Year: 1868

The subject of finances was next brought
up. The President seemed 10 have given
a great deal Of attention to the subject, and
TO have very strong convictions on it. He
thought the common sense view of the mat
ter better than any Of the fine spun theo-
ries TO which the country was 80 often
treated, and which only confused without
enlightening any body. The fact is"
said he, "that before the war there were
three thousand million dollars worth of
property in slaves in the South, distributed
40 az TO create an aristocracy, which con-
trolled the South, and, through the South,
the country. The war destroyed both the
property and the aristoeracy. Bat now we
find that the property only disappeared
from the Sonth to appear in the North in
another shape, and to create an aristoc-
racy and political power, in the shape of
| bondholders, more destructive of the gov
| ernment than the slaveholding aristocracy
was. because a continued burden upon it
| drawing upon the resources of the country
to support it, and adding not one cent to
| the productive interests. The three thou
sand millions of slave property, while it
was an evil, was at the same time a good,
| for it increased the productive resources Of
the nation. But now we find the four mil
lions of negroes charge upon the country,
| instead of a benefit TO it, aud the three
thousand millions of dollars which they
used to represent has taken the shape of a
heavy burden upon the tax payers, drawing
! from them all they can rake and scrape to
pay larger rate of interest than can be
| got out Of any other investment.


asked the President what remedy he
would propose for what he considered so
great an evil. Would the Western Demo-
cratic theory of an illimitabIe issue of
greenbacks do2 "No," he replied, "that
would only increase the evil, instead of
diminishing it or remedying it. To issue
more money might make easy times for a
while, but they wouldn't last long. There
could be no true prosperity derived from
such a course"


"Then what do you think would bring
about the desired result2


| Why, the first thing is to release the
South from her present condition, and let
the people of those ten States have chance
to recover from the effects of the war, to
engage in business, and to offer opportuai-
| ties for absorbing some of the surplus
/ iafitdA WhAth u bON AHAcrtcu III kONttb-
ment bonds. Let them have a chance, and
! they Il 90 to work with a will, and do their
full share. Then reduce the expenses oi
the govemment-reduce the army and
navy TO peace basis, collect the revenue
and take up these bonds as fast as possible
| Suppose we issue hundred millions, or 8
thousand milionsof greenbacks, how much
better are We off than We were before
The debt il still before IA, and must be
paid. No advantage is gained, but great
evil is done 10 the laboring interests of the
country in the imitation Of prices, which
laboring men will feel only as il operates
against them in making their wages repre-
sent less than they did before


From the above the reader can Judge
that Apy attempt made by Congress this
winter 10 initiate the currency, or, az Gen
eral Schenck says, 80 make times easy
for the next campaign. will be promptly
vetoed by the President