Year: 1868

| Had not impeachment and the New Hamp-
shire election diverted public attention TO


some extent from questions that had hlther-


to been Hppermost. the passage by the House
| of Representatives of bill relieving all
| branches of manufacture, with the exception
Of q few articles classed as Injuries, from


taxation, would have been followed by more


marked expressions of satisfaction. That


"Gttle bill" reported from the Committee on
Ways and Means by its chairman, General


Schenck, against which only two dissenting


votes were thrown in the House, relieves


eight or ten thousand articles from the bur-


den OF internal taxation. That is worth the


firing OF hundred guns, for it marks the


transition of the country from the period OF


greatest industrial depression to new period


OF prosperity. The year 1867 was one of


financial difficulty and danger, corresponding


to 1854 in our military annals; 1868 bids fair


to resemble more nearly 1865, the former


bringing salvation from imminent financial


perlls as the latter brought us safe through
the war.


1t Is true that there are rumors that there


will be opposition in the Senate to the very
comprehensive measures of the bill in cues
ton, but the most that is apprehended is the
restoration of the internal tax upon few
articles that may reasonably be classed with
luxures. The bill will pass within a very
short time substantially as it was reported by
the House committee. Then American in
dustry win have to contend only with those
depressing influences which at this time.
throughout the whole world, are felt with al
most unprecedented severity. The fact that
Europe as well as America suffers in its CON-
merce and manufacturing, iorbids the hope
that our business men can return to the un-
bounded prosperity OF ante-bellatm times be-
fore the general situation is improved; but
they win at least be in condition TO COM
pete on even terms with foreign manufactur-
ers, and that is all they ask.


Congress is blamed Tor not attending TO
this and collateral matters OF finance at an
earlier day. 1t is blamed for dwelling On
reconstruction and struggling with the Presi-
dent, when the condition of the country &C.
mands the exercise OF all the skill possessed
by our public men for the rehabilitation of
its commerce and manufactures. But recon-
structiou and impeachment are themselves
financial questions of primary and immedi-
ate Importance. 1t has been wise in our leo-
islators to postpone, as they have, the elabora-
tion OF secondary measures of financial reform
to these two, which ale really but one. The
disordered condition of the Southern States.
prolonged and aggravated by the cooperation
OF President johnson and the Rebels, is in
compatible with an entilely healthy monetary
condition OF the country. 1t calls for money
to maintain military govern ment 1t re-
suits in a want of confidence in the stability
of our government and its financial sound
ness. 1t is an insuperable obstacle to a gen
eral revival of business. 1t cheats the treas.
ury of taxes.


The impeachment and removal of tile
President are toerably sure to be followed
by the speedy restoration of al; the Southern
States to the Union. Undivided attention
can then be given to perfecting reformatory
measures, the initiation of which has already
been received by the pc e'ple with profound
qualification. The effect upon the price of
gold of impeachment and the New Hamp
shire election endorsing the same, is conclu-
siye proof of the favorable tendency of Rad
ical measures toward the restoration of both
political quiet and financial prosperity.