The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-23

one ever was SO successful in disappointing
these hopes. We find our compliments Of o
negative character. We thank its members
| not for what they have done, but for what
they RETAINED from doing They might have
passed currency bill over the Presidents
Veto They might have endowed the Northern
or the Southern Pacific railways with new
grant OF landa They could have irretrievabiy
dishonored the country in this Geneva bust
ness. They had it in their power to have
confirmed the usurpation of the Brooks fac
ton in Arkansas. They could have increased
the Pennsylvania branches of the tariff or
voted large subsidy to the Centennial.
They might have confirmed the Washington
government in its peculiar and extraordinary
aggregation of power and they were sorely
tempted to pass railway law in the interests
of the grangers. They could have over
looked the Sanborn affair and confirmed the
moiety laws Not to have done these things
required the manifestation of extreme self
denial This Congress may be honored for
the possession in an eminent degree Of that
most precious of Buddhist virtues.
The circumstances attending the opening of
Congress were of an unusual character. Its
festation of popular confidence in General
Giant which secured his election for the second
time. They represented the supreme triumph
Of the republican party; for never in the
wonderful career OF that party, not even in
the excitement and abandon of the war. when
questions of loyalty to the Union entered into
every phase of social and political life, was
its organization as powerful as when it de-
feated Greeley. The meaning of that defeat
was that the country had confidence in the
wisdom and resolution of General Grant, es-
pecially on questions of finance and recon-
struction, confidence it did not vouchsafe
to Greeley, who was regarded as the fantastic
leader Of an INSCRIPTIONS and desperate
party, the homogeneous head of an impossible
alliance. 1t was feared that the accession of
such an alliance to power would be to squan-
der all the results of the war and throw the
country into the eddies of bankruptcy by
some peculiar and unwise experiments in
finance. The especial duty of this Congress
was to consolidate the Union, to complete
reconstruction and fund the debt. General
Grants reelection really involved this
pledge, and the success Of this Congress must
be determined by its success or failure in deal
| ing with these two measures.
| The finances are where they were last De-
cember, while reconstruction is in more de-
plorable condition. We have little doubt that
when the members Of this Congress were
elected they we're willing and anxious to deal
with the finances. 1t was their duty and, no
doubt, their pride; for if General Grant has
manifested any ambition as President it has
been to consolidate the national debt and
fund it at lower rate of interest. Unfor-
tunately for the good intentions of
Congressman and their desire to redeem
pledges made by the republican party,
the panic came. This was as unexpected as
the deluge to the husbandmen in the valleys
Of Ararat We saw then that all the roseate
visions of prosperity with which eloquent
administration orators had delighted the
people were delusive. The financial policy
which had purchased SO many bonds and
reduced the debt" and which had been
trumpeted as heaven-born inspiration, was
seen to be only a makeshift policy after all,
based upon pawnbroker's theory of trade
All the false ideas of business prosperity which
came with the war suddenly exploded. It was
found that we had been dealing with expe-
dents and not facts, with falsehood and not
truth Demagogues took advantage of the dis
tress caused by the panic and forced upon us
new issue, one more dangerous in its results
than any since slavery. This issue came to
be known as Imitation 1t was intended
as measure of relief. 1t was really intensi-
tying the evil The wild idea suddenly pre-
vailed, especially in the West, that the
panic came from the want of money,
and that money could be supplied
by the indefinite increase Of our
paper currency. The fact that a Congress
elected at the same time as General Grant, as
the representative of stability and conserva-
tism, should lend itself to this scheme of fnan-
cial dishonor and virtual reputation, shows
how widely spread this idea became. 1t con-
trolled Congress. 1t compelled the passage of
bill filed with dangerous heresies. 1t was
only defeated by the Executive veto,
but its spirit ruled Congress and made
the passage of any mature financial
measure impossible. The President and the
Legislature we're at variance, and so nothing
was done. We should have been panied at
the idea of such o result when Congress
assembled, for our highest hopes were based
upon its financial possibilities. AS it is we
rejoice for the good name of the country tina.
nothing was DONE After the vote on imitation
it seemed far better to bear the ills we had
than fly to others we knew not Of
If Congress failed in dealing with the
finances it failed also in reconstruction. Per
haps we should call this sin Of omission
for there was really no policy before Congress:
SO far as reconstruction was concerned. Blu