The New York herald., 1867-08-19
Views Of the West NatIo1al Finance and
tho Currency.


That mighty portion Of the country, the
West which viii soon control the destinies Q!
the republic, is liftns .Sp its voice against the
ruinous hnsr.cial policy of Mr.. MoCulloch and
the Organs Of the Eastern capitalists. We have
)! before us an article from the Chicago Tribune
pitching into It's fellow radical and namesake
OF this city for is "wretched contraction poll
esy; ils mischevous quaS.sery, and its shameful
ignorance Of the Fundamental principles of
finance" 1t is severe, too, on Mr.. NcCulioch
for his Inconsistency and imbecility, and dhogs
that while the Secretary is abused by the New
York radical organ for not hurrylng on faster
to specie payments, he has actually, within one
year and nine months, contracted the currency
over two hundred and nine millions. In fact,
while Mr. McCulloch has found it impossible to
carry out his absurd theory Of " on to specie
payments" because ruin stared him in the
face, he is as much in favor of contraction as
Greeley and tho Eastern bondholders, and he
never loses an opportunity in his management
of the finances and currency 10 play insidously
into the hands of the capitalists, the bond
holders and the national banks. His whole
policy and conduct tend 10 favor this small but
powerful class and to oppress and ruin the in
dustious classes The den,mciatory Language
of the Western press on the vadical organs OF
the East and on Mr.. McCuNoch for their
wreiched vagaries and ruinons tsolicy is not at
oil too severe.
The Chicago Tribune represents the Western
republicans on these questions of LOance and
the currency. But the democrats Of the West
are equally hostile to The financial policy Of
the Secretary Of the Treasury and the lEaslern
capitalists. We published yesterday extracts
from a speech Of prominent representative
man of tho democratic party-Mr. George II.
Pendleton, Of Ohio-in which similar views are
expressed to those Of the Chicago radical
paper. Both agree that 1t is dangerous to the
country, and particularly to the West, to com
tract the currency now; that contrac ion would
result in financial panic, and force the far
mers of tho West to sacrifice their products"
" 1t would swindle them,' they say, "out Of
two hundred millions of dollars for the benefit Of
tho East and its Spectators" The proposition
to withdraw the greenbacl1s from circulation,
and thus 10 convert these greenbacks, which
pay no interest, into bonds which pay interest
in gold, is denounced as increasing the num-
ber of those who do not pay taxes, and inoeas-
ing the burden of those who do. Mr.. Pendle
ton shows, what the HERALD has said all along,
that the national bank circulation is swindio
on tho country; that this circulation should be
withdrawn and the government issue Rgal
tenders in its place, and thus save upwards of
twenty millions year without increasing the
volume of the currency. While the two par
ties in the West may differ in some RESPECTS
The amount of currency needed for
the business and development Of the cou ntry,
the character of the currency, or the best way
of meeting and paying the national debt, they
agree that contraction would be most dsas-
trous, both to industry and the revenue OF the
government.
Hero we see, then, mighty issue looming
up between the great West, embracing all
parties of that section, and the capitalists, the
bondholders, tho manufacturers and the pro-
tecioniss OF oil shades in the East. 1t will
not be long before party politics rtnd mere
political questions will sink into insifgnificance
before this important issue, for the material
interests Of people govern their conduct
New parties will be formed on the absorbing
questions OF finance, currency, ths banks, the
debt, protection and revenue. The West will
be united on these, Independent OF old party
affiliations. The seat of empire and Of polti-
cal power will be there. The West alone
would be able to control the policy OF the
government but united with the agricultural
South, the interests Of which will be identical
with those Of the West, the political power of
the republic must pass forever from the Eastern
Atlantic States. In view of these facts it will
be wise on the part OF the moneved and manu-
featuring oligarchy of tho East to pause in their
grasping and ruinous financial policy. Should
they be able 10 force q contraction of the cur
rency to increase their own wealth, and there
by to plunge the West into bankruptcy, and
should they increase the burdens, already very
heavy, of the industrial classes, and at the
same time embarrass the Treasury through
their selfish measures. their securities and
wealth may be endangered. There is no dis
position in this country to repudiate; but it
should be remembered that the people govern,
and that if they should be burdened too heavily
politicians may find reputation popular and
the way to power. We warn the contrac-
ton theorists and monopolists Of the
Greeley and McCulloch school that they
are treading on dangerous ground. In
this country the interests Of the productive
and industrial classes must be first considered
The republic cannot be governed entirely in
the interest of few capitalists, manufacturers,
bondholders and the national hanks