The New York herald., 1876-10-25

ana return OF that prosperity wnlcn only
peace and unity can quicken and create. 1t
is for these reasons that we say with Gov
ernor Tilden, let bygones be bygones.
The price Of the HERALD to-day and hence
| forth ,ciu be three cents.
The New Loan-Trining with the Ma
tional Credit.
The managers of the republican canvass
seem to have become alarmed, and their
fears have got the better of their patriotism
and discretion. II the success Of the new
loan is imperilled by the character of the
democratic nominations it has taken long
while to make the discovery. The demo-
cratic nominations were made four months
ago, before the present Syndicate had been
formed. The whole arrangement was begun,
continued and completed after the demo-
cratic ticket was in the field. After the
bargain had been made-made with full
knowledge of the hands into which the gov
eminent would 60 if the democratic party
should triumph-the brilliant success
which followed was in face of the
political situation and the possibilities
of the canvass. The exultant Joy of
Secretary Morrill,, which he SO effu-
sively communicated to the newspaper
correspondents, was not damped by any
thing in the Presidential canvass, then fully
opened. Months passed without anything
to mar the complacency and satisfaction of
Mr.. Morrill, until since the October elections
Now, what has changed since the October
vote? Not the democratic ticket or plat
form; not the character of the democratic
party; not the views Of the Syndicate, for
there is no reason why they should enter
tain q different opinion of Mr.. Tilden or his
party from the one they held when they
began the negotiations. What, then, has
changed? Nothing but the party hopes and
expectations of the republican leaders.
Their confidence has been shattered, and
they are trying to retrieve their prospects by
an act Of desperation. Mr.. Morrill, never
thought OF saying to the Syndicate, at the
time of the negotiations, ''this loan will be
good if one of our two parties succeed in
the Presidential canvass, but worthless if
the other party should carry this election"
No such thought ever crossed his mind; he
would have been ashamed to avow it if it
had.
1t would be idle and absurd to say that
the members of the Syndicate have had any
reason to change their minds. They made
this arrangement in full view of party con-
tingencies. They made it in the midst of
the Presidential canvass. Tilden was in the
field; Hayes was in the field; they knew
that one of these two would be our next
President, and they are the last men in the
world to have made gambling stake on the
result of an uncertain election. They had
no idea that the credit of the government
would be affected by a change of admins
tration. If they have any reason for thinking
so now they had precisely as much reason for
thinking SO then. 1t would be ridiculous
to say that they entered into the arrange
ment on an assurance given them by Mr..
Morrill, that the st. Louis ticket could not
be elected. Mr.. Morrill, would have de-.
served impeachment had he told the Syndi-
cate that the safety of their arrangement de-
pended on the shifting results of our party
contests. We are liable to a change Of ad-
ministration every four years, and an Ameri-
can finance minister would render himself
infamous it, in selling bonds of long date,
he should tell foreign purchasers that their
value depended on our party politics, and
that Presidential election might render
them worthless. OF course Secretary Nor
rill did not steep himself in such infamy
Four Presidential elections will intervene
between the date of the bonds just disposed
Of to the Syndicate and their maturity,
and q Secretary of the Treasury could
not perpetrate greater crime against the
public credit than by giving it to be under
stood that the value of the bonds would be
affected by any Of these elections. 1t would
be preposterous fetch to say that the Syn
dicate consented to take the bonds only in
the belief that Hayes, and not Tilden, would
be our next President. The chief adviser
and representative of the Syndicate at the
time Of the negotiations was Mr.. Belmont,
who both wished and believed that Tilden
would be elected. The great European
house which is the main pillar of the Syndi-
cate was quite as likely to share Mr. Bel
mont's belief on this point as anybody's.
But the Rothschilds did not concern them
selves either way, not thinking that the
credit of our government would be seri-
ously affected by our ever-shifting domes-
tic politics. Every member of the Syndi-
cate knew what parties and candidates were
in the field for the coming election, and none
of them thought he was stalking his money
on party result.
The only thing which has changed since
the negotiation is the opinion of the repub-
lican party respecting its own prospects.
Since the October elections its chances seem
SO doubtful that it tattempts to improve them