The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-06-01
SECRETARY m'CuLLocHs BACK TRACK POLICY.
TO THE EDITOR OF rne HERALD.

TO THE EDITOR or The HERALD.
Mr. Mccuoch has written another letter. He SAYS he
has suspended the contraction OF the currency defer
to the views Of Congress Blu. Congress did not
rescnd the permission continue the contraction on
the contrary majority in favor of it or they would
have deprived the Secretary of the authority to contract
The fact is McCulloch Is winding himself up very fast
he sold gold from choice he does It from
necessity the further issue Of greenbacks being the only
alternative He will use his gold up before very long,
and then commence issuing currency. He cannot avoid
this. further issue Of ereenbacks is inevitable and
the longer he continues his sales Of gold tamperng
with the currency the he will have ISSUE It
amazing 10 see how apparently blind the people
continued gold sales. What is the special object
Of cheap goldY The people do not eat it
ii 1t IS used Tor duties 70 be sure, but the people do
not want cheap gold duties the expense Of
their bread and butter The people need active,
neraive employment. They want the means Of living
IL oil no use 10 talk Of cheap prices when people
losing money and the workingmen thrown out Of en-
p0ymcnt and deprived of the OF purchasing tho
necessaries OF life at any price. man
employment, and, II industry is prosperous, days
wages y vii, y WY sye Nun ng ~noa regard 70
will sarve or steal quit the country II prices
down indicates nothing but distress unless Il results
from diminished supply OF currency. If the supply
Of currency cannot be diminished declining prices fore
shadow Distress bankruptcy, meagrs for the
government and concs between capital aud labor, the
result Of which, country where universal suffrage
PREVAILS cannot be doubtful Labor will say sHere
are two thousand millions Of government bonds
paying no tax. Is this justr" Labor will say "Here
three hundred millions Of national bank notes. and
Ave or hundred millions Of national bank
deposits, drawing interest that 10 wrung CT the
losses OF labor mot profits, there longer any
profits accruing to American Industry Is this
justr How long will society remain IN quiescent
state under sucn ah existing condition Of things when
there Is no hope Of Improvement and whom matters are
growing worscY Where the government going 10 get
its revenucsf II such condition Of things that
brought Shay's rebellion in Massachusetts, At the
close OF the revolution and II matters 60 they
now gong, rcpudat0 will be the unavoidable conse-
quence Who is going to starve for the benefit Of
taxed captalf What merchant manufacturer will
submit TO the loss. Of his property business Tor
the benefit Of bondholders? These considera-
tons for the statesman and for every patriotic citizen t
IS not pretended that ought TO tax their
securities for this would be equivalent abate-
ment Of the interest breach Of contract Nor 10 II
pretended that states should, either with without
the consent OF Congress- tax government securities.
But 1t s claimed that there 10 feverish distressed,
pinched condition OF affairs brought wholly without
necessity, with definite end in view (unless II be
reprdslion), by the stupid obsnacy Of one man. that
win result in serious disaster.
Some persons think the country lis eminontly fortu
nate 10 having able q man to preside
finances Rufus Choate is said TO have exclaimed
'Oh, for an hour or Webster and heartily echo the
exclamation for IL that great statesman alive lie
mighty genius would summon the people TO \ sense OF
the impending danger.