The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-09-27
MoCulIOCh and the Money Speculation
From 1ie ~ Y Herald

McCullOch and the Money Speculation.
From The ". Y. Herald.
Mr.. McCulloch and the money spectators
are all the time gambling with the funds
which the country needs, and thus withhold
ing them from the legitimate channels Of
trade. The Secretary keeps locked up in the
Treasury constantly two hundred millions and
upwards, reckoning the gold at currency
value for what other purpose than gambling
operations, or to help the money gamblers of
this city and the national banks, no one can
conceive. The revenue invariably comes in
as fast or faster than the demands upon the
Treasury for it. If the whole two hundred
millions, or thereabout, were used tomorrow
in buying up the debt, and the Treasury left
empty, there would be a surplus again within
a month. Why, then, is this vast sum kept
in the vaults and out of circulation 1t is
worth twelve to sixteen millions a year in
interest, and that amount would be saved to
the country by applying it to the purchase of
the interest bearing debt. Why should these
twelve to sixteen millions year be lost to the
people and country2 Mr.. McCulloch has
not had skill enough to bring down the pre-
MUM on gold by keeping an immense re-
serve. On the contrary, it has gone up, in
spite of his hundred millions of gold reserve.
But if he had succeeded in this there would be
no reason to hold fifty, sixty, or seventy mil
lions of gold reserve. Such miserable finan-
oial mismanagement serves only the national
bank spectators and the money spectators of
Wall street, while it robs the country of the
interest on two hundred millions, and prevents
the circulation of this money in the channels
of trade.
The Secretary of the Treasury is doing just
the same as the bankers and other spectators
in money are doing. He belongs to that class,
L. G,,o ao1,n tlafrg nl,nxy
hold immense sums of money, which also is
needed by the country for legitimate business,
for no other purpose than gambling. Millions
upon millions are used for this daily and
hourly, without yielding anything or producing
any other result than to nominally fill Mr..
Smiths pocket and to empty Mr.. Jones'
to-day, and to empty Mr.. Smiths and fill Mr..
Jones' tomorrow. This gambling produces
no wealth, and only keeps up an ever
lasting see-saw of ups and downs among
the money gamblers themselves. 1t Is
not a whit better than gambling at the
faro table, and is equally as demOralizing
to the individuals engaged in it. But the
greatest evil is withholding the vast sum thus
used from the proper channels of trade.
There is plenty OF money in the country, but
there is great need of it throughout the locali-
ties removed from money-ctntres. Had we
twice as much, it would be useless for pur-
poses of production and trade in general as
long as the banks and other money specula-
tors and gamblers should hold it for the same
object they do now. There is not particle of
difference between the conduct of Mr.. McCul-
loch and that of these money gamblers.
They are both demoralizing the country and
running it's best interests. They are both
checking production and trade while there
are abundant means to stimulate and increase
them. Such violation of every sound prin-
ciple of finance and business can only end
disastrously.