Year: 1867

deal paralyzed since Congress has been in
session. The political agitation with regard
to the South that has been kept alive, the many
wild and radical propositions and schemes
that have been introduced, leaving the minds
OF the people in state Of uncertainty as to the
future, and the reckless legislation in voting
away the public money and increasing our
burdens, have had the effect of checking both
ordinary business operations and enterprise,
People have been afraid 70 do Anything.
With an abundance Of money capitalists have
preferred to lock 1t up or to use it only for
temporary and speculative purposes. The &C
ton Of the Thirty-ninth Congress during its
last session was bad enough in this respect,
but the few weeks session of the new Con-
gress has been still more disastrous The
country wanted repose, yet the restless politi-
clans at Washington seemed determined to
keep it disturbed. Though this is but rump
Congress-for several Of the loyal States are
not represented these Congressional agitators
have been tinkering at the tariff, the new
bankrupt law and many other laws and ques-
tions which ought to have been let alone-all
Of which, as we said, have had seriously de-
pressing effect upon business and enterprise.


Now, however, there is prospect Of some
repose for the public mind and for the revival
Of business. Congress adjourned yesterday.
This adjournment Is called recess till the
first Wednesday in July; but the resolution
says that unless there be q quorum of each
House present on that day the session shall be
adjourned without day-that is, tilr December.
We do not for moment suppose that there
will be quorum assembled in the dog days
Of July, or that there is any intention of meet
ing again at that time. unless something
very extraordinary occurs in the meantime.


The fact is, the radicals have made such
fuss about impeachment of the President, with
out being able to make out case, that they
wanted to save themselves from ridicule by pre-
tending that there might be necessity to re-
assemble in July, while at the same time they
have no idea of reassembling. We can forgive
this harmless political dodge in our joy at
getting rid of Congress which has kept the
country disturbed and business paralyzsd. We
have nearly nine months-that is, assuming
according to our belief that Congress will not
meet again in July-for the development of
business and the resources of the country. We
may hope that in the meantime the Southern
States will be reconstructed and ready to have
their representatives admitted to Congress,
thus closing up our political troubles, and that
members may come back in December better
instructed on the necessities of our financial
and industrial situation, 80 as to give us repose
and to put the republic on fresh career of
prosperity.


The impeachment question must be regarded
as virtually settled; for the investigating COM
mittee has failed to find sufficient evidence for
case, and the President shows no disposition
to obstruct the laws Of Congress or to evade
his duty in carrying them out The talk about
holding this over his head as q rod ia shaken
at child has become really puerile and con-
temptible, and is disgraceful to the legislative
body Of great country. If there were good
grounds for impeachment, let him be impesched
by all means, but as there appears not to be,
let the subject be dropped. The reputation of
Congress and the country, common sense and
decency demand that the subject shall be dis
posed of one way or the other. In the adjourn
ment Of Congress we think and hope we see
the end of this agitating question.


Then, as to our business and financial pros
poets, we have reason to be hopeful Nine
months of quiet, with the flattcring prospect OF
eArly reconstruction, will unlock vast amount
OF accumulated capital which has been lying
idle. Every branch Of trade and commerce
will feel the revivifying effect. Capitalists will
not fear to invest their money. The country
must bound forward in its career Of prosperity
like strong man from whose shoulders q
depressing load has been removed.


With such prospects and with the consequent
demand for large circulating medium we
may reasonably expect decline in gold
Without even any contraction OF the currency
this might he expected; but when we consider
that the Treasury Department is authorized to
contract, and will contract, probably, at the
rate Of four millions month, we may expect
the premium on gold TO fall to twenty-five or
lower by next December. Indeed. if Mr. Nc
Culloch should manage his gold reserves right
and some OF the great business Institutions of
the country, like the New York Central Rail
road, should adopt the specie basis, with a
proper and convenient reduction Of rates, we
might make greater progress towards specie
payments in general.


The various measures we have recommended
from time to time to bring about this object,
such as greater regard to economy in the
legislation of Congress and in the administra-
ton Of government, the outstanding OF our
r,sources and applying them to the reduction
Of the national debt the saving Of the twenty
millions year now given to the national
banks in profits on their circulation, and
in consolidating the debt, making Il Uniform
and reducing the interest-these must be de.
ferred for the present. During the nine
months recess of Congress The people vii,