The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1866-11-26

for as regards his power over the Ma
honal finances, he might as we'll be
wholly irresponsible. Secretly, at his
own pleasure, he suddenly determined
two or three weeks ago to call in his
balances from the National banks, and
the result has been that he has brought
upon the country condition of panic,
from which it may not recover for
months. Millions have been and viii
be sacrificed because of his sudden
movement and yet the end of such
movements may be years ahead. The
result will be that the business of the
country will grow more and more de-
moralized, and dealers in our every
day necessities, as we endeavored to
show few days ago, will become moro
DESTROYS than ever to make money by
keeping up high prices as long as pos
sible, knowing full well that suddenly
they will be subjected to heavy losses
when Mr.. McCulloch makes one of his
secret and sudden movements. The
evils of an irredeemable paper curren-
cy, excessively inflated, are enough at
best without the exaggeration of one
man power superadded. We like the
remarks of the Cincinnati Gazette on
that head, and especially its call upon.
Congress to put stop to this evil by
very judicious and saluLary adjust
ment. We quote as follows from its
remarks
Congress will see the necessity for
speedily terminating the system of de-
posting the public money in banks.
1t is dangerous TO the banks and to the
public money, and it puts it in the
power of the Secretary fthe Treasury
to ease or tighten the money market,
and thus to change values at his will.
1t will see the necessity of placing some
Limitation to the surplus funds in the
Treasury, and to provide for applying
them to the payment Of the debt. II
has limited the rate OF the contraction
OF the Treasury currency. We doubt If
1t will be so demented as to provide for
turning non-intereSt bearing notes into
gold interest bearing bonds, upon the
plea of the necessity for reducing the
currency, while it is paying tho banks
interest for adding their notes to the
currency imitation. When we come to
that we had better transfer the Govern
ment and revenues and property of the
| country to tho banks, on the ground of
our incOmpetency.
Specie payments cannot be establish
cd without a great reduction of the
amount of currency. This reduction
cannot he made without distress that
will reach every branch of trade and
industry. II this comes by n regular
and open system of contraction, the
natural consequences however severe,
will not drive the people to demand
that the contraction shall be cut, and
the imitation let loose again. But If
they come through the secret operations
of tho Treasury Department, the peo-
pie will have the realization of distress
from tho operations of Government,
without any knowledge that any neces-
sary work has been accomplished by it.
Naturally, it will raise suspicious and
storm of indignation against tho
Government. We doubt if any Gov
eminent can stand before the popular
storm that would be raised if the dig
tress that is inseparable from tho con-
traction of ourN currency to IA specie
basis, shall be aggravated by all the
suspicious that will be created by secre-
cy and ons-man power in the Treasury
operations.