The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1867-10-17

a Calif0rnia View Of Finance.
Iron no san FrsneI,cosnel
The telegraph reports that Sccre.
tary MeGullvvSh has paid sl20,00O,-
geo Of The public debt during. tlsa.
past year. Atth'a rate tho whole
amount would be paid of in july,
1871 Ar hcCalloeh is doing tie
very thing the sosntry don's want
done. and - leaving undone the
thing which, above all others,
should be done without delay. Tho
paying OF Of thc public debt at tho
late here noted necessarily slran-
S!esegery remedial and alleyiating
measure which the country 80 much
nesds. Beyond every thing else,
1t neels TO be delivered iroul over
taxation. Ilis could be borne
when great armies were in tho
field, and the very existence Of the
Union depended upon the outpour-
ing OF Treasure. We arc now on a
peace footing. but taxation is on a
var basis. The fact is, Mr.. Nc
Culloch has the sharpness and nar-
roWness Of grasp Of q country bank
President, where for years ho
shone as one OF the financial lights.
But he has not tho grasp Of
statesman, and has utterly failed 10
originate any measure for the benz
eft Of the country. Now be ia
boarding gold-sfO00O9,O00 at
timc. Then hc is bleeding tho
country to the last drop in his I'M
timely haste to pay of tho public
debt. His army Of tax gatherers
go about the country, and Secre-
tary McCulloch is jubilant. What
the country sOrely needs is rcvis-
ion Of the revenue law, and the
striking from the Federal tax list
0! hundreds OF articles. Our ship
building interests, once the prideof
the coGhtry have been ruined by
taxation. Manufacturers struggle
with he unequal load and sink their
capital or wait for better times.
Wedo not want the public debtpai1
off in ten years. And it can
only be done by entailiug fresh
disasters upon the country. Tho
country wants res. and a chance
to develop It's resources. An un-
burdened career Of prosperity for
the next ten years would be otvast-
~ greater benefit than tho extiu-
guishment Of the pu 3ic debt. Tho
narrow, hard grained Secretary,
fresh from an Indiana bank, grasps
bat a single idea, and that is
to bleed the public without
even a bankers days Of grace.
If he pays the debt he will have
acquired the reputation Of shrcwd
no matter il, in the mean
time, the country goes 10 the bad.
The people are so many debtors.
His mission is to have the money
or the bailiff is at the door. Tho
interests Of the country demand
that not less than twenty-fveye years
shall be allotted to the payment Of
the Federal debt. In the meantime
the wealth OF the country would
be SO faI augmented that tazation
would not be fclt. A public debt
in manageable shape is by 10
means the worst of evils. In the
shape of a Government security,
backed by a reasonable sinking
fund. it would always be sought as
4 favorite investment. The tro1-
bic with McCulIoch is, his school
ing is IN the line Of discount and
collections, and thus far he bas ut
Leriy failed TO grasp the financial
interests Of the country. Chase
might have evolved a system, for
no was I statesman; but McCul.
och never will.
There are a hundred merchants
IN New York, and half q score in
his city, any one Of whom. would
initiate plan to pay off the debt
II fifty years, and in the meantime
'emove every burden of excessive
.axation The sharpness ola col
ector is one thing, and the grasp
If financial problem is quite an
,ther. McCulloch turns his fnan-
,ial screw and deadcns the great
interests which ought to be rein
and better fitted 10 bear
burdens.