The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-23

| the financial condition OF the country, few un.
derstand il or the remedy. The trouble Is
that they want to do too much and to try all
sorts of experiments, just as unskilful doctors
ard qGacks do with their unfortunate patients.
Our Congressional doctors have a case before
them novel and unprecedented in the history
Of this country, with symptoms and effects
different in some respects to those which have
appeared in any other country, and requiring
treatment suitable to these peculiarties, rather
than such as foreign financial doctors have APP
piled to foreign diseases. Unfortunately, mem
bers OF Congress, instead OF seeking remedy
for this peculiar case Of ours, 90 back to the
| exploded practice and blundsrs of British
hnanciers, whereas the only valne of their ex-
perience is to warn us against tilling into their
errors. We must, however, give Congress
credit for doing one good thing under tho
pressure OF necessity. Whatever theories
members may entertain about The finances and
currency, they have yielded to the demands of
the country in stopping Mr. McCulloch from
contracting the currency any further at present.
As to the President he does not pretend to
understand well great financial questions, and
says little about them. He regards the early
restoration of the South on a liberal basis, SO
as not to Atrcanize that productive region
and destroy its productveness, as Of the high
est Importance both financially and politically.
And he is right in this; for il the cotton fields,
the sugar, rice and tobacco plantations and
the industry Of the South generally DO de-
stroyed, as now seems likely under the negro
supremacy policy OF Congress, how can the
financial condition Of the country or govern
ment be improved? If the negroes be en-
couraged in idleness by inspiring false hopes
in them, by taking them away from labor
to mingle in political contests, and by creating
mistaken notions Of their own importance-if
the Intelligent white people be driven away,
as they assiredly must, from this second
Hayti-if we have to support Freedniens
Bureau to prevent these people from starving,
and an expensive military establishment to
keep down disorder, how Is it possible to
reduce expenditures and taxation and to
organize healthy system of finance Indeed,
there is great danger that by the falling off of
Southern products, with the consequent decline
Of trade and revenue, and by the enormous
demands upon the Treasury, the country may
be involved in still greater financial embar-
easements. Unquestionably, then, a different
and moro liberal policy of reconstruction than
that now pursued is necessary 70 prevent these
evils coming upen us.
One of the greatest dinicultios at present i1 |
the way Of putting the national finances on a /
proper foundation and Of relieving the people |
Of a portion of their heavy burdens is the
Secretary of the Treasury. Mr.. McCu!loch is
not only ignorant on questions of national
finance, but he is stubborn, conceded and in
capable Of learning In the best times such
man at the head OF the Treasury Department
would bring the country to the verge of bank
ruptcy. Hundreds Of millions have been lost
h-eush hiss incapadtJ sarassaismarsrespept
yith the enormous resources st Ms seonRasd h
he debt might have been r1iuced since The
war closed four or five hundred millions more
han it has been. 1t was his duty to recon-
mend to Congress a financial system that would
relieve the country of its burdens and embar-
but he has not the capacity-he has
utterly failed to do 80. None but the bond
holders, national bankers, gold and stock gam
blers and the Jay Cooke spectators on
government loans favor his policy. The mass
Of the people repudia,e it, and our Washington
informs us that the general
expression Of feeling among Congressman Is
decidedly adverse to his management of tho
They have come to the opinion, |
which we have entertained all along, that he
should not remain longer at the head OF the |
Treasury Department The interests OF the !
country, and probably its salvation from fnan-
cial ruin, call for his immediate removal. This
obstruction must be thrown ont Of the way
before we can hope to reach better condition. |
Mr., Shermsn's report from the Senate Com
mittee on Finance for funding the debt and for
other purposes fails to lay down such plan
Of finance rs the country wants. II Is crude |
and complicated, and would tend to perpetuste
the burden OF stupendous debt, with little
hope Of removing IL hereafter. 1t grand
project for stockjobbing and gambling, and for
creating corruption and trouble In the States
and between the States and the general govern
ment Undoubtedly the debt should be funded,
as,er having paid as much Of It as possible
while unfunled. II should be made uniform
and bear as low a rate OF interest rs the mar
ket and government credit. can reduce It but
We should be In no hurry to make II gold
debt, both principal aud interest, while the
currency Is the money of the country and gold
nj premium. Let the currency remain rs 1t
il, no, attempting to force specie payments,
and get rid Of ~ much Of the debt a. we can
in the meantime. The proposition to collect
The tax on government bonds, and then TO dis
tribute this among the States, Is highly objec-
tionable. Tho corrupting influence of such
distribution and the trouble II would cause, 70
sav nothing OF the political objections arising