The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-08-22

| Of the Treasury Department The recent letter
of McCulloch does not meet the case The
enormous frauds that have been committed
upon the revenue-in whiskey, tobacco,
petroleum and other things-amount, as
far as they have been discovered, to
little less than a hundred million Of
dollars. What the undiscovered frauds
amount to we cannot say; but. judging from
the gross Encouragement Of the Treasury in
all its branches the losses of the government
| are much greater probably, than those that
have been brought to light Then there are
the startling revelations OF deficiencies and
irregularities, involving stupendous sums,
which we have ref-rred to before, and which
the extracts Of secret and suppressed inyesti-
cations in our banda seem to confirm. The
aggregate amount 10 said 10 be hundreds of
millions 80 enormous, indeed, thai we have
been afraid to publish the evidence This
was brought out by committee Of the
House, not yet published. The specific
amounts named, about which there appears
little doubt, 10 in enc case over City
millions In another twenty millions and 80 on
OF other sums. Some Of these deficiencies and
Irregularities date back to the limo when Mr..
Chase loft the Treasury Department But
although the extracts we hold, taken from the
Investigations secretly made in the committee,
show fearful state Of things, the evidence has
been 80 carefully withheld from the public, or
suppressed, that there ia reason TO believe the
whole truth has not yet been obtained. We
want more light upon the subject The bond
holders and the people generally will feel
uneasy until the Treasury Department be
thoroughly overhauled. Ii devolves upon the
President to see that this be done without
delay. He must not be satisfied with what
this or that official may toll him; but he must
1luow and must let the public know the true
condition Of tho Treasury as investigated by
committee Of the House.
Mr.. Chase, when Secretary, organized the
Department in oil its details but he was not
much Of an organizer, as we have seen from
the lOoseness Of the whole system, from the
opportunities afforded for frauds, and from the
accumulation OF stupentOus debt for which
there was no necessity. Had the Treasury
been properly managed by him, and the amount
of revenue raised at that time which we now
raise, instead Of borrowing and issuing bonds
at ruinous rate. tho debt would not have been
more than half or q third as large. He was
utterly incompetent for the position be held.
lie had but one idea, and that was to create .
bondholding oiasst moneyed oligarcby. and
the powerful national bank systam. for the
purpose Of roaobiag the Presidency through
their influence He left tho Treasury Ia such
condition that President Lincoln had great
din1culty iu finding maa TO take his place.
Finally Mr.. Fessenden accepted the position !;
Then creature and financial disciple Of Mr..
Chase, a small country banker from Indiana
and the Comptroller Of the Currency, was made
Secretary. Through the Chase influence, and
because no statesman could be found willing 70
take charge Of the Department in its condition
at that time, Mr. McCulloch was, unfortunately,
elevated TO the position. Sinoo he became
Secretary our financial affairs have been going
from Q bad to . worse condition. He has
been laundering about In ignorance OF whore
be was or what to do. At one time be raised
the CRY OF on to specie payments, in chorus
with the same radical organs which nearly
ruiAsd the country with their "on TO Richmond"
cries, and ct another time he stops the con-
traction Of the currency because be sses The
revenue going and ruin staring him In the face.
Had 1t not been for the wonderful resources Of
this great country the Treasury would have
been bankrupt before now, under his misman-
agement Should he remain Secretary two or
three years longer there will be reason to fear
bankrupt Treasury, Notwithstanding all our
natural resources and the surprising industry
of the people. No people or government oan
stand long such incapacity as he exhibits and
the stupendous frauds and losses that IRE the
consequences. To save the Treasury from
bankruptcy, the republic from great financial
disasters and himself from blame, the Presi-
dent should suspend Mr.. AcCulloch 81 onoe,
and appoint some experienced flnancier and
able statesman ~ Secretary OF the Treasury.
This only can save the Department from Inn
pending danger.
The Prince Of Cecagnc Cemins TO Yankee