Year: 1868

The Course of Congress On and As Affecting
the National Finances.


No legislative body was ever more divided
and at sea on great subject than Congress is
on that of the national finances and very few of
either the Representatives or Senators know
anything about it,. Neither of the great political
parties OF the country agree among themselves
on any Of the questions which come under the
head of national finances, nor will they be
able at present to adopt in their platforms or
political creeds any fixed principles or well
defined policy. The democrats of the Eastern
States and of the commercial cities in the
North-such as Seymour, Belmont and other
Northern political leaders and capitalists
represent-are for the most part in favor of the
| bondhoding and national bank interests and
| of forcing specie payments, while the demo-
Gratis of the West generally are for a differ
| ent policy-are in favor of an expanded
currency and the payment of as much
of the national debt as possible in legal tenders
before an attempt be made to reach specie
| payments. 1t is much the same with the radi
| cal republicans in the two sections or the com
| try. Such leading radicals as Thad Stevens
and Ben Butler in the North and East, hold
| pretty much the same views as Pendleton
| and the Western democrats, as do also ma
jority of the republicans in the West. In
fact, the difference is more of a sectional than
party character, though not sectional alto
gether Nor do the members of Congress rep
r.sopf antira1v tboir Or Cfafaa On
financial questions for we see Sherman, Of
Ohio, going AGAINST the popular sentiment of
his State and in favor of the bondholders and
| capitalists of the East and North, and Butler
| holding views directly opposed to those of his
Massachusetts constituents. Both Congress-
men and political parties are, as we said, all at
sea on financial questions, and there has
| not yet appeared q statesman among them
capable of laying down q system which either
| the republicans or democrats can adopt as
| national platform. The consequence will be
that each of the party national conventions
soon to meet will not be able to
show any definite policy, and will only
express some vague generalities meaning
nothing or anything, as politicians choose





ignore the most vital and important questions
of the day, because of their ignorance Of these
| questions and because parties cannot be united
1 upon them. Thus we shall drift along as we
are going, from bad to worse, until the finances
become hopelessly deranged and reputation
stares us in the face.


There is good deal said by those who
4 xyit tbo o1
burden CT an enormous debt about national
honor, honestly paying what we owe, &c.
The American people are as honest in this re-
spect as any other people, and have no wish
to repudate the debt. There is both pride
and pleasure in paying just debt; but
nations, like individuals, may be driven by
the stress of circumstances to take advantage
of bankrupt law, or-what is the same
thing-.o practically make such a law for them
selves. There are plenty Of examples in his
tory, particularly where enormous debt has
been suddenly contracted in revolutionary
times and under similar circumstances to the
creation Of our own debt. Every one is
familiar with the summary manner in
which the French debt-contracted during
the revolutionary wars "to save the
life of the nation'-was disposed of with its
thousands of millions of dssig5aats and man
dots; and without multiplying examples from
foreign countries, of which there are plenty,


we may come home to our own history-to the
wiping out of the debt contracted in the war Of


indepcndcnce-to show what brave and hon
orable people may do under iusupportable bur


dens. Even England was compelled to re-
duce the rate of interest on her debt, from five
and six per cent, and some of it higher, to


three and three and half per cent, thus vir-


tually rcpudating IL to that extent. The peo-
pie of this country can never be brought "a
, believe that "a national debt is national
, blessing and unless they see ours diminishing
, from year TO year they will certainly become
| dissatisfied, restless, and relieve themselves o
J The burden by short process. Let II be re-
membered, too, that here the mass Of the peo.
pie, who pay the taxes, are the voters--the
, governing power-and that if once the thought


Of reputation be forced upon them they will
find plenty of aspirants for political honors and
. station ready to popuarize the idea. II il
4 only necessary to study human nature and Tho


springs of human action and the former history
n Of this and other countries 10 see that as re-
: CARDS the national debt we are ia very un
!, settled and prccarious situation.





Our dve-twenties, bearing six per cent golt
d interest, are quoted in London at seventy-two


while the British three per cents are owe
: ninety. Why is thisf Why is II that securi
! ties bearing Elk per cent interest sell for abou
d : twenty below those bearing half that interest