The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-02-19

In how poor light would the intellect of the
American people be regarded But, happily,
there Is no fear that either the words of Chase
or the action Of the Jacobin faction in Congress
will be regarded by the world otherwise than
az the action Of the unelean bird that befouls
Its own nest.
| The Currency Observation-Disclosures Be-
tween Theory ana Practice.
The Secretary Of the Treasury has expressed
his views, or rather theories, about the currency
and returning to specie payments, both in his
Official report to Congress and In public
speeches. He says we must return to specie
payments that our currency is In an unhealthy,
abnormal state, and that II must be restored to
Its normal condition. In this he says nothing
new-nothing that has not been said over and
over again under similar circumstances by the
theoretic bullionists and political economists of
Europe and this country. Every student of
history wiliremember. this was an often repeated
theory during the financial diflculHes Of Eng
land that attended and followed the long Euro
pean wars at the commencement of the present
century; and 1t will be remembered at the
same time what troubles resulted from the fool
ish attempts to apply that theory contrary to
the laws Of trade and nature. Such abstract
declarations sound we'll enough, and the mass
of mankind who do not understand the intri-
cate subject are misled by them. II is easy to
say to starving man in a land OF plenty you
ought not to starve there is an abundance in
the country, and you ought to have your share,
or at least enough 10 preserve your life That
is true in theory. But the laws of property,
the laws Of society, and it may be the moral
law which he has violated, may have cut him
of from the benefits which others enjoy. An
industrious, worthy man may fail where an
unworthy man may succeed by the operation
Of causes over which neither has any control.
This is wrong, unjust in theory, but practically
ii is an inexorablc fact. SO with regard to the
currency question, the theories of Mr.. McCul-
loch and the superficial press that re-echocs them
are all very fine, but the difficulty is in their
application. The Secretary experiences this,
and, consequently, while he says one thing he
does another He talks loudly of contraction
and of returning to specie payments at the
same time he finds it impossible to do 80.
Indeed, he is moro likely to resort to expansion
from necessity. We hope, however his theories
win have force enough to keep hun from unduly
expanding currency not guaranteed by the
government, while he is contracting that based
solely upon IFS credit. Mr.. McCulloch's beau
tful theories, which are in CONFLICT with his
practice, remind u Of celebrated hydro
pathic doctor. who, while he prescribed the
cold water doctrine to his patients and the
world, found it more healthfai and convenient
to drink wine himself
-rhe Secretary or INC Treasury, to speak
plainly deceiving the country. He is holding
out false hopes and Is making promises he
knows he cannot perform. We might excuse
such conduct in humbug Snowman or medi-
cal qusck, but we cannot in such high public
functionary. The Secretary of the Treasury
ought not to descend to such tricks. They are
beneath him and bis Office. Neither the govern
ment nor the country can be benefited by
them. They can only produce evil. We want
the truth. Mr.. McCulloch knows that the ext
gencics Of the government the extraordinary
development Of the country and the de-
mands Of trade, are more likely 10 create
stringency In the money market Than
that we shall End rcdundance Of cur
rcncy. He ought to know, TOO, tina any sud-
den effort to contract the. currency. or per-
haps any contraction Of II under present cir
cumstances, would paralyxe trade, check
development, suspend industrial operations,
change existing values, and plunge ms into q
general revulsion. Why not tell the truth
about Ii, theni Let him not preach the bull
Zionist doctrine when II Is not practicable, and
by so doing mislead the people. We shall be
as much gratificd as no or any one WHEN the
time comes to have specie paymcnts again; nor
would we neglect to uss any means that could
be safely used to bring IL about, but we know
this can only DO through the operation Of the
laws of nature and trade. Any attempt to sus-
pend or oppose these would be like attempting
70 stop the flow Of Niagara or the course Of the
Mississippi, and could only be followed by
ruinous- consequences. The country 1, not
in most prosperous condition. The spring
and summer trade promises to be unprece-
dcnted; and when the miserable partisan OBJ
structionists at Washington will permit the
South TO be restored, the republic In every
part will bound forws-a in the greatest pros
perity. Then we sha approach specie pay
ments without acts Of Congress or Treasury re-
guiations. Let us not expand the currency, and
especially let us not be cheated by flooding
the country with an unsound currency like that
Of the so-called national banks, instead Of
government money, ~ the legal tendcrs. Then
we shall grow up 10 the present circulation
and gradually and BEAUTIFULLY approximate to
the specie standard. President johnson, whose
comprehensive mind quickly perceives the
philosophy or truth Of anything, expressed to
A. Vt-~s~f.~s M ,thar fho