The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-03-30
The Latest Developments from WASH
ingtOn-Where Il This 20 Ends

We have tried to be on good terms with
the government at Washington, to do justice
to the men in authority, and not to be
carried away by the tempest of defamation
which in our wild, inconsiderate way we are
apt to invoke on the heads of all public
men who do not happen to agree with us in
politics. Whenever it is thought best to
change a government for political reasons
the first thing we are apt to do is to defame
its members, so that the people will feel like
sending them to the Penitentiary at the end
of their terms and elect new ones, who gen.
orally meet the same fate. This wildness of
criticism has reacted upon the opponents of
Grants administration as it reacted upon
the enemies of Mcclellan when the leader of
the federal armies. No matter how much
Mcclellan was censured and his generalship
derided, he had with him the confidence of
large part of the most conservative men Of
the country, the affection of his soldiers and
the respect of great party which nominated
him for the Presidency. We question
whether any military fame will emerge more
successfully from the criticism of the his
condemned Mcclellan. The stubborn
ness with which the people without dis
tinction of party have supported Grant,
like the army support of Mcclellan, shows
that the average sense of the American peo-
pie is in favor of fair play. The people see
oil the time that Grant is the living type of
the army which saved the Union, and of
Al - IL .o1
arose in 1861 and wrestled with rebellion
until rebellion fell and the nation was pre-
served. We have SO hearty a sense of re-
spect for fair play in everything, and espe-
cially in our politics, that we have preferred to
encourage this confidence in Grant, his men
and measures, to joining in the hue and cry
with which he has been pursued ever since
he came into power, and with which, in the
license of our modern politics, we generally
pursue any administration
But upon what theory even of fair play
and respect for honest intent can we explain
these painful revelations about the Navy De-
partment? There have been stories about
this department for q long time-stories
which we have always hesitated to believe.
There seemed to be no foundation for them,
and we attributed them to disappointment
or revenge But here we have evidence,
official and direct, from the records of the
department itself-records signed by the
Secretary of the Navy. Let us place this
evidence clearly before our readers. The
administration finds the financial accounts
of the government in the hands of one
of the great houses of the world,
that of Barings-a house that had relations
with our government almost since its founda-
ton, which had always been friendly in its
financial dealings, which had aided us in
many ways, notably during the war, when
our credit was strained to the utmost, and
when the most powerful influences were
used to destroy our credit in the money
markets of the world. To crafty local
firm in Philadelphia, which had grown into
sudden and unhealthy prominence during
the war, and another wildcat banking con-
Germ of the same character in New York,
whose chief spent so much time in politics
that he could not attend to the little ''busi-
ness" that had accrued to him, the admins
tration transferred one branch of it's foreign
account, that of the State Department.. to the
house of Clews and the naval account to the
house of Cooke. We never heard any reason
for this change except that the heads of
these firms were ''loyal' to the republican
traders on the Plains, for the ''cause, and
were cronies of the President, assiduous in
personal attentions and only too glad to
minister to the comfort and repose of tired
Chief Magistrate anxious for good time
The result of this transfer was to withdraw
from our credit, at time when we were
negotiating our loans at lower rate of in
terest, the strength of great house like
that of Earrings, and saddle it with
the weakness of mushroom houses
like those of Cooke and Clews, which,
even at their best, were young and new and
without muscle, and helpless for any useful
financial purpose, especially in time as un-
certain as the close of war. The troubles
which all the world outside of the Navy De-
partment foresaw came. Jay Cooke failed
on the 10th of September, 1873. Two days
before this Mr.. Robson, then Secretary of
the Navy, and at the time at Long Branch
in attendance upon the President, sent
telegraphic order to the department to trans
fer to tho London house of Cooke lone
million of dollars for foreign account out
of pay of navy" The Treasury two
days after, hearing of the failure
of the New York branch of Cookies
concern, interfered and would not send the
money. Then came despatch from Mr..
Cattell, formerly Senator and a familiar of
Robson, who, if report does not wrong him,
has not lost much through his friendship for
the Secretary, and who was in London in
some syndicate job. The effect of this de-
snatch of Cattell WIS TO assure the Secretary