The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-03-04
President Grants First Term

ASSAuSAe VI uht Lllot 1Cl
p To-day at noon General Grants first term
Of the Presidency expires and he enters upon
second.
1t is fitting then, to take briefreview OF the
situation and note the progress made during
the past four years. When he entered upon his
term of office it may be said that the Soutn'
under the baneful influence OF Andrew
johnson, was as hostile to the Union as IL
was the day before Gen. Lee surrehue'e''
But time and the concliatory but flrm course
pursued by the President;and his prompt rec
IGNITION of such prominent men OF the South
: as showed a disposition to regard the past as
a mistake and to accept the situation, has
gone far to restore harmony and confidence
among the people of that section. Indeed
the fact that the most uncompromising of
the late leaders of the rebellion have of late
heartily endorsed him, goes to prove, that, so
far as Gen. Grant is concerned, they have
faith in his judgment and integrity.
The Chicago Convention with some hes:-
Triton endorsed the principle of manhood
suffrage. President Grant, however, en-
dorsed it in his inaugural, and under his lead
it has been engrafted upon the organic law of
the nation. This triumph alone is enough
to immortalize his administration. One of
The issues OF the campaign of 1868 was prao-
t.cally, whether the public debt should be re-
puliated or the national pledges to its credit
ors be honorably carried out. The election
of General Grant was conceded by this coun-
try and Europe as the verdict of the nation
to maintain its financial honor. But the
mere profession of being honest will not go
FIR toward strengthening the credit of indi-
vidual or nation if it is not accompanied by
an effort to make such declarations good.
When Gen. Grant was inaugurated, gold
Stood at a premium of thirty-two, our green
back dollar being worth se7enty-six cents.
Now the premium is about fifteen and the pa
per dollar is worth eighty-seven cents. On
the LIST of March, 1859, the public debt was
$2,525, 1853. 260 OF. The process Of reduction
has been steady, every month but two out of
the forty eight, showing decrease,-in one
month amounting to more than twenty mill
ion dollars,-until at the beginning of this
month the debt is but 50, $3.50, 100 SO, a
total reduction in four years of $36S, 082,-
. $50 4S. The annual charge for interest has
by the same process been reduced by more
than $24,000,00o.
In the meantime the burden of taxation
has been gradually diminished until the
amount now cut off exceeds $3.50, 600, 900, an
nually, based upon the estimates of 1868. The
Internal revenue tax has been removed from
every useful industry of the country and the
tariff on several of the necessary articles of
Life entirely removed or greatly reduced.
The President has also inaugurated an In
dian policy dictated by the higher considera-
tions of humanity as well as on the more gen.
eral ground OF economy. In spite of the re-
sistance it has met by interested parties, it
has been highly successful.
The foreign policy of the Administration
has strengthened our influence and won
confidence and respect. When Gen. Grant
became President, our relations with Great
Britain were of most unsatisfactory char
acter. The negotiations respecting the Ala
bama difficulties had failed and there was
growing bitterness between the two nations.
After long and patient endeavor, the matter
has been adjusted in manner most favora-
BILE to this country. This of itself would COM
mend the administration to favorable men
ton in history.
These are the principal results to which the
friends of Gen. Grant point with satisfaction
and which inspire the country with conf
dence for the future