New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-03-05

bonds: and our heavy exports OF com during
past years have been ore of the forces operating
10 the injury of our financial condition. The
street, understands this very well, as 1t has
shown a hundred times over. Aud not to crit-
icise here the exhibit used by operators yes
terday. it remains fact that our commercial
exchanges are in better state ut tbs TINE thah
they have been at any time since the years
before the war. In the single item OF cotton,
we have an advantage in our exports greater
than we ever had before aud it must tell
more largely in our favor hereafter than 1t
does even at the present time.
The things, however, for which the Admins
tratiou deserves the highest credit ~ connec-
tion with the improvement in OUT financial!
condition are such rs relate to the carrying
out of Grants policy OF honesty and retrcnch-
mcnt. When, by his election, the country ana
the world received assurance that the imam
cia honor of the Government would be nam
tained-whcn the policy OF reputation was
spurned by the people, and Congress gave us
pledge to support the public credit 10y paying
the principal and interest of the debt III goa
the first great steps toward financial re-
demption were taken. VI hen Grant an
nonnced his brief and simple policy Tor
rcmcdying the confusion Of our financial state
when be began to carry ont practically the
programme he had annOunccd-lt was evident
that we were about to take 4 long stride
toward the settlement of our uou-
blcs Bat a years experience OF t'i's
y olicy has gone far beyond public expectation
ITO say that the debt has been decreased during
the year of his administration bundled NIL
ions of dollars is to represent but a small part
of what has actually been achieved. 10 say
that during the first half OF the current nScai
year the revenues we're increased, Oy more
faithful collection, ut the rate Of thirty millions
a year over the previous year, does not ihui-
cate the actual result gained Tor the puoiiC
Treasury. To say that the expenses oil inc
Government have been vastly reduced ana
that the interest has been decreased by the
dimnution of the debt, is only to give hint
of the retrenchment that has been carried ONT
But these things have told with immense ehecV
on our financial condition, and 1t Is TO tic al
mrable policy and action of the AdmnIstla-
ton that we owe the Improvement which Is
now going on to its cOnsummation
A Democratic paper recently took the trouble
TO attempt to show that neither Grant nor his
policy deserved auy credit for the frightening
financial outlook. But Grant and his pOlicy
deserve the very highest credit. Suppose his
policy had been of a different kind from what
it has been. Suppose he had collected the rev.
enues in the negligent manner OF which we had
so much previous cXpcrience-supposet the debt
had been increased as 1t was in the latter part
of JohnsOn's uistratiOn-suppOSe the waste
FIJI expenditures OF JohnsOns time had been
continued-suppOse we were experimenting
with the greenbacl theory and the reputation
fraud-dOes anybody suppose that our bonds
would now be at or near par, or that gold
would be quoted at its present price. or that
our credit would stand where it does abroad !!
To ask the question is to answer it, and 20 show
the absurdity of the reasoning OF the Demo-
cratic organ.
1t is not by the display Of any immense ge-
MUS or of any gigantic and mysterious
plan that these great results have been
wrought. 1t is by the carrying out OF a few
simple principles, the principles OF honesty
and economy, which President Grant announced
one year ago. There can be no more bench
cent natural genius than Is found IN the
power to perceive and enforce these principles.
And having aided in the election of Grant, it
gives us pride and joy to be able, at the close
of the first year of his administration, to point
the country to the results that have already
been achieved-tO speak Of the growth OF the
national welfare, as shown in the financial I'M
provement no less than in the conSummatiOn
of the peaceful policy Of reconstruction.