The New York herald., 1871-02-07

thougu amusing cAnlDlIlon was mdue w OoD-
gress of message from the President timidly
advocating a protective tariff, in the same
bundle with the annual report from his Trea-
sury Secretary, Cobb, boldly demanding the
policy Of free trade. The Southern oligarchy
had taken possession of the administration,
had reduced the President to mere automa-
ton, and unreslstingly they carried him, with
the government and tho country, into the
| yawning abyss of the most sanguinary and
stupendous civil war in human history. There
was something of q similar Southern con-
| spiracy attempted under the administration
| of stout old Andrew Jackson, but, ''by
the Eternal, . he stamped it out without cere-
mony. Mark the contrast between the honor
and glory which belong to the name OF Jack
son and the ignominious failure and collapse
Of Buchanan. OF these two instructive exam
pies which is to be the guide of President
Grant-the lightship provided for his safety,
| or the "a Sc lantern of the wrecker Turing him
| into the breakers on lee shore?
| Is this an impertinent question: We think
not but that, on the other hand, il is season
able and appropriate, considering the want of
accord between General Grant and his Sscre-
tary Of the Treasury on the financial policy Of
the administration. For example, it is well
understood that the President favors
general reduction Of our taxes and the
absolute repeal Of the odious and
superAuous income tax, while his Sec
retary, in both houses Of Congress,
is working like beaver to prevent any reduc-
ton Of the taxes, and is especially active in
urging the necessity Of the continuance of the
obnox.ou income tax. Ner can his argu-
ments be denied if his Treasury policy is to be
continued under existing laws-his policy of
keeping on hand surplus of gold of a hun
dred millions or more, and paper equivalent
to ten, twenty or thirty additional millions,
while reducing the principal of the national
debt six, eight, ten or twelve millions a
month. But just here comes in the vital ques-
ton to General Grant. Is this policy to be
! continued? Mr.. Boutwell, says yes; but the
American people say no! 1t is due to General
Grant to remember as we do remember, that
the grand leading idea Of his inaugural, a
rapid redemption of the national debt, was at
first well received by the people. They were
SO well pleased with his presentation of the
s,nallness of the debt compared with the
amazing resources and wealth-producng
forces of the country that they did not care to
look behind this charming exhibit Of their
ability to rattle off the debt even at the rate
of two or three hundred millions year with
out feeling it.
The tax gatherer, however-present every
where-and with his severe exactions upon
everything from the spoon which feeds the
b4by, through all the incidents and accidents
of life, to the shovel which fills the grand
fathers grave, has spoiled this beautiful
concet of paying off our national debt during
the living generation. 1t cannot be done
with justice to the living or the dead, and tn e
idea must be abandoned. In all the losses,
crosses, trials, self-denials sacrifices and
| suf'erings Of our great war for the Union, and
in the grand and glorious revolution Of uni
versal liberty and civil and political equal
ity established in the government, we who
now hold the stage Of action have done our
share for posterity, even if we do no more
They, too-the generations next to come
must do their duty, duty which must be
given them, of meeting their share of this
national debt as but small price for the
precious Inheritance which will be ours to
give and theirs to enjoy. This is the new
idea of the American people, and almost i'm
perceptibly it has spread itself all over the
land. General Grant is beginning SO to
understand it; but his financial secretary has
! the film Of the old Bsurbons over his eyes, and
| he forgets nothing and learns nothing. Our
| recent State elections and the convulsion
which has shaken and is shaking Europe to
| its foundations have not in the least dis
turbed him in his programme Of maintaining
| our taxes in order to keep one hundred mil
lions Of idle gold in the Treasury, and to
knock off one hundred millions year from
the principal Of our heavy debt.
| We have had enough of this folly. To per-
sistin it, with all the lights before him, will be
| the ruin Of General Grant and his party, and
| fruitful, we fear, of heavy disasters to the
country. But what would we have? ANY
| one may tear down our existing financial sys-
| tenn as false and pernicl0us, but what would
we build up in its place? We would abolish
the notes of the national banks, upon which
we pay interest to the extent of twenty mil
lions or more year, and we would substitute
legal tenders bearing no interest, and thus
save this item Of twenty odd millions. We
would issue new description of bonds, bearing
the interest, say Of 3.65, or cent day Oh the
| dollar, and furnish these bonds to the national
banks, if the present banking law is to be re-
tanned, in lieu Of the present bonds; and we
| would make these bonds under certain restric-
tions redeemable at every sub-treasury or
| sight We would reduce the idle gold ia the
Treasury to reserved fund Of not more than