Daily Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1876-1884, 1883-03-01


There can be little doubt that there
will be strong demand throughout the
country for Western man for President
In 1884. The whole bent Of our national
! administration has been a conspicuous
surrender to Wall street for years past.
Grant was as much the creature, even of
such men as Fiske and Gould. Us II he
Ind boon one Of their articlod clerks.
The necessitie1 Of the war obliged Mr..
Lincoln to make concessions to the mon.
eyed power which were not in the line
Of his natural inclinations. Under or.
binary circumstances his great finance
minister, Salmon p. Chase, would have
paid but little heed to the monocrats Of
New York and the other moneyed cen.
tiers, but the exigencies Of the war com
PEELED him TO make unlimited concessions
to their demands. They obliged him to
resort to methods which inevitably ex-
banded the national debt to sum twice
that needed to carry on the war by
creating deprecated medium which
was used In the purchase Of our national
bonds. As Chief Justice Of the United
States MIR. Chase had the courage to
acknowledge his error. in effect, and to
decline to countenance as q judge the
policy which he had inaugurated as Sec
rotary of the Treasury, and which he
doubtless had taught himself to believe
to be the only possible one at the. time.
His decision in Bronson VS.. Rodes ia to
his eternal honor. Andrew johnson was
not permitted, by Congress over.
whelmingly Republican in both branch.
es, to have policy upon any question.
II he had possessed the confidence of
Congress, and there had been any use in
the effort, he would undoubtedly have
developed the financial leanings OF a
Western man OF the most rugged type;
but 1t Is doubtful whether, at that stage
Of our financial affairs, much could have
been done to remedy evils which had
been already accomplished. The great
and browning infamy was effected in the
first year Of Grants second administra-
tion, when complaisant Republican
Congress, at tho instigation Of Wall
street, declared both principal and in
terest of bonds which had been bought
at on average price of forty.two OF forty
five cents on the dollar payable in gold.
Hayes, in addition to attending agricult.
ural celebrations, and watching for sly
opportunities to get occasional drinks at
other peoples expense without his
wife's knowledge, was always plant
to the slightest beck or nod
Of Wall street. His Secretary Of
the Treasury, Mr.. John Sherman, was
not only In unison with the Wall street
monocrats, but was supposed to be SO,
Ia a corrupt sense, by many of the best
people of the United States. His gross
partiality 10 the Second National Bank
Of New York was matter of very gen.
eral and invidious discussion.
The appointment by Garfield of Win.
dom, Western man, ns his Secretary Of
the Treasury, gave ground for hope that
this old policy was about to undergo a
--shsnge. The. pressure upon Gen, Gar
field for the appointment of the present
Secretary, Judge Folger, Arthur's nomi-
nee, was simply immense. Probably
the fact that Hon. James G., Blaine has
never been favorite of the Wall street
capitalists; and that, in consequence,
he had never been partial to them, had
much to do with Judge Folger's rejec.
tion by Garfield. 1t is worthy of note
that the first public acts of a Secretary
Of the Treasury that were really in the
interests of the people were performed
by Window during his brief official ca.
rser, in marking down the interest on
matured bonds.
The latest demand of the Eastern cor.
morants of the capitalist classes is that
silver shall be sacrificed For years the
balance of trade between the United
States and the outside world has been
largely in our favor, thus in effect almost
doubling the amount of the circulating |
p medium, making money very plenty and
diffusins marked even if Elusive APP
pearance of prosperity throughout the
land. All those who have large and as.
sured incomes, desire TO increase the
purchasing power of the money which
reaches their hands by way of the con.
venient coupon. BY arresting the coin
age of silver, and retiring that which
has been already coined, probably TWEEN.
ty per cent, would be added to the pur.
chasing power OF the gold which they
have succeeded in making the sole medi.
un for the payment of their own priv.
ileged class. Our silver interests once
Frustrated, they would undoubtedly
next apply themselves to bringing about
the retirement OF the greenbacks, which
are form of the public debt upon which
no interest is paid by the people, and
which thus excite the special luminosity
of the bondholders, In this way do
--AsesvTeople seek to counteract the tire.
mendous surface prosperity which years
of bad crops in Europe and of good crops
in the United States have guaranteed to
our people.
Only from the West can we hope to
rally elements Of strength sufficient to
defeat these unprincipled Vaccinations.
Our people will not permit one of the
leading and most promising interests of
the United States-silyer production
to be destroyed They think, besides
that the era OF unmeasured concession
TO the bondholders and manufacturers |
OF the East should be replaced by one of
justice and protection to the whole coun.
try.
This gathering sentiment will take the
shape of demand for President from
the West-a genuine representative of
the virile Western interests. They
probably will not consent TO go further
East for him than Indiana As in all
human probability he will be Demo-
crat, ex-United States Senator Joe Nc
Donald would be the man with the best
chances of success. As to that illustri.
GUS Democrat, Judge Thurman, he has
mat one drauhacL-aUe No man who