The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-06-04
Mr.. MCCullOCh.

MI. McCulloCh.
Mr.. MCCULLoCu, soon after the war, an
bounced the true policy of the Govern
ment TO be to economist its operations as
rapidly as possible, and to devote itself to
The reduction of the public debt and the
reduction of the paper currency of the
country, preparatory to n resumption of
specie payments at as early day as posi-
ble. This was the true and only mode Of
maintaining the credit of the Government
and preserving the order and regularity OF
the financial system Of the nation. The
opposite policy of eXtravagant expendl-
ture and o perpetuation of the inflated
paper system of the country tended to-
wards Reputation. Mr.. MCCULLoCH did
not say this last but it is fair deduction
from his views in behalf of his own policy,
and entirely true in itself.
Congress had not the boldneSS to deny
Mr.. MCCULLoCH's position and it conceded
the correctness of his policy so far as to
authorize a curtailment of the paper mo-
uey atoat at the very moderate pace Of,
we believe, 100000 per month. But
Congress did not cooperate with him in
the matter of economy. They rushed
into reckless appropriations Of money,
while their legislation, affecting directly
the national industry, and most disas-
,rously the national confidence, was
steadily diminishing the revenue from in
ternal taxation. In the short space of
eighteen months the Secretary of the Urea
Sury finds that not only is he deprived of
the means of reducing the currency, but
that the receipts of the Treasury are not
equal to the demands upon it. With this
plain condition of things before the nation,
so completely relieving Mr.. MCC. of all
responsibility, he is assailed with much
severity by several northern papers, led
by the New York Herald, which INDUCES
itself after this fashion:
Gle (Mr. McCulloch) is responsible for
aggravating the effects Of undue contrac-
ton by iniudicious speeches and reports.
Yet he still clings 10 his favorite dogma,
while he virtually contesseS that he has
deludcd the country and impaired its
prosperity, and that he is now in the midst
Of difficulties Of his own creation"
This is altogether unjust and unfounded.
Mr.. MCCULLoCu's policy could have had
no other effect than to inspire confidence
in the integrity and purpose of the Go
yernment, and that policy fails entirely
through the acts of Congress, for which he
is in no wise responsible.
But there is an object behind the cur
tain not disclosed by these attacks. the
system of speculation in stocks and gold
in New York has induced a degree OF de-
prayity and corruption not before known
or dreamed Of in this country and the
announcement of Mr.. MCCULLOCH OF the
necessity to which he had been driven by
the decline in the revenue and increase III
the Government expenditures, already
I,rown in the commercial world, is seized
upon to produce a sensation, which Is to
have its effect in the money market
Although Mr.. McCULLocH's entire limo
canoe is fully understood, yet to assail him
and magnify the unfavorable tendency OF
Government finances will make the sensa-
ton the greater and the effect on the mar
ket stronger.
Mr.. McCULLoCH is right. His policy was
the proper one. And unless the Govern
ment so acknowledges by conforming it,
action to it-by curtailing expenditures
by increasing its revenues-and by purify
ing the currency--it will put the country
on the ,faciliS decenSoS of reputation.
In bringing back the country to prospc,
rity and the Government finances to a
healthy condition, the main point is to re-
store peace. There can be no prosperity
until this is done. Instead of this we see
class of politicians still tanning the EN-,
bers of strife, undertaking missions to the
southern country to ALLEVIATE the races and
disorganize labor. When the nation has
wisdom enough to esteem the welfare OF
the country of more inn, ortance than the
success of party and The distribution Of
the offices and emoluments of the Govern.
ment we shall have rest, and the country
will rise to its fullest energy and fullest
prosperity, and will cancel its obligations
completely and promptly.