The New York herald., 1874-11-28
The Financial Question In the Forth
coming Message

President Grant is preparing his annual
Cabinet abounding in fresh ideas and saga
cious advice. The Message ought to be an in
spring document. 1t ought to sketch, in bold
outline, policy fitted to revive public conf
dence and lift up the republican party from its
prostration. A tame repetition of old ideas
and stale recommendations will not match the
occasion. But without ADLER advisers than the
President has at present 1t is extremely I'M
probable that he will conciliate the country by
sagacious and admirable Recommendations or
infuse new courage into the republican party
1t seems evident that the Cabinet will not be
changed before the meeting Of Congress, and
that the only chance of any fresh wis
dom in the Message depends on Sec
retary Bristow. who makes favorable
impression az an administrative officer. but
who has yet to give the first proof Of such
mastery of financial principles as would qualify
him to strike into new path. But even
if Mr.. Bristow should Unexpectedly bloom
into Hamilton or Chase his recommends
tions will have less weight than if supported
by a strong Cabinet of new members high in
public confidence.
Our purpose in referring thus early to the
Message now in preparation is not to pique
public curiosity by idle conjectures respecting
its contents, but to tender to the President
such timely advice as he might, perhaps, have
received from a reconstructed Cabinet OF
course the great topic OF all the topics, which
ought to overshadow and dwarf every other,
is the condition of the currency. The Presi-
dents Cabinet is not so feeble, and he could
have no Cabinet SO strong that it would fail
to point out this as the most i'm
portant subject that can engage
the attention Of Congress. But while it
will necessarily find place in the Message,
and must loom up in conspicuous prominence,
it might as well be left out and ignored as to
be introduced for the mere purpose OF recog-
nizing its importance. If the President has
no specific measures to recommend Congress
will be no wiser and the country be no better
satisfied than if he passed over the whole
question in silence. 1t will not suffice to say,
no matter with how much emphasis, that the
country ought to return to the specie stand
ard AL sound thinkers recognize this as IN
disputable; but until some safe path to SO de-
sirable o consummation is shown business
will continue in an unsatisfactory state. 1t is
the duty of the President to devise and
present such plan as he can see his way
clear to carry through Congress at the coming
session, and which the mercantile community
would be likely to approve. Nothing could
be more futile and imbecile than
merely to tell Congress that legislation on this
great subject is necessary without clear ex-
position of specific practical measures. In
order to get thing done it is necessary for
somebody to point out how it may be done.
and this duty Of proposing feasible methods
belongs peculiarly to the President, whose
annual Message should be chart for the legis-
lation of the session.
The currency and finances were a promi-
Message, which was sound enough in its gen.
eral ideas, but failed in practical methods.
In the Message of last year the President in
sisted that the most important step toward
specie payments was to make our exports ex-
coed our imports, and thereby retain in the
country part OF the products of our gold
mines in order to accumulate a stock of gold
for the redemption of our paper currency.
We do not so much object to this idea as to
the stage at which it was introduced. The
President, to borrow homely phrase
put the cart before the horse in
his last Message. In steps toward re-
sumption, the place where the shoe pinches,
to borrow another homely phrase, is not o
dearth of gold in the country, but revolt of
the powerful debtor class against discharging
their obligations in o more costly medium
than that in which they were contracted. We
should move forward on plain and easy road
toward specie payments if this formidable OBJ
stacle did not hedge up the way. A supply
of gold can always be had when it is really
wanted. France, which is not gold-pro-
ducing country, has accumulated a great
stock of that metal since the German war,
but it has not, as yet, made any use of it, be-
cause the first object of its policy is to bring
its paper currency securely to par before pay
ing out any gold for its redemption. It
would be preposterous to attempt a redemp-
ton of the greenbacks in gold until they are
first brought to par by other methods. So
long as there is difference off fraction of one
per cent the experiment could not be safely
tried because the inevitable consequence
would be o run upon the Treasury which
would speedily exhaust its whole stock Of
gold. The indispensable condition of equi-
librium between gold and paper is that they
be previously brought to the same value, SO
that nothing can be gained by exchanging one
for the other beyond the convenience of the
holder in making certain classes Of payments.
So long as gold is worth three mills in dol
lar, or even half mill in dollar more than
naner the nrnfit To be made hv the eYcha n 90