Year: 1874

/. There should be an end Of the efforts to
depreciate the Presidents action by i'm
pugning his motives. We have not over
rated the Presidents knowledge or sense on
financial subjects. Some of tho most pitiable
exhibitions of incompetence ever made in the
productions of any high official in the history
of this country have appeared in his letters
during and since the panic. That in which ne
fOreshadowed the five dollars a day specie re-
sumption policy, and expressed his amazement
that silver was not already coming into
general use in trade, need alone be mentioned.
We do not, therefore, strain the probabilities
in recognizing the need for hearty thanks TO
sound advisers about him. But all the same,
it was the Presidents decision that settled the
matter His most intimate and congenial friends
were vehement inflatiOnists. He had taken
petulant oflense at the tone of the Boston and
New-York merchants. Against these he de-


cided right. The Country wants results, more
than manners or motives. The President has
rescued us from initiation, and shameful breach
of National faith. All honor to him for it,


II. The situation cOmpels new Secretary
of the Treasury. Mr.. Richardson has not
been so much unsound as merely unfit.
He has made the most absurd figure
in the Treasury Department known
to our financial annals. Besides the
SanbOrn business has shown some
thing worse than incompetence. The Presi-
dent having placed himself at the head of the
party of financial knowledge and honesty,
must feel the necessity for some fit represen-
tative of it in the Treasury-some such man
as the one he first chose and would doubt
less now have adorning his Administration
but for his unfortunate inability to free him
self from the ENHANCEMENT of his vast busi-
ness. The Country would be glad to welcome
a man of such caliber as William NJ. Evarts


in the place once filled by Salmon p. Chase
The greater probability is that we shall have
some such man as Columbus Delano.


III. There will be no split in the Re-
publican party in consequence of this
Veto Parties split because of devo-
ton to principle or devotion to Office
There are not enough of the infationists who
have any conception of principle in the mat
ter to cause the slightest danger on that &C
count. There are none who will want to split
of on account of the offices, for the Presi-
dent holds the gift Of them, and on the
question of honesty in finance is sure to
have the sober, second thought of the Country
with him. People who look to the veto as
source of political disorganization, make a
great mistake. The President will hold ON To
the Mortons and Buffers and Logans through
natural affinity; while by this message he has
very largely regained the better and hitherto
greatly disaffected class of his supporters.


Nv. The message will rate among the most
respectable of the State papers that have ema-
mated from the White House since the days of
Lincoln. Current gossip attributes it to
Bancroft Davis. Certainly the same pen did
not trace this message and the naive ex-
preston of ,amazement lin the Presidents
letter to New York banker) that silver was
not already going into general circulation in
this city. But the same hand signed both, and
for that the Country gives thanks. On the main
points in the message there will be no dispute
among sound fnanciers but at the close are
few suggestions which will be received with
reserve. The proposition to increase the reve-
nues so as 10 pay current expenses, provide
for the Sinking Fund, and retain heavy gold
surplus in the Treasury, will provoke warm dis
cussion. The Country will hardly stand direct
taxation, it is doubtful if additions can
safely be made to the tariff, and the business
of boarding gold in the Treasury, save with
direct view to the early resumption of specie
payments, would work great arrangement
of mercantile interests. An eminent mer-
chant OF this city has suggestion.