The New York herald., 1874-11-23
The Financial Question An the
Coming Session.


the same, if the legislation remains the same
on the 4th of March, when republican control
OF the government practically ceases, as they
were at the date of the great November de-
teats, the republican party will go down IN
disaster, like ship toundering at sea, and
the democracy will sail into power i'll the next
Presidential election. Ought SO precious an
opportunity, on which all their hopes are
staked, to be squandered and forfeited by the
republicans? At present, and for more than
three months to come, they hold the helm
and have complete command of the
ship. The President, the Senate, the
House, in other words, the absolute
control of the government must remain
to them for period long enough to
enable them to rectify their mistakes. and
make new bid for public confidence They
have the further advantage OF knowing that
bold and sagacious laws passed by them
at the coming session cannot be repealed by
| the democrats within the ensuing two years,
period long enough for wise legislation to
vindicate itself by It's fruits. The opportu-
nifty is as great and magnificent as it is short
and critical. If well improved the republi-
can party would have more than equal chance
of carrying the Presidential election, in spite
of its overwhelming reverses
There are three or tour questions on which
Congress ought, at this session, to put
its best foot forward but the subject
of the first magnitude is the finances
The political revolution is chiefly the
consequence Of last years panic and
this years stagnaton. Had the business Of
the country continued to go on swimmingly,
as it did for several years previous to the
panic, neither the Louisiana usurpation, nor
the salary grab, nor the Washington ring expo
sures, nor even the third term aspirations of
the President could have shaken the republi-
can ascendancy. Everything was forgiven,
and would have continued to be forgiven, so
long as the pockets and prosperity Of the peo-
pie were not touched. It was business pros
tration that first opened the eyes OF the
people to the shortcomings and malversation
of the party in power and induced them to
listen to complaints which would otherwise
have passed unheeded. revival Of business
would put the people in better humor, and it
is in the power Of this Congress to contribute
so powerfully to the resuscitation Of public
prosperity as to take the wind out of the
sails Of the victorious democracy. But
courage, energy and sagacity are requisite to
this end.
Under our government great financial meas
ures have almost always had their birth in
the Executive Department, like Hamiltons
fiscal policy under Washington and Chase's
fiscal policy under Lincoln. If President
Grant would promptly reorganize his Cabinet
and present to Congress well digested plan
of finance it might be carried through at the
coming session by administration pressure
| and the republican party redeemed in popular
estimation. But if this great subject is left to
the unguided action of Congress the prospect
is slender indeed that SO inharmonious q body
will agree on any measures which the country
would indorse. The fountain Of such legisla-
ton should be now, it has always been on
great occasions, the financial sagacity of an
able Cabinet capable of impressing its views
on Congress. Without a new Cabinet
of commanding ability the next session will
be as barren in valuable results as
was the last, contest of competing financial
crotchets, resulting in no policy fitted to
inspire confidence. There is no class of sub
jects in which the steadying hand of an en-
lightened administration is SO necessary as
currency and fnance-subjects which few
! public men understand and on which 0 well
selected Cabinet would possess more wisdom
than all the members Of Congress put to-
gether.
The HERALD would be glad to enlighten
Congress and the country on this great sub
ject by opening its columns to communica-
foundly investigated questions Of finance |;
but the masters of this branch Of knowl-
edge are so few that If half dozen Of them
should express their views in our columns
there would not be enough left to guide the
public councils, and there are obvious reasons
why men clothed. or likely to be clothed, with
official responsibilities on this subject should
keep out of the newspapers. Men like Ham,
ilton and Chase are never abundant in any
country, and if they are either in the public
service, or hope to be called into it, it is quite
proper that they reserve their financial views
until they can promulgate them with the
weight and authority which belong to high
official station. The HERALD has accordingly
waited in the hope that President Grant
would summon to his Cabinet some of the
very few men capable OF suggesting sound
original ideas on the currency and the finances.
But we hope to bring them out in our columns
if the President finds that he has no use for
them.
It is reported that President Grant will
recommend the earliest possible return to
specie payments in his annual Message.
This is all very well SO far as it