The New York herald., 1872-07-15


nanciaI Bearing Upon the Country.
The supporters of the rival candidates for
the Presidency will endeavor to make the most
Of the financial condition, prospects and
chances of the country under whichever can
didate may have the control of the govern
ment the next four years. This is always an
element in such political campaigns, and
though the arguments of public speakers and
the party press will be directed principally to
other matters in the present contest, this will
be, necessarily, an important topic. Then,
the STOCKHOLDERS and speculators are always
looking out for something to force stocks up
or down, in order to make the most of their
business. Not unfrequently they resort to
canards for this purpose, particularly when
there is no legitimate cause for fluctuations in
price, Any political excitement, and espe-
cially Presidential election, they seize with
avidity The London stockholders are of
the same genus as our own. The cable in
forms us that the 67's fell off quarter to three
eighths on the receipt Of the political news
from America, meaning, we suppose, theaction
of the Baltimore Convention. There was no
response in our market however, except that
which naturally results from financial sympa-
thy between the two great money centres.
Our Wall street men knew there was no real
cause for decline in national securities. The
London stock spectators, partly from igno-
rance of American politics and affairs, and
partly because they were glad of any pretext
to do little speculative business, seized the
opportunity afforded without knowing or
caring about the facts. 1t answered their pur-
pose for the hour, but they will soon learn that
our Presidential contest whichever way it may
turn, is not going 10 disturb the credit of the
country - ~
The administration orators will lay great
stress upon the payment of over three hundred
millions Of the national debt during the term
Of General Grants Office, the establishment
Of the credit Of tho government on solid
basis the reduction 9f the premium On gold as
consequence, and the abolishment during
the last year of fifty or sixty millions of taxa
ton. In fact, this argument has been the
staple Of oratorical efforts in and out of Con-
gress, as well as Of articles in the administra-
ton press. 1t is upon this mainly that the
friends of General Grant rely to secure the
support Of the conservative, solid and business
men of the country. The war issues and the
political capital that was made out of the Sec
tional feeling against rebels, as well as the Ku
Klux bugbear, have served their purpose and
oVav, sIo1 L.
nigh outgrown these or, at least, is weary of
the theme. But the appeal to the people on
the management of the national finances is
legitimate one, and has no claptrap in it.
The payment of three hundred millions Of
debt or thereabout in three years or little
more Is stupendous fact. Few governments
could boast of like accomplishment under
such extraordinary circumstances as this coun-
try had recently passed through. We cheer
fully give the administration all the credit due
to 1t for what it has accomplished in this re-
spect. But let us be just. A large sum of
the principal of the debt, as well as o vast
amount Of aoating indebtedness were paid off
in the previous administration Of Mr.. johnson;
yet little or no credit was given to that admin
istration. The result was accredited to the
wonderful resources of the country and
the enormous revenue which Congress
thought proper to raise. General
Grant, it is true, has been able to collect the
revenue more faithfully than Mr.. johnson did,
The frightful corruption, particularly in the
Internal Revenue Department, during the ad-
ministraton of Mr.. johnson, has been greatly
abated in General Grants term of Office. But,
while we make no apology for the inef6ciency
Of the former administration in this respect, it
is but fair to say that President johnson was
embarrassed at every step by hostile Congress
and by that very party which now claims so
much virtue. With General Grant all has
been plain sailing. He had on overwhelming
party in Congress, and the political interests
and hopes Of the large Congressional majority
were identical with those Of the administra-
ton. So far, then, as the financial policy and
management Of the government has been sue
cessful since the Inauguration of General
Grant, the merit belongs alike to the adminis-
tration and the regular republican party.
Still, while we admit that the revenue
has been more faithfully collected than
under the preceding administration, we
do not see how the government could
otherwise apply the enormous surplus
revenue raised from the people than by
paying the debt. Nor has this vast
revenue been productive Of good only.
1t has kept up a system of extravaganza and
has led to all sorts Of corruption and jobs in
Congress Had taxation been greatly reduced
from the commencement of General Grants
administration and the revenue cut down to a
peace and an economical basis the country
would have been more prosperous. The hun
dreds Of millions taken unnecessarily from the