the rejection OF the Convention
OF last year because It's provisions were wholly
inadequate 10 settlement OF the grave wrongs that
had been sustained by the government as wen as by
us citi2ens,r and he describes these Injuries as
Guiding the dimiuuon OF foreign trade the transfer
OF the commercial marine under other 1ags the pro-
ongation and increased cost OF the war; In another
paragraph General Grant condemns the Convention
as insufficient because 1t con aimed nothing to
remove the sense OF the unfrienduess of the
sspuaT rnaf rrfai had anndsf mot
TO understand how the President failed 70 see that
the chief accusations thus repeated Dv him depend
the original act OF acknowledging the status OF
beligerency OF the Southern states, aud that this act
is OF the proprlety OF which the nation commit
ting 1t must, IN his own language, be .lts own
Jnoge.' II 10 impossible TO Insist upon the right Of
the government OF the United States to decide for
Itself when accord the condition OF belligerency TO
CubaDs and to deny TO the United Kingdom the right
to decide when TO accord the same condition TO the
states In secession. The President has himse elf felt
as his message shows, the Inconvenience OF with.
holding the ackno wledslny OF The oegerency OF The
Cuoans, though his administration have undoubtedly
rightly decided that no political organization OF the
insurgents existed de dc.o sufficient 10 warrant the
acknowledgment. He stopped the departure OF the
guno0ats in process OF construction Tor SPAN upon
roundabout allegation that being fitted out against
Cuba, they might reeve war vessels now Oh DUTY
there, and leave them at liberty to operate against
Peru, aud subsequently, not feeling authorized TO
detain the property OF nation WIN which the
states were at peace. he RENTED the matter the
decision OF the courts The EXPERIENCE thus learned
might we could have hoped have led President
Grant and his Cabinet to regard our own conduct
IRON a different point OF view rom that which
they were before accustomed; and we cannot but
regret that the language OF the President shows hat
IDEAS are stil prevalent IN Washington which are
absolutely inconsistent with the prospect OF
early settlement or the question. Every one in
England Will reciprocate the language OF General
Grant, that 1.-THE time may arrive when the gov
erninents snail approach solution OF this moment
Gus question with an appreciation OF what Is due TO
tie rights dignity and honor or each country, ana
win determination not only to remove ali causes
OF complaint Tor the past, but to lay the foundation
OF broad principles OF public law, which would pre-
vent future differences and convert into firm,
tinuous peace ana friendship this the only grave
question which now the United states have with any
foreign Datlon.n But It cannot be concealed that
the acceeration OF this desirable period Is imposs
ole ualess each nation attempts TO understand some
thing of the views aud position OF the other.
From the London Post Dec. IL
Tne Presidents statement In regard to
Cuban affairs Will he awaited with anxiety by the
Insurgents ana those who sympathize with them
They nave been put OF from time time with
vague and unofficial assurances or sym pathy and
with statements to the effect that 70 Congress alone
belonged the power OF arordlng them any aid
We may expect that at the very opening of the
session resolutions viii be introduced directing the
Executive TO recognize the belugerent rights or the
insurgents II not 10 directly intervene their
behalf. But IL is by NO means certain that either