National Republican., 1877-07-25
THE NATIONAL FINANCES

The recent strikes and the business de-
rnngements which must necessarily follow
will render the settlement of the financial
problem still more complicated and diff
cult than ever. We believe that the policy
Of resumption as now embodied in the ma
tional legislation is sound in principle, and
that it should be faithfully carried out.
After having so nearly reached the end
Of the long and difficult journey of rcsump-
tion it would he great misfortune to be
compelled to stop, or turn back now, yet
such an event does not seem improbable.
In popular Government like ours the will
of the people must govern, and when they
fall into errors there is no appeal from their
decision. The public sentiment of the
West seems to be quite unanimous in favor
of such modification of the resumption
act as shall postpone the time of its enforce
ment
This policy is favored by resolution
adopted by the Cincinnati Chamber of Com
merce, and is likewise endorsed by the Gin
cinnnti Gazette, which is the representative
Republican newspaper of the West. We
must say that we regret to see the centre
of the line of battle in favor of q sound
financial policy thus give way.
We can, however, appreciate the serious
character of the financial troubles which
have driven the business men of Cincinnati
to assume this position. If the substantial
men of such a solid and conservative city rs
Cincinnati are forced to conclude that the
resumption is working unnecessary hard
ships, we cannot wonder that the same senti-
ment has gained almost universal assent in
the rural districts, 40 that the popular de-
mand for the repeal OF the act Is ma 'ly
unanimous in the West.
This popular demand for n modification
of the act will be greatly strengthened by
the recent disturbances, which-whether
justly or otherwise we will not stop to in
quire-will be attributed to the present
financial policy of the Government. As
some time will yet elapse before Congress
assemblies there will fortunately be ample
time for men to become cooler, so that the
notifications demanded will not likely he
30 radical then rs they would be if Con-
gress were now in session.
1t behooves the friends of sound financial
management to stand firmly in defense OF
correct principles, 80 that we may not add
to the other misiortunes of the nation that
of making an error iu relation to this all
important subject
While thus in favor of maintaining the
resumption policy rs at present adopted, we
are most decidedly opposed to continuing to
reduce the public debt in the present c0ndi-
tion of the country. The public creditors do
not want to be paid of. The longer the
bonds have to run the better they like them.
Let us therefore cease the imposition of n
tax upon the country that is now needless.
The money which is now applied to the re-
ductiOn of the public debt should be appro-
priated to much needed internal improve
ments. Thereby employment could he given
TO many thousands Of men now unem-
ployed. The money thus expended would
soon be refunded to the Government through
the increased prosperity which the adoption
of such policy would produce. This meas
ure, which was expedent before the recent
troubles began, is ten times more so now
We should use every possible means to re-
lieye the honest lab0rers of the country and
TO revive its depressed business. In no other
way can this DE done so well as by divert.
ing the revenues now employed in reducing
the debt to making much-needed interna
innrOypmentS