Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1858-01-01
Buchanan and cobb on rinanciering


At the time the President made up his
Cabine, it was generally received opinion
tha, among its members Howell Cobb would
be the leading spirit This opinion grew
out Of the hypothesis, that Mr.. Cobb was
the ablcst man in the Cabinet. Subscqucn,
event. have proved that while Cobb may
have respectable talents he il a miserable
iinaneier. Asa Cabinet officer 10 manage
the monetary Affairs Of the nation, he will
no, begin TO compare with Mr. Guthrie who
served in tina, capacity under Pierce. lie
wen, into ofhcc when the National Treas.
ury was oycra,vipc. H. found IN the vaults
Of the slb-trca'ury over ilsruiy millions sur
plus. How stands the matter now' TnE
Treasury Is B,NKRrrr-no, a dollar in it.
cogcr. IL has bCcn plundcrcd Of all it.
contents in les than nine months, and the
general government made a comparative
raupcr. Under pr,tgncc oi relieving the
business men OF the country, Secretary Cobb
went To work purchasing in United States
securities, NO, due, paying enormous pr.
miams % the holders 70 sci them zap and in
,hi, way paid "a few millions Of the pub
d. debt iu advance. The records show that
D.. paid about u,LT ,NItLioN Of dollars in
Premium, 70 hire United State, stock hold.
crs 10 take their money, before i, tell due,
and that too, when money commanded from
twelve 20 twenty-five TT CENT Ia the bu'i.
me-. community ia all our large cities. Bot
hf thi. relieve the husin".. mcn-,hc men
VIII, were in the ",igh,e,t place" at that
iimcs Not az all This money wen, in
the Gr,t place to On the pockets Of 10, Of
.pccula,ing ras harou' by Way Of premiums
for anticipating their debts aud paying
them in advance. Ia the next place the
great bulk Of all money paid out Of the
Treasury through those operations wen,
directly into the hand. of brokers, spccglA.
tor and ao,c sha,crs, and instead Of hcn,-
itins the needy. was used only as an ius,ru.
mcnt OF oppression to grind aud shave every
victim, that from necessity o. choice went
ms, negotiations with thcsa land sharks.
such was is operation and We hesitate not
O. say, that a. whole, the money paid out
of the treasury By Secretary Cobb, as aiurc.
aiI. was curse instead oi blessing to the
American people.
Having depleted the National Treasury,
rluudsrcd 1t OF It's very Ia, dollar, the very
fir, measure pressed upon Congress by the
Administration party 3. abil authorizing
e., issue Of n-.riy mi-io7' OF Treasury notes
or government, ",hin plasters,' and this
bin &, forced through by the agency oi party
drill. rs one 81 the fret acts Of this black
democratic Congress.
This is substantially revival Of No
napal Barl by the very party that for year,
and year. mad, opposition TO such an iu',i-
tuition the cbici plank in it. platform.
Ifthi, black Administration had pillascd
the Treasury until it was dry as a con,ri.
button box, why not resort tot dlrcc, loan,
the usual way Of borrowing money? But
u,, this would not DO. Tbcs' hard money
mouscrs. who Tor twenty years or more have
been hawlinc themselves hoarsc in favor OF
d specie currency, now turn short round and
,-nI out twenty millions in government shIn
rlas,crs. with no, a single dollar Of i, rest
ius upon a specie basis, butr lccmablc only
10 promises, and tina, at the pleasure Of gov.
eminent
Thi, last move fairly "oui llerods Her
Cd" The black democracy have now bro.
ken the las, link that connected them TO the
democracy O! the pas,--shin plasicr'. nis.
gers and democracy, one and inseParabIc.
Wha, trio