The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-03-28
TIE Presidents Duty-'sLst Us Have
PeacO."

L
basis of General Grants peculiar popularity
is-'I will have no policy against the declared
will of the people" The significance of this
announcement will be better understood
when we recall the circumstances under
which it was spoken President Johnson had
leased and worried the country beyond all
endurance. He had built up policy aggra-
waiting to the public sentiment OF the North,
destructive of the results of the war, calculated
to surrender to the South, in a series
Of unworthy and unnecessary conces-
sions, all that had been gained in
five years of conflict and in the end lead to
new hostilities. But the resolute. genuine
sense of the North, its loyalty and vigilant
patriotism rose above party and power and
all the Establishments of patronage and pro-
nounced against the President The irrita-
tons that came from this conflict were
oppressive to the country and restricted the
prosperity of North and South. Warned by
this, General Grant uttered his famous axiom,
supplementing it with the declaration no less
famous: 'Let us have peace!' Ez-t-
The position of affairs has changed in some
respects, but the principle which inspired
these declarations still remains. What we
want is financial peace. With imitation
there can never be peace President
johnson arrayed himself against the people,
and he was rebuked. Congress has in the
same way arrayed itself against the will OF the
people-and not only their will, but their best
interests. There is no real public opinion in
favor of imitation. On the contrary, the gen.
uine, honest sense of the country was never
more clearly expressed than in the
present revolt against the principles
of imitation. Wherever we see charac-
ter, probity, courage, craftsmanship, far
seeing devotion to the best interests of
the country, we see an opponent of the
policy OF dishonesty. From the living Adams
to the dead Sumner we have but one seDti-
ment-that the issue of inconvertible currency
would be 'n detriment and shame" 1t
may be that our repetition of this declaration
has been persistent. But in a time like this,
when the honor Of the Republic is at stake,
when the whole matter rests in the hands of
the President, when it is for him alone to say
whether we shall have peace, We cannot be too
earnest in impressing this truth upon him and
upon others in authority Whatever value
belongs to the life and character of Sumner
should be felt at this time, when his words
have been made almost sacred by his death.
Sumner may have been a fanatic in some
questions, in those particularly affecting
slavery and the reconstruction Of the Union;
but to subject like finance he brought the
ripest culture, the fullest knowledge of his
tory and the most comprehensive statesman
ship. He did not absorb his financial ideas
from the breezy Rocky Mountains or the airy
prairie wastes. He learned the wisdom of
honesty from the examples of the centuries,
and his warning comes upon us now with
the solemnity of voice from the other world,
reminding the people that imitation makes
financial peace impossible and that the course
of Congress at this time can only result in ga
detriment and shame"
The veto power may become, as in the
hands of johnson, capricious whimsical
exercise Of authority source Of injustice to
the people, and, eventually, q method of
tyranny. We could deprecate nothing more
than the growth of such power But, on
the other hand, it is at times an act Of the
gravest necessity The constitution never
intended that the President should abnegate
this power. The fathers saw clearly, for the
French Revolution was luminous with les
sons, that the time might come when
popular clamor, party feverishness or
adroit political combinations would lead to leg
islation of the most dangerous character. They
reasoned truly that nations, like men, were
guilty of excuses, and had their moments Of
mania and responsibility. So it was felt that
there should be an ultimate power, represent
ing the calm majesty and sovereignty Of the
people, armed with the veto. We have come
upon such time. The legislation OF the
present Congress on the question of finance
is an imitation Of the French assignat laws,
and we enter upon deceptive and ruinous
career, just as the French did after that most
disastrous enactment. No one disputes the
earnestness and honesty of the friends Of this
measure, of Senators like Morton and Logan.
Ignorant men are generally honest and,
consequently, more dangerous. Robespierre
was fanatic and Puritan in his convictions,
and truly believed his rude assignats to be
more precious than gold, just as Logan pre-
fers his bloodstained and battle-indorsed
greenback to California bullion. But, unfor-
tunately, it is not q question of rhetoric
or of conviction, but of fact We may call
spirits from the vastly Deep but will they
come? We may vote all the paper in the Re-
public to be money, but will the world SO accept
it2 And if our money is dishonored by the
world it is no longer money. The whole sys-
tenn of credit and business will be shattered.
Speculation will take the place Of judicious