Year: 1877




quences of Withdrawing the troops from
the South and recognizing the fact that
peace had been established-that the
general government itself was not appre-
hensive of a renewal of hostilities be-
tween the people of the States, Mr.. Sher-
man, the Secretary Of the Treasury, has
been enabled to withdraw the proposed
sale of government bonds at A per cent.
interest and substitute and sell 4 per
cent. bonds. So long as the government
maintained threatening attitude toward
the people Of the States, there was, or
was supposed to be, danger Of further
trouble, tending TO increase the expendi-
lures and make the payment of bonds
doubtful. The direct fruits Of the partial
application? Of Democratic principles
by MIR. Hayes is to make the nation rick
er. If in two months by adopting only
partially the measures which Mr.. Tilden
would have put in operation. we have
thus been enabled to reduce our interest
account more than half OF one per cent,
or about ten per cent, no one can doubt
that the reduction would have been far
greater had the President-elect been reg
ularly inaugurated. The effect of this
reduction of interest is very great and
amounts in series of years to curtail-
ment of the national debt about one
third or in other words the interest on
the bonds at per cent. in 20 years
amount to the principal. A third of in
terest thus saved is so muth to be applied
to the extinguishment of the principal.


Now, it will be observed that the
Democratic press is very unanimous in
commencing the Southern policy of Mr..
Hayes, SO far as it goes to relieve the
country of the stigma of the expensive
and alarming "bloody shirt" policy, and
establish in its place the policy of peace
and fraiernd regard of the government
for the whole people, scattering to the
winds the dread of further civil war, and
relieving the land of debt, relieving
the people of burdensome taxation nd
making an open way for the land to rise
again to its value before the war. The
hostile spirits Of both sections drenched
the land in blood and made our country
poor whereas it would have been. had
the compromise measures" of 1861 no,
been defeated by bad men with old
blood-lettlng Chandler at their head. the
richest country in the world.


But there is hope. Mr.. Hayes, so far
has done pretty well. He is permitting
II he is not encouraging, spirit of love
and peace TO diffuse itself, and thus is
re-establishing confidence. He seems to
nave "no enemies TO punish" and that is
lhe brightest feature that is hoped for in
Washington just now. The President OF
theunited States ought to be the friend OF
all his people, encouraging all by fulfill
ing his official duties in such a manner
as to make every one feel that he is tn,
head of the nation and can hold no ami
mostly toward any one, much less to
ward the States. Because he bestow
Office only upon those who voted for hin
1t does not follow that he should be pel
sonally inimical to those who did nc


ote for him. That would be followin


1.-THE radical path. again-it would b


dopting at once the destructive doctriu
ii Wendell Phillips, Morton and Char
dler, whose influence upon Grant led {
his weak and vacillating Southern polio
so retarding and injurious.