The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-12-06

Congress All Mt Sea ON National Finances.
II is clear from the varied and conflicting
propositions made in Congress with regard to
financial questions that, with all the desire to
ventilate their ideas, members are wofully
| ignorant and all at sea on the subject. Mr..
McCulloch, so far from throwing any light
upon II, has really made il more obscure. As
to the President he does not pretend to know
much about financial matters. He is perfectly
at home on the reconstruction question, and
has, in the capital argument upon that in his
Message, completely foored the Congressional
radicals. We did think at one time MIR. John
son was making some progress in financial
education, for he talked sensibly about not
meidling with the currency and about the
laws Of trade and the growth of the country
adjusting all that; but we fear he has been
listening too much lately to the crude theo-
ries Of Mr.. McCulloch and Robert J. Walker.
Mr.. McCulloch is acting the part of Shylock
for the bon1ho!decs, and demands forthwith
the pound of fesh-the gold-for his insatia-
bic clients. Mr.. Walker wants job to neyo-
tate another loan IN Europe for the same
objectto bring US still more in debt to
foreigners, to get gold from them at a ruinous
rate, which they would soon draw from us
again through flooding the market with
their enormous stocks Of goods and creating a
heavy ba.anco against u.s. Whichever way we
look we see no craftsmanship and no hand to
help us out of our financial dilemma.
Such being the case, we shall drift along as
England drifted after the exhausting wars with
Napoleon the First year after year. till the
corfatry rights ITSELF England was many years
in coming TO specie payments and to anything
like settled state of things and, indeed, she
still feels the effects very sensibly. She has
been great sufferer from too much modelling
with the natural laws Of finance and trade We
may have to 60 through similar history,
though the growth and latent resources OF this
country are far greater than hers were But
If we would sroid the terrible revulsions she
passed through, and the fright:ul pauperism OF
the industrious masses which followed as o
consequence, VIC should not copy her errors. 4
Looking at the ignorance Of ogfpublic men on
the subject Of national finance, particularly
in IT'S present magnitude, the les,Athat may be
attempted the better. A few things only should
be done. Stop any further contraction of the
currency at once. Let the volume OF circula-
tion remain as it is Neither expand nor con-
tract. Let the national bank currency be
withdrawn and the profits on it saved to the
government. We have now three cJrrcncies-
geld for the foreigner and bondholders, legal
tenders for bank redsmptions and spectators,
bank rags for the working classes.
We want only one uniform currency-that Of
legal terders-based ON the strong foundation
Of the government With these changes,
together with reduction oftaxation, aTevenue
system improved and simpliied, and economy
in the various departments Of government, we
shall GO along very WE'LL The country in the
course Of a few years win absorb all the cur
renc7 to the point Of stringency. and we shall
and BEAUTIFULLY approximate specie
pay menss. Nothing more should be attempted
at present. We want no tinkering by incom-
petent hands. The lasses faire polieyis the
righ. enc.