The south-western. [volume] (Shreveport, La.) 1852-1870, 1867-11-27
The Financial Question.

We commend the following letter from antelope,
the New York correspondent Of the New Orleans Plea
yune, to the careful perusal of our readers
The President will support Mr. MeCuloeh in his poll
CIV Of funding and contraction. This you may rely
upon, and his forthcoming message to Congress VIII
confirm what here assert.
The President will positively oppose all measures
that look to an initiation of the currency, and he WI"
side with his Secretary in his efforts to bring about all
early return to specie payments.
This is most important information tor the whole
country because it reveals line of policy winch, II 1t
is really to be persisted in and will be, so tar as the
Executive and Mr.. McCuoch concerned, will break
every bank and half to threeourths OF the merchants
in the country.
| care not what inancer or commercial man OF
standing you converse with the subject he will tell
YOU that the present course Of contraction on the part
of the Government is destined cripple the prosperity
and trade of the patton as it was never crippled oeiore
and produce distress unparalleled in our history
But then say the contraction advocates, lit will re-
store specie payments shall emerge from our paper
currency with of gold and silver and this will be
worth any sacrifice may make. BESIDES, a Crisis
has got to some time or other and why not no"
as well as any other time
Very true so far the latter part OF the argument Is
concerned "a crisis has got to come at some time or
other,n but is it wise to precipitate that crisis
Mr. McCuIoch has given out that y pursuance OF his
present system Of contraction viii enable the OoVefh-
ment and people to resume specie payments III 1902
But how does he kn0p this? No man believes 1t,
and is the Secretary possessed OF superior lntorma-
ton and far seeing into the future above all othef men
the abest fnanciers in the land included?
In 1865 he wrote publicly stating that he should be
able to resume specie payments in 81 but 81 is most
gone, and where the specie payments?
They are not visible in New York, nor are they to
the SecrearyS optics and he now appoints the pelou
of resumption at two years hence
Everybody laughed when he made his 67 prediction,
and the smile reappears over his so prophecy
Now, one thing is morally certain we shall never
see the day CT specie payments again until ~e haze
hea1tv trade North and South and firm specie ton'-
oation to rest upon. The person who imagnes that
this country, while in its present denoraIsed condl,
ton, politically, commercially and financially, could
resume specie payments is an idiot OF the broadcast
stamp and would believe anything.
Give the arbole country chance to build up its agrl-
culture. its commerce and its finances and let this
work he in progress few years. and then will there
be an opportunity afforded for safe and sure return
to the specie standard
But that opportunity will never be seen or known
while the hundreds of millions OF revenue heretofore
derived from the South are blasted and cut OFT.
Alone, never resume specie payments with
out bankrupting the country and bringing down the
Government in the rufus; but united the North and
South with 'truth justice and confidence" everywhere
prevailing the work, though it might be question OF
time would nevertheless be
nv that the credit or lGc N0FGfUlleuI Is So
stagnant at this hour? Why is it that its collaborating
bonds are selling at lower figure than some of the
currency bearing railways? Simply because the South
is not with us. To all useful purposes she is as far
away from though she were some foreign power,
and not portion of the United States.
1t is here the trouble lies 1t is here that all our
trouble lies and safe return to specie payments need
never be looked for while the present condition OF
affairs is allowed to exist
Withdraw the military power from the South give
her fair representation Ill Congress, and allow her
peacefully and confidently to pursue her aVocations
and develop her resources, and United States bonds
would advance here and abroad twenty per cent.
The cry of "repudiaon' would never then be heard;
Europe would absorb and still more ofour bonds;
the Government credit would rise steadily and with
unchecked force; gold would fall from its own dead
weight and specie payments would restore themselves.
But is to the present that the South as well as the
North, has to look.
We see persistence by Mr.. McCulloch in his last
debt statement, in the contraction policy he has re-
peatedly ayowed, and I have it from high quarter
that not only will this be continued by the Secretary
but that it will be backed up by the Executive in his
forthcoming message.
This, then, is the Government programme, and its
disastrous consequences every business man can cacu
late for himself and arrange his affairs accordingly.
Congress stands in the way to balk the plan by not
only Withdrawing from Mr.. McCulloch his contracting
power but in authorizing increase in the currency.
The West, with united voice, will demand this
the South too far she may be represented, while
among the Pennsylvania and Northern members there
will also be found willing acquiescence in policy
opposed TO the present suicidal one Of Mr.. McCuIloch.