New-York tribune., 1867-06-08


ssC and force them out of the list of gamblers INTO
the natural function of brokers. The Secretary has
accumulated what looks like large balance, but IL
is not excessive whom his wants are considered
His balance is. if9 So0"S
or which in god .........--..---.''. iH1DV,O
Available currency. .....,..------ sS1'oo''VV
The only fmlt Mr. McCulloch committed IN May
was in not canceng four millions OF legal tehuciS
and the only error he is likely to make III luVulo
will be excessive tmidity in putting out Oh Sgh' 'o
irredeemable due bills, called legal tenders upon
which the National banks are now resting 30 inSo-
curey During the current month he VIII ailih'ia'c
eight millions of interest-bearing legal tenders, and
force contraction in bank credits, when VIII
in turn keep prices of commodities Steau
lily moving toward natural values, ana con-
vert thousands of middlemen, speculators' anu
idlers into producers. The country deinahoS
still sharper contraction in the volume Oh paper
money than Mr.. McCullOch has yet seen proper 10
make His errors have been those of financial officers
usualIy-undue timidity The public is now able to
sec that the camor about deficient income mas no
substantial basis, and that from the industry Of tho
countrv. only partially restored he will get surplus
which should be sacredly devoted to reducing the
debt in the form of circulation. The Secretary must
now have the courage to administer his department.
in the interest of the solvent part of the community,
and let the spectators upon the past ne
ccssities Of the Government get away from
the consgnOrs of the action as they best may. lhey
have had warning of their danger year after year.
and there is reason for delaying financial recon-
structon for their anentatiOn, and particularly Tor
the oucres Of spectators in breadstus provisions or
corporate securities 1t is his business to look at the
price of Government stocks alone, and to let the
holders of trash inflated by an excessive issue oi
papcr money make their losses, and return to some
productive labor.
The earnings OF the New-York Central for May are
ass 900 less than in 1896 The earnings Of the Toledo
Wabash and Western Road for May show gain OF
s3l OOO The gross traffic Of the Erie in May Is re-
ported rs showing an increase At the rates PAID IL
is probably paying full dollar in expenses for every
dollar received
The Michigan Central Road earned in May:
1867 ss33o5l 1856 .. s355I95 Decrease. ....sJi2i
The decrease in the last week was $4,000. The
earnings for six months from Dec !, 1860 to June J.
1851 were ~ 9JS3Go for sixmonths from Dec J. loo
TO June /, 1866, 81 .923,l96; increase S5.l1S.
There is some trouble about Quartz Hill Gold Com
panv. Itappears that the Company have commenced
n suit against John Leighton and others, charging
them. rs directors Of the Company, of coHuding to
rcthcr and increasing the capital stock from slWOo
IN - 10000 without the consent of the stockholders
and against the law, and praying that the increased
stock may be declared spurious. The Court has
granted an injunction restraining any sale OF trans
fer Of such stock.
The following statement shows the amount oi
grain in store IN all the elevators at Buffalo, June