The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-08-06

Secretary McCuIlocL- Movement 81 New York
Bankers md Brokers.
According 10 our telegraphic advices Of FRI
day evening last it appears that on that day
there was an arrival in Washington Of q dele
cation Of New Workers, claiming to represent
the commercial interests Of this city, being
mostly bankers and brokers Of radical tenden-
cies and opposed to the general policy Of
President Johnson, a. well as the financial
policy of Secretary McCulloch, aud that the
object Of this depotstion was the removal OF
said Secretary or to present such statements Of
his Encouragement Of the affairs Of bis depart
ment Us TO secure reform in its conduct
This is certainly q remarkable movement,
financially or politically considered, and what
ever may have been its precise object and
Whatever may be the results OF the embassy, il
Is calculated to call public attention to Mr..
McCulloch aud his management OF the national
finances The question il thus suggested, IL
Mr.. McCullcch. as Secretary Of the Treasury,a
success or failure; and, II . failure. wherein
has no failed We think he has failed in fail
ing 20 comprehend and grasp the reforms
which the return OF peace has demanded in the
crude, insecure aud unreliable paper money
and national pet bank system insugurated for
the purposes Of the war and the radical party
by Mr.. Secretary Chase The shortcomings of
Mr.. McCulloch in the matter OF these reforms
we have repeatedly indicated from time "
time, and especially in reference TO the pet ma
tionaI banks. which absorb in their profits
Of J,tI
that might be- saved 10 the Treasury by dis
pcnsing with their services. We have also
shown the inevitable dangers Of, and tepdcn-
cies Ia, corruption inherent in this pet bank
system. from the examples OF barefaced fraud
and deliberate robbery among them already
disclosed. Nor have We been able 10 discover
any purpose or inclination on the part ~ the
Secretary TOR thorough cure Of the evils 81
this vicious pet bank system. Mr.. McCulloch
seems 10 be content to follow in the footsteps
Of his ilhstrious predecessor. Secretary Chase.
~ " entirely regardless ct the faoi that thc
restoration Of peace demands . searching and
comprehensive reconstruction Of our loose aud
desperate financial system OF the war rrom.the
top 10 the bottom.
Mr.. NcCulloch has also lost caste hnsn-
cial statesman In bic recent experiments 90
influence the money market by his sales u
gold II IL also understood that hc has OF late
been largely exchanging one class " securi-
ties for another n So, we have only 30 re-
peat that the Secretary is making lame de-
fence for serious breach Of duty. and that
with such devices he cannot stand against \
hostile radical movement in the shape of
Congressional investigation. movement which
the imrlaoable "Old Thad stevens" has broadly
hntcd will be Put into practice with anything
like justifablc Indictment 10 act uppn.
Independently. however, of tho Shortcomings
and mistakes II Mr. McCulloch in purely
financial view, he has under the circumstances
which surround him, ceased 70 be . fitting rep
rcsentaiire u the new policy and the new
party contemplated by the administration.
NJ. Seward. Mr. McCuloch, Me-. Stanton. add
NJ. Welles, MS members ~ the Cabinet. are
nov recognized more a. the connecting links
which still bind together republican radicals
and conservatives. the radical policy and i'r
Johnson. than A. representatives Of the la,srr
In opposition "a Thsddous Stevens and his Toll
lowers Tho professions Of adhesion 10 Presi-
den, Iohuscn vouchssied from M.ssvs. Seward