Year: 1874

Brauuaily Improve during the next three or
four years, but not in consequence OF demo-
cratic successes in the elections nor i'll conse-
quence of democratic legislation. More than
three years must elarse before the democratic
party can pass or repeal any act Of Congress-
From March 4, 1876, to March 4, 1877, it will
control only the House. the President and the
majority of the Senate being against it. I'm
less there should be an extra session OF Con-
| gress IN the summer of 1S77-which is un-
hkely-there will be no democratic Legislation
on the finances previous to the regular ses-
sion beginning three years from next Decem-
| Der. SO that for more than three years
there is not likely to be any other change in
the financial condition than such as results
from the operation of the laws OF trade
without material alteration in the amount
or character of the national cur
rency Congress. at its next session.
will leave untouched the currency act passed
i'll June last, and during the life of the Forty
fourth Congress the House will block repub-
lican and the Senate will block democratic
legislation, SO that the laws relating to bank
ing and currency win remain unaltered tor
several years.


It is odd that this obvious Legislative impo-
tence is insisted on by the democratic organs
as the great reason why the country need have
no fears of rash and dangerous measures from
the democratic party. 1t is a strange line Of
argument for democratic journal to main
tain that its party need cause no alarm, for the
excellent reason that it is powerless. This
would seem more appropriate ground OF re-
assurance in republican than in democratic
mouths A republican might legitimately con-
sole his party since its recent great defeats by
showing that a long period must elapse before
the democrats can do any Legislative mischief,
and that meanwhile efforts can be made to re-
cover lost ground. 1t would be most extraor
binary vindication of the character Of Tweed
to point out the length Of time he must re-
main prisoner. But how would such vim
dication differ in substance from heargument
that the country need borrow no trouble
about the democratic successes, because the
party continues as powerless as it was before
to enact or repeal any laws? The country
has the same kind of interest in the character
Va eAC 0CiuCCAoeiS parry e1a1I luC PcoPic VI
England have in the character of the heir
apparent. When it is objected to the Prince
OF Wales that he is prodigal, a man given to
questionable indulgences, Of empty, frivolous
tastes, without political judgment or solid in
formation, it would be ridiculous reply to
enter into an argument to prove that the
Queen his mother, is likely to live several
years, and that he can meanwhile
do no mischief. It would be
more to the purpose to show that
his favorite associations were with states
men, that he cultivated habits of business,
that he took constant interest in the politics
of the British Empire and the diplomacy of
Europe--in short, that he was taking some
pains to qualify himself for his future respon-
sibilities. In like manner the people of this
country would gladly be assured that the
democratic party is united on line Of policy
fitted to inspire public confidence, and would
prefer to have their feeling of security depend


on the shortness instead of the length Of
time before the party comes into power.


The country has an especial interest in
/ knowing what the policy of the democratic
party is going to be on the great subject Of
the finances This is the paramount ques-
ton. The recent political revolution is chiefly
owing to public discomfort and suffering on
account Of the business condition of the
country. The people meant to con-
denim and have emphatically condemned
the financial policy which caused the
disastrous collapse last year and the
disheartening stagnation which has since
! prevailed. They knew what they meant to
condemn, but they do not yet sec what they
ought to approve. The people in these cleo
tons have acted like family Indignantly
dismissing a physician who has maltreated
his patients-sure they are right in that but
not very well knowing whether his long
sighted village rival will prescribe with more
skill.


The business of the country will improve
year by year from the spontaneous operation
of natural causes; but whatever improvement
may come within the ensuing three years will
be in no respect due to democratic legislation,
and is more likely to act against the party
than in its favor in the Presidential election.
This years elections happened to come at the
most discouraging period of depression. The
great panic of September, 1878, was looked
upon at the time as o Transient disturbance,
which Congress was expected to rectify at
its next session. More was expected
of legislation than legislation could
accomplish and the law actually
passed, after six months debate and
one memorable veto, was harmless, indeed,
but utterly futile. The country, naturally
hopeful, then looked forward to revival of
business in the fall--a revival which did not
come. The late elections took place at the very
elimination Of the public disappointment;
at the point of time beyond all others most
AG...A L.