The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-06-08
saIes OF cod by the Assistant T.easu.e

Sales OF Gold by the Assistant Tleasu ser.
From The Wortd.
Several of our contemporaries criticize with
more or less severity, the letters written by
Secretary McCuIloch and Assistant Treasurer
Van Dyck in vindication OF the large sales Of
Government gold, made by the latter on receipt
Of the panic news from England brought by the
steamer Cttbd Although we find i'm these criti-
cisms much which compels our assent we think
them unfair to those officers by their failure TO
Il axe certain determinations. Mr.. Van Dycb
proceeded upon his Own unadvised sense of the
eXgency, and Secretary McCulloch is no further
responsible for his action than by giving his
subsequent sanction to what was done without
spec jc instructions That be was convinced,
against his first impressions, Dy Mr.. Van Dyck's
Vindication, should at least be accepted as
proof that the latter acted with boneSt inten-
tons. II requires no stretch OF courtesy to con-
cede to Mr. MCCulloch more than average tinan-
cial intelligence. There is therefore, no diff
Guilty III supposing that the arguments which
convinced him. satisfied the Judgment OF their
author. And, indeed, none of the animad yer-
sion, on the action oi Mr.. Van DycE reflect upon
b probity, but only reprobate the unsoundnes5
OF his opinions.
HIS integrity in the transaction being con-
lessedly above reproacn, it only remains to
examine the logic OF his vindlcation. Aud
herein all his critics fell into the injustice OF
holding him answer able for the false system of
! i
his errors and those of his official chief Secre-
tary McCullocb are the logical consequence
OF the false system of which toey are not the
authors, their errors ale more justly charge
able upon the system than upon themselves. 1t
is a great anomaly, nay, great absurdity, for
Government to collect its revenues in two
different kinds OF money, whose values have no
fixed relation to each other. With such
source of confusion in the national finances,
it Is impossible that they 5houl be salts &C.
tor ly administered With sound and uniform
currency, no such questions as are now dis
cussed could possibly arise. And, indeed, with
only one kind OF money, whether sound or I'M
sound, in government transactions. the outlines
of the ordinary Treasury operations would be
perfectly simple.
The Cover ment raises money only for one
object namely, TO meet its own obligations and
expenditures. IL does not collect money from
the taxpayers to hoard, or TO speculate upon, or
! 10 bull and bear the markets with, but solely to
pay out again in discharge OF its debts. II all
| the revenues OF the Government were collected
in one kind of money, or even in two kinds
whose relative values were defined by law and
| fXe0 no other use OF what is paid into the
| Treasury would be thought o., than simply
| paying it out again IN Gancellng the matured
! Obligations OF the Government. Ii more was
! received than was needed Tor THIS purpose, the
! obvious remedy would be 10 reduce the taxes.
! But when the revenue Is cclecJed IN two kinds
| OF money whose comparative values constantly
| fuctuate, there are introduced into the Treasury
! operations elements totally inconsistent wish
I
! il holding the Treasury officers respons 4Dle for
! evils which are the necessary consequence OF
! the confusion and absurdity thus intro luced.
! The Government under which these officers act,
! the Government whose fiscal laws they admins
! ter regards both the currency in which one part
OF the revenue is collected, and the gold in which
| the other part is collected as being alike
money. That they are equally money is the very
! principle of the Legal fender act, which dis
! charees debt incurred IN one by tender of the
! same nominal amount OF the other. But II they
ale both money, it is the clear duty OF the Gov
ernment, which causes them to circulate as such,
either to make them equal in value (as it ab-
surdly tried to do in the legaltender ac or give
! them fixed relation to each other (Which Is
| equally absurd and imposslble). II they are both
money, the Government is bound mot indeed,
| by any financial law, for finance derldes the at
| tempO to re gulate their value with reference 10
each other The obligation to perform this i'm
| possibility results from the Constitution, which
| in giving the Federal Government control OF the
| currency, empowers ii ''to coin money, regulate
the value Thereof and of foreign coin aud TO hX
the standard OF weights and measures" Iti as
much the duty OF the Government to give the
country Uniform dollar as a unlOrm yard stick
If il allowed two systems OF mea 3ures, IL would
be its duty to fix and define the relation to each
other And so if it allows two kinds OF money
IL is equally its duty TO tx their relative value
by declaring how much of one shall be equiva
lent 10 SO much of the other. This IS implied II
Regulating the value of money!" which is on'
OF the important functions uf the Government.
When the absurd leealtender act was foisteC
upon us, making paper dollar equal to golt
one, and when Congress afterwards contradictet
itself and denied this very equivalency whicl
itself had enacted by collecting part of tn
revenue in cold ana part in paper, II acted II
pursuance of a constitutional obligation in try
ing TO regulate the value OF the two kinds O
money il had absurdly created, aud to brin