The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-03-17


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SATURDAY, MARCH II, 1885,
The Financial Attack on the Secretary
by the Comptroller.
THE attention of the public, especially those
who, through either taste or business, have
given their time to the examination of fnan-
cial questions, has been directed for several
weeks to the attack being made by Mr.. FREE
MAN CLARK, Comptroller of the Treasury,
on the official veracity Of the Hon. HUGH
MCCULLoCH. 1t seems that MIR. CLARK
accuses Mr.. MCCULLoCH of wilfully and per-
sistently misrepresenting the assets at the
control of the Government, and supported
bis charges with the following allegation,
, which we take from a morning contem.
porary:-
Amount in Treasury by Mr.. McCul-
loch's statement. SIG, ,Olo,90l21
Add compound interest and legal
tenders retired in March. ........... 6,463,s5yOO
ADD Seven hIrti9s bought with pre-
ceeds OF Fye.tw mites exceeding the
par of the latter. r.................. 1928 800 90
in National Banks. 2s,OsO,OoO 90
Add the premium Nlnch gUid ON nand
would bring, IL solo. ........,.,,.. 1000 900 90
s1e6, ,769 1O4 81
Mr.. CLARK, after presenting these figures, pro-
Ceeds to show that, according to his own est-
mate, independent Of the Secretary's return, the
amount really on hand was Sl70, ,4G6,9j0 He
made up that amount in this manner:-
Amount in hands of Assistant Treasurer,
New | ~ .., 500 900
before March ..........,...,......... 6485.S5O
Amount IN hauds OF other Ib-treasurer4,
Observation-Disclosures. u OOJVOJ
HoIu premium '''''''''''''''''''''' y OVU90
Amount IN Observation-Disclosures. Is 600 900
Total l............................ 465S50
In reply TO this grave accusation, we find
that Mr.. HOOPER, of Massachusetts,, one Of
the leading financiers in the House, took the
floor, aud explained, in a lew words. all Of the
allegations of Mr.. CLARK. The compound
interest and legal tender notes had been on
the 1st OF March retired, and could not,
therefore, be considered as part OF the avail
able funds Of the Government.
Again, the 7'30s bought with 5-2OS were
also retired, and hence the profit on them
could not, with legality, be included. In his
calculations, Mr.. MCCULLoCR had already
included the money in the National Banks,
and the law would hardly allow its duplica-
tion. As the gold which was owed by the
Government has not been sold, but is
still in the vaults Of the Treasury, its pre-
MUM could not be counted as a part of the
assets. Here then is the last Of the wonders
discovered by Mr.. CLARK, and paraded by
him before the world as proof either of gross
stupidity or dishonesty.
In addition, it may he said that Mr..
CLARK's estimate of the available means in
the Sub Treasury at New York is wrong.
The amount is subject to outstanding drafts,
to deductions for cancelled securities counted
as cash, and temporary loans paid, but not yet
deducted, awaiting warrants to reimburse,
and other items, which really reduces the
amount available to the United States to
$S2,773,3 3,312.23.
Thus ends the last of the CLARK charges,
and with them ends the difficulty, so far as
the Secretary'is concerned. But the Comp.
troller cannot thus easily shift the RESPONSE
bilty. He made a distinct charge against
his superior-he made it openly and publicly
iIO hoS ItthCu w SuDSLduGltLG IL, luu HIS Dy uls
oficious interference, and his gross igno-
rance, brought such disgrace upon him.
self, as to make it apparent TO all, that the
sooner the place OF Comptroller is filed by an
able and faithful man the better for the nation
He has been guilty of an act Of the grosses
insubordinatlon and most shameful flnancia
stupidity. He has attempted to wrong {
superior by an open charge, and has en-
deavored to injure the public credit by
shaking the confidence felt in the head O
our monetary system. Had he any fault tC
find, or any imaginary error to correct, i
was his duty to report the facts to the Secre
tary, his chief. limo notice was taken, then al
responsibility was shifted from his shoulders
He had done his duty. But to come before
the public in an attack, as he has, is a dsplav
which totally units him for his post as Comp
troller.
No charge made by an inferior, and withou
any substantiation, can shake the confidence
telt by all classes in the financial ability ant
personal probity Of Hon HUGH MoCULLocH
His course has ever been that of wisdom an,
honor. He has been correct in his estimate
in the past and we will trust him unuueS
tiOninplV in the futura A ananoiou n -; -,