The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-05-31
COMMERCIAL AND FINANCIAL.

SECRETARY McCULLocH,s lettsr pnb-
llsheds In another column of to,day's
Paper.Wnl baread With general interest
oysl classes of business people, t,af-
lords a elmmer of hope that a change
loE the ,oetteri is to take place in his poli.,
ey' Inc money editor Of the Cincinnati,
1Gdzsttecomments upon 1t as follows: Z
y . Mr. MoCulloeh has written a letter.
TO Boston msrchantA. in which, The
Iele9rqpk states. he announces susl
pension Of the contraction Of the cur
rency, anda probable increase of the
public debit 10 the early avowed poIi-
cy. ofthe Secretary, threatening a forced
resumption of specie payments, and the
exAggeFation of this by such papers AZ
the New York Tribune, much 81 the
prev iling depression In business Is 10
be 'attri buted. The falling OF In The
revenue is traceable 10 the same cause,
Tue notion was entertained that ttspec-
ulators" mig il be scared, and business
depressed without seriously affecting
the revenue; but little experience has
demonstrated that the industrial INFER
est OF the country and the, Government
were in the same boat, and that the
prostration of the former would dimin-
ish the resources Of the Iattef.d In view
of the existing condition of business,
therefore, 1t was hardly necessary
for Mr.. McCulloch TO write a letter,
announcing his purpose to- stop
the Contraction OF the currency. he
virtually adopted this policy three
months ago, and to contract now would
be impossible. Nevertheless, the letter
Will do good, as It will satisfy the pub
ltls NnnVsa fn
with the currency until the country,
from period of repose in this regard,
and good crops, gets into a'condition to
make contraction desirable. The i'm.
portance Of returning to specie pay
ments as soon as practicable is not TO
be lost sight of; but this desirable end
Is not to be reached by forced measures.
The more haste the less progress will be
made while by moving slowly and
cautiously, In conformity to the laws of
finance, we shall reach specie payments
at such time as the business interests of
the country viii be prepared for the
change, II must now be apparent that
the general management OF our finan-
ces, while 1t has unnecessarily depress-
ed business, has also postponed specie
payments several years. The effort to
depress the premium on gold, by spas
modic sales, as II that were TO bring
about specie payments; the increase OF
the Interest nccoqnt by issuing gold
bonds In exc anke for non.interest
bearing evidences of debt, and the vol
untary payment of three per cent. inte-
rest on $4,000, 900 OF securities, when
the public would have been satisfied
with notes bearing nointerest, are specl-
mems of the policy to which we refer.
Then In addition, the revenue busl-
ness has been badly managed. To n
large extent corrupt and incompetent
men have been appointed 70 execute
the revenue laws, and this has favored
invited, indeed, the formation of pc ~
etf1l "rings,2 through which the Gov
ernment Is being defFauded to an ,enor-
nous extent. This must not only be
levied, but collected, and in order to col
lect, honest and competent men must
be placed In office; and the pOlIcyof no
compromise with Tascals adopted and
rlgidly enforced. IN eUeTy Ldrge citU
men may be found rolling III pedLtR,
Which IS .she Tekub of frauds upon the
revenue, tUho should be IN The pe1likenti-
airy. Whenever the Government de-
cides to put efficient and honest men in
office, and TO enforce the laws in ear
nest, the existing taxes will furnish
sufficient revenue to render, unneces.
sary any increase in the public debt.
But we doubt, whether this result can
be reached except through the impeach-
ment of Andrew johnson, who is Vfr-
tually the fountain head of the corrup-
ton which is depicting the Treasury
the nation 3b'1f It+lsf7 ~ = - = n