Year: 1869

General Grant ON the National Finnnces-


Effect of his Remarks.


Government securities have taken bound
upward. When General Grant said, in his
short address to the Congressional committee
which officially notified him of his election,
that he was for economy, retrenchment,
faithful collection Of the revenue and payment
of the public debt, he struck chord which
was instantly felt at this financial centre, and
which will be felt wherever our national securi-
ties are held. The public creditor now sees that
he has something more substantial to depend
upon than the speeches, fourishes and finan-
cal theories of Congress. The President
elect represents the people, is just elected,
and has four years in which to carry out the
policy he has avowed. In four years of such
an administration as he promises and as the
country expects the national finances can be
placed on satisfactory basis and the credit
Of the government brought up to the high
est point 1t Is confidence in General
Grant, in the honesty of his expressions and
purpose, and in the conviction that he will
carry out his views, that has given such an
upward movement to government bonds. We
shall soon hear of similar effect being pro-
duced in London and other financial centres in
Europe. and probably greater one than has
been produced here. Indeed, the Ave
twenties, which are the ruling bonds in the
market, and which all others follow, have been
gradually rising in Europe for some weeks.
The election of General Grant gave sense
Of stability and security, and the movement in
Congress declaring that the national debt
shall not be increased gives confidence
abroad. The flve-twenties have risen from
seventy-three and seventy-four, where they
stood a short time ago, TO seventy-cight. The
demand for them in Europe Is large and in
creasiny, and there is every reason to believe
they wiil continue to advance.


General Grant said nothing about jumping
to specie payments or any other theory for
curing the evils we labor under, but like
sensible and practical man went to the real
source Of these evils and the true remedy for
them. Economy, rotrenchment and faithful
collection Of the revenue" were the
words he uttered lie knows well that the
frightful extravagance Of Congress and every
department OF the government for the last few
years was enough to swamp the credit Of any
nation and TO utterly demoralize the COM
munity. He knows, too, that a fourth OF the
revenue has been stolen by the whiskey ring
and other robbers OF tho government. He is
determined to demolsh this gigantic system Of
frauds, to place men in Office who will execute
the laws and collect the revenue, and to hold
them, as he does officers In the army, respon-
siblc for a faithful execution Of their duty
The Senate may throw lie shield Of protection
over the pundcring rings, as II has done, and
may refuse to repeal the Tenure of Office law
for that purpose, but General Grant win do
bis duty to the country and will be sustained
by tho people, BY thorough economy and
retrenchment hundred millions year at
least could be cut or from the present expond-
lures, and a like amount, or nearly 30, could
be saved In the faithful collection Of the
revenue. Then our heavy taxes could be
reduced and large sum yearly applied 10
tho liquidation Of tho debt. Let General
Grant stick 10 his motto OF ECONOMY, retreuch-