New national era. [volume] (Washington, D.C.) 1870-1874, 1872-06-13
Greeley's EulGgy of Grant.
What the "TribuMs" Said OF the First Year
of the Present Administrations.

At the close of the first year of President
Grants administration, in a fit Of honesty
that was unmarried by insane ambition, Mr.
Greeley thus referred to the beneticent in
fluence which Grants honesty and economy
had exercised upon the credit of the country
at home and abroad:
The quotations of gold, which have been
steadily and rapidly going down during the
past fortnight, fell yesterday till the premium
reached the vicinity of 1l3, fluctuating the
greater part of the day few fractions above
that point, but at one time striking u fraction
below it. The quotations of Government
bonds indicated during the day that they
were on the verge of par in gold, most of the
varieties being worth but little less than
gold, while one variety was at gold pre-
MUM over its face value.
That the day of which we are able to
chronicle these highly favorable financial
facts was also the day that marks the termi-
nation of the first year of President Grants
administration of public affairs, is a circum-
stance which tho country will not lose sight
of, and which the friends of the President
will observe with unfeigned joy.
No one who has observed the fluctuations
will believe that there is any more likelihood
of gold returning to 100 than there is of its
returning to 200. 1t has not gone down
through specutve combinations but through
the operation of general causes that are not
within the control of the Gold Room.
The things, however, for which the Admin
istration deserves the highest credit in con-
necton with the improvement in our financial
| condition, are such as relate to the carrying
out of Grants policy of honesty and retrench-
ment. When, by his election, the country
and the world received assurances that the
financial honor of the Government would be
maintained; when the policy of reputation
was spurned by the people, and Congress
gave its pledge to support the public credit
| by paving the principal and interest OF the
debt in gold-the first great steps toward
| financial redemption were taken. Nnen
Grant announced bis brief and simple policy
for remedyins the confusion of our ilnanclai
state when he began carrying out practi-
cally the programme he had anhouhcea-it
was evident that we were about to take
LONG stride toward the settlement OF our trou-
blas. Rut wears experience OF this policy
has dome far beyond public expectation. To
cav that the debt has been decreased during
tbe year of his administration hundred mil
lions of dollars is but to represent small
mart of what has actually been reached. To
saw that during the first half Of the current
wear the revenues were increased by more
faithful collection, ut the rate of thirty mil
lions year over the previous year, does not
indicate the actual result gained for the pub.
lie treasury. To say that the expenses OF
the Government have been vastly reduced,
and that the interest has been decreased by
the diminution of the debt, is only to give
hint Of the retrenchment that has been car
risd out But these things have told with
immense effect upon our financial condition Z;
and it is to the admirable policy and action
: of the Administration that we owe the inn
provement which is now going on to its con-
summation.
nnr,oorst;o mn nor recont1v took tho trOli-