New-York tribune., 1880-09-27
cInrns on TIE FYNfNCEfh HoRIzoN.

CIOTDS on TIE FTNfNCLfL HORIzON.
A Democratic journal states that "the i'm
movement in securities ON the Stock Ex-
"change on Saturday, in which Government
"bonds were quite conspicuous, was undeni-
"ably produced by the unequivocal letter of
General Hancock on the subject of war
"claims, which disslpates at least one political
"cloud that was made to hang over the
Enhances and general business interests of
"thc country.n Other journals of that party
express the same idea in other words. But
this is truly remarkable admission. 1t is a
confession that business men did and do seri-
ously distrust the Democratic party, in respect
TO the possible bankruptcy OF the country
by the payment of rebel claims, but are to
some extent reassured by the pledge of
General Hancock that, if elected, he will
veto measures of that character Unless the
fear was serious and general, the pledge would
have caused no improvement But what
reason is there for intrusting power to q
party which its candidate finds it necessary
publicly to pledge himself to restrain by
veto? Is it desirable that the honor and
prosperity Of the country should hang upon
the shrewdness and frmness of one man, and
party by which, if chosen at all, he is to be
eected2
But the admission goes further 1t is con-
fessed that there are still remaining other
"politcal Clouds" which chang over the
" finances and general business of the
country Ever since the election in Maine,
this has been painfully apparent to holders of
securities. On Monday, the day of that cleo
ton, United States four percent bonds sold
at 1908. They began to fall rs soon as the
result of the election was thought to render
Democratic Presidential victory possible,
and had declined on Friday to 10S4.
General HancOck's pledge to restrain his
party rs far as he could in one par
ticular caused, according to Democratic
authority, recovery to 1O9ls on Saturday.
But it is hardly likely that the public credit
will be fully and permanently restored until
there comes confidence that the Democratic
party will not prevail, and that its dangerous
tendencies will, therefore, be restrained by a
Republican President, acting in harmony with
his party, and not merely by such resistance
as Democratic President may be able to
make fighting daily and hourly against the
greed and the cunning of the very men who
elected him.
Mr.. Tilden wrote a similar letter, it
will be remembered. Everybody saw in 1T
confession that his party was not trusted by
the people. That being admitted, men began
to inquire seriously what harm that party
might do, and what harm Mr.. Tilden had ex-
plicitly pledged himself to prevent. The result
was not encouraging. And now, in like man
ner, thousands Of intelligent Democrats, who
had paid little attention to the arguments of
Republicans on this subject, will be led
by General Hancocks admission to inquire
what mischief the Democratic party Is likely
to do, and what mischief General Hancock,
his attention being fixed upon the matter, has
been willing to pledge himself to prevent. 1t
will be seen that General Hancock only
pledges himself not to approve or encourage
payment by the Government Of q debt, pen
I" sion or reward Of any sort for waging war
"upon It's own existence" This is explicit as
to the payment of pensions to rebel soldiers.
But 1t does not touch in the slightest degree
the question whether payment should be made