Year: 1868

Finances.


Although Congress has put on its working
gear again there Is poor prospect OF much
being done, or at least anything for the well
fare Of the country. We do not suppose it will
have the sense or courage to undo its atrocious
reconstruction legislation. That will have to
take its course and be left to the President to
make il as little mischievous as possible. He
cannot set aside the Infamous reconstruction
acts OF that body, but he may, and doubtless
will, within the limits of his constitutional
power carry out those acts so as to soften their
disastrous effect AS to the war upon the Presi-
dent, there may be some more smoke and fury
fulmipated by radical congressman. Stanton's
case will afford an opportunity, probably, for
repetition Of abuse and threats of taking away
the power Of the President The removal Of
Pope and the other obnoxious radical generals
in the South will afford another theme for sour
nothing. Congress may spend in this way a
great deal of valuable time foolishly and use
lessly, but nobody will be hurt The President
is beyond radical vindictiveness. He has
demoralzed and scattered the forces OF his
enemy, and stands impregnable on his conserv-
ative policy and in the appreciation of the
masses of the people.


With regard to the national finances Con-
gress is all at sea. While the dominant radi-
cal republican party has an overwhelming ma
jority in both houses-a majority OF four-ffths
of the members-it is thoroughly disorganized
and split up on questions of national finance
While it could carry the reconstruction acts
over the veto of the President, as well as
other measures of a purely political character.
there is not the least unity or accord on mat
ters pertaining to the currency, banks, reve-
nue. or taxation. On all these there is the
greatest confusion and want Of knowledge.
The eastern capitalists, bondholders and ma
tional bankers are headed of by such prom-
nent men as Butler from their own section, and,
strange to say, these classes and the old pro-
tectionist manufacturers Of New England have
met with opposition where they least expected
it-from Senator Sprague, who heretofore was
the head and front of all these interests. The
in direct conflict with those from the East on
nearly all financial questions Indeed. almost
every man has theory of his own. However
desirous members may be to preserve the
unity Of the party on common policy, it is
impossibief for them to act together. The views
and Interests Of the different sections of the
country they represent are not alike.


Under this state OF things we shall have to
drift along, probably overburdencd with taxa
tion and without any Improvement in the
national finances till the ncxt President is.
elected. Federal taxation alone amounts to
over six hundred millions year, and large
amount Of this is eaten up by oiiiceholdcrs and
consumed by fraud. No country, no people
even the most heavily taxed in the Old World
was ever so buriensd. Yet we must continue
to endure this for Congress is SO incompetent
and so demoralizoI that no relief can be
expected from it. We must bear this fearful
burden with a system Of currency unsettled
and complicated, with gold for the bond
holders, greenbacks for the officeholders and
national bank rags for the people, till the party
now in power is utterly destroyed in the next
Presidential election. Let us be as patient as
possible, then, and prepare for the great politi-
cal revolution which is coming.