Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1865-03-09


We hail the unanimous confirmation by
the Senate Of tbe nomination of the Hon.
Hugh MeCuIloch as sscrstsry Of the Treas
ury, and the equally unanimous endorse
ment Ofthst nomination by the people of
country, without distinction Of party, as
inAusursting q new era in our national
finances. Mr.. AeCulloch takes his seat
under circumstances IN many respects far
more advantageous than those which have
surrounded his predecessors. The un-
precedented public confidence which
is rested upon him is Of itself
most auspiciOus ss well as most essential
70 success. Then, too, Mr.. McCnlloch, un-
like many Of our governmental officials, is
not politician, and owes his appointment
not to any political dogmss, or to the in
Huencs Of any political clique, but to his
well-known experience and ability in
financial matters, He will therefore not
permit any political schemes or purposes
to interfere with his duties in the manage
ment Of the Treasury Department, nor
will his financial projects be embarrassed
by the fsctious opposition, or the equally
dangerous partizan support of any partic-
ulsr set of politicians. He has also the
benefit of ample means, as far as regards
taxation, provided by Congress. In this
respect his position is far preferable to that
of Mr.. Chase, who was compelled to make
bricks without straw. Mr.. Fessenden had
this advantage, but, having taken the Of
fee against his wishes, and, as it were,
only pro te,npore, adopted no settled poll
cy, and allowed the accumulation Of float
ing debts and the imitation OF the currency.
This gave rise TO doubt in the public mind,
and, in spite of military successes, kept
gold ct about 200.
Mr. -McCullogh, therefore, enters upon
his Office under the disadvantages conse-
quent upon the imitation of the currency,
and the embarrassment of unpaid requi-
sitious TO the amount of one hundred
and thirty millions. The new Secre-
tary is however, too experienced a
fnaneier not to understand the nee
essity and the expediency of prompt psy-
ments and an immediate contraction of the
currency. These two cardinal points in the
management of the Department are already
announced as his policy. He has the means
in his hands thanks to the system Of taxa
tion which Congress hss provided, and he
will use them at once. A sudden contrsc-
ton il impossible and undesirable, but
gradual reduction of the currency and
consequent depression in prices TO an ante
war standard, will be the attempted policy
Of the government, and viii, we venture to
predict, be successfully carried out. Under
this policy the price of gold and everything
else will tumble, and the interests of busi-
ness men will Of course temporarily suffer.
But this must come sooner or later, and
the sooner the better. Let the gold specn-
lators look out Let business men pre-
pare themselves for q gradual, but sure
and universal decline in prices. Hence
forth the financial policy Of the govern
ment will be to raise funds By taxation,
and by contracting instead of initiating the |
to reduce the prics of gold
Such is the only sound policy and its insu-
gurAtion secures q different and better
state of things TO the country. We vel
come Mr.. McOullogh to a position which
we are sure he viii fill with honor to him
self and with benefit to the government
and the nation.