Year: 1868

Prom the New York World.
The Financial Issue-GOvernor Seymour.


A sagacious, statesman-like intellectsees,
in advance OF other minds, and it is its
province to teach other minds, what are
the precise questions on which public af-
fairs hinge. Now that the Presidential
canvass is SO far advanced, it is worth while
to look back and see how the financial dis
cussions have flowed in the channel marked
out by Governor Seymour before the open
ing of the Presidential campaign. In his
speech in Connecticut, early in the spring,
he charged the Republican party with
enormous extravaganza, especially In eX-
penditures for the support of the army
Although the platforms of both political
parties put a different financial issue in
the foreground, it is curious to re
mark how the drift of the financial
controversy has followed the direction so
long ago given to it by Governor Seymour
All the most notable efforts of the fiuan-
cial critics. every document or speech
which has widely commanded public
attention, has related to the extraya
gance question and not to the green
back question. MIR. Wells letter, Mr.. Til
dens speeches, Mr.. Atkinson s speech, Mr..
Delmar's letter, are prolix and elaborate on
the question of receipts and expenses, and
nearly silent in respect to the medium in
which the fve-twenty bonds should be
paid. All of these documents follow regu-
larly in the wake of Governo~ Seymour,
discussing, with various and conflicting
views, the question started by him in April,
which has eclipsed the greenback question
made SO prominent in the two political
platforms.


This is due to the fact that Governor
Seymour had looked into these subjects
more profoundly than the makers of the
platforms. AS an issue between the polit-
ical parties, the greenback question is of
little consequence. Widely as the two
parties differ Oh this subject in theory,
nothing can be done by either of them in
practice without the consent of the other.
During the next administration, the Re-
publican party will have the Senate the
Democratic party the President and ma
jority, or nearly a majority. of the House.
In this state of the political chess
board, it is evident that no law
can be passed for increasing the
quantity of greenbacks without the
consent of both political parties But if
the debt is to be paid without issuing more
greenbacks, money must be raised by tax
alton and appropriated to that purpose
which again requires an act OF Congress.
in which the Senate as we'll as the House
and the President must concur. The Re
publican party being pledged to pay the
debt in gold, and the Democratic party in
greenbacks, and each having a complete
check on the other, none of the bonds are
| likely to be paid in either medium during
the next administration. This is not a
question on which the Government is com.
PEELED to act. The fve-twenty bonds have
yet fifteen years to run, unless the Govern
ment chooses to pay them sooner ; and be-
fore they mature the question may cease
to be of any interest, by the restoration of
specie payments. Elections at present
cannot turn on questions whose practical
solution lies sc far in the future. While
the Senate continues Republican the bonds
will not be paid in greenbacks and sc
nobody can predict the state of the
currency four years hence, the country
will decide moro wisely then, in
presence of the facts. Under pros
porous and economical administration We
may, in four years, make great advances
towards resumption. We certainly should
not recede in a contrary direction. If there
should be surplus revenue within the
four years, it would probably be applied to
wards the extinction of the debt by the
simple means of purchasing bonds at the
current rates-a proceeding which would
steer clear of the present controversy, an6
yet have the advantage of extinguishine
the debt with greenbacks.


The real financial issue between the two
parties is, whether we shall stop the eXtrav
agance which has raised and spent money
enough since the wsr to have paid off al
the five-twenty bonds. This question, un
like the other, is practical. An adverse
Senate cannot arrest retrenchment, if WE
| nd
Gratis enough in the House to make his We
toes effectual One branch is all powerful
to check legislation, although it can dc
nothing affirmative. 1t takes the whole
legislative power to authorize th'
payment of the fve-twenties be
fore the twenty years expire, or tt
provide greenbacks for that purpose bu
either House of Congress alone. or The
President alone if his veto is sustained, ha
power to arrest appropriations for the ex
travagant or needless expenditure of money
By a check on appropriations we can &C
complish all the greater objects for which
the Democratic party strives. 1t will ena
BILE US, for one thing, to cut down the arm,
to peace standard, and leave the South
ern States to manage their local affairs &C
cording to their own liking. 1t Will ena
BILE us to curtail expenses in every depart
ment of the public service. 70 be sure
much will remain undone which it woul,
be desirable to do if We could have Dem
ocratic Senate. We cannot, for example
repeal or modify the exorbitant tariff. W
cannot deprive the national banks cf thei
unjust privileges. But we can withdra,
military coercion from the South we ca
put stop to the present monstrous vast
of the peoples money. Governor Seymou
evinced the penetration of a statesman i
turning the financial controversy into thi
practical channel.


From the Raleigh Sentinel.
Emigration.


We have steadily admonished our pc