Year: 1878

but justifies the tactics which these
men are employing to secure success in
the fall campaign. Whatever danger
is discoverable in the immediate future
of finance is traceable to the attitude
and tendencies of the Democratic party


1t is admitted that the greatest OBJ
stacle to the restoration of business
activity has been an all-pervading want
OF confidence. Various causes con-
tributed to this distrust some of them
having no direct connection with poll
tics. These are not entirely removed.
Corporate management, for example.
still challenges criticism, and the waste
and exhaustion which contributed TO
the collapse have not yet been wholly
repaired. Nevertheless, for some time
past the judgment of intelligent OBJ
servers has been favorable, so far as
the regaining of certain essential ele-
ments of prosperity is concerned. Had
there been no outside elements at work
to battle business calculation and retard
the growth Of confidence, the country
would have recovered much of its lost
ground. The forcing process, however,
Is inappliCable to confidence, and while
natural causes have been at work to an
extent which in ordinary circumstances
would have yielded great results. po-
litical causes have rs constantly oper-
ated to Illustrate them. Favorable in
dustrial and business conditions have
been more than neutralized by inces-
SAINT partisan strife. Attacks upon the
public credit are among the worst
peculiarities of our politics; those of re-
cent date have increased in vehemence
and frequently in proportion to the in
crease of Democratic strength i'm Con-
gress. The wonder is, not that these
attacks have left foreign holders of our
securities to return them in large
amounts, but that they have not more
seriously interfered with the process of
funding the debt. If the congressional
power of the Democrats had been equal
to their evil intentions, funding would
have ceased, and the damage to the
public credit would have revealed it.
self in the embarrassment of the Gov
ernment.


For some of the impediments to con-
fidence that have arisen out of con-
gressional action, western Republicans
must bear their share of responsibility.
Silver reconciliation is Indicative of
sectional rather than partisan folly, and
sundry Democratic devices for prevent
ing resumption and enlarging the at
tributes of the greenback would have
been harmless but for the support ac-
corded them by shortsighted Republic
ans. The difference between the Demo-
Gratis who plotted mischief and the
Republicans who aided them is this;
The Republicans violated the dis
tinctive principles and pledges of
their party, and are now being dis
ciplined by a wholesome party SEN
timent; whereas the Democrats re-
Elected predominating party feeling,
which has since manifested itself in
forms that forbid the supposition of its
being accidental or temporary. The
Republican party is rallying every
where on the solid basis of reason and
right. The demagogues and trihers
who fastened themselves on the party
are in an uncomfortable position. From
this Inconvenience the Democratic dis
turbers are exempt. Their assaults
upon the foundations of business conf
dence were never more systematic,
never more audacious, than now. They
have acquired complete ascendency in
their party, and are using its machin-
cry to unsettle the public mind in re-
gard to all that concerns the financial
and business future. If they succeed
this fall, the growth of confidence will
be prevented, and elements of uneasi-
ness and doubt which have gradually
yielded to events will once more be
brought into full play.


Other evils, contingent upon Demo-
cratic success, are still more formida-
BILE. The Democrats have so fully per-
suaded themselves that after the 4th
of next March both branches of Con-
gress will be in their hands that they
are unable to repress the intentions by
which they are animated. Dispatches
sent from Washington within the last
few days put into shape plan for turn
ing to immediate advantage the power
they expect to acquire. The early as
sembling of the forty-siXth Congress is
one of the features of their programme,
the object being to utilize in partizan
way the results of the Potter inquiry,
to inaugurate measures designed to
satisfy the demands which the party is
echoing, and to prepare for eXigen-
cies which its course is very likely to
precipitate. 1t matters not that in
tluential Democrats have given assur-
ances which seem to preclude measures
of this desperate nature. The dema-
gogues of the party are too strong for
its better element; they are bringing
the leaders to terms; and the moment
success is assured they will throw off
Al. Il. = Al u.


Nothing is more certain than their de-
termination to plunge the country into
an exciting partisan struggle, regard
less of its effect upon public confidence
and upon the manifold interests of
E.l.. A