chings
of experience, all attempts in other financial and economical
reforms will either fail absolutely, or be but partially successful.
A sound economy is the lifeblood of a commercial nation. If this
is debased the whole current of its commercial life must be disordered
and irregular. The starting point in reformatory legislation must
be here. Our debased currency must be retired or raised to the
par of specie, or cease to be lawful money, before substantial
progress can be made with other reforms."

Under these circumstances, it was manifest that no wise financial
legislation could be secured until General Grant should become
President of the United States.

The Republican national convention met at the city of Chicago, on
the 20th of May, 1868. It declared its approval of the reconstruction
policy of Congress, denounced all forms of repudiation as a national
crime, and pledged the national good faith to all creditors at home
and abroad, to pay all public indebtedness, not only according to
the letter, but the spirit, of the law. It favored the extension
of the national debt over a fair period for redemption, and the
reduction of the rate of interest whenever it could be honestly
made. It arraigned, with severity, the treachery of Andrew Johnson,
and deplored the tragic death of Abraham Lincoln. The entire
resolutions were temperate in tone; they embodied the recognized
policy of the Republican party, and made no issue on which Republicans
were divided.

The real issue was not one of measures, but of men. The nomination
of General Grant for President, and Schuyler Colfax for Vice
President, upon the basis of reconstruction by loyal men, was
antagonized by the nomination, by the Democratic convention, of
Horatio Seymour for President, and Francis P. Blair for Vice
President, upon the basis of universal amnesty, and immediate
restoration to power, in the states lately in rebellion, of the
men who had waged war against the government.

In this contest, Grant was the representative Union soldier of the
war, and Seymour was the special representative of the opponents
in the north to the war. Grant received 197 electoral votes, and
Seymour 72.

A few hours in advance of the meeting of the national convention,
there was a great mass meeting of soldiers and sailors of the war,
a delegation from whom, headed by General Lucius Fairchild, of
Wisconsin, entered the convention after its organization and
present