The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-01-04
Secretary M'CuTIocn sand the Gold
Premium.
FROM the Washington Chronicle.

from me " GSGiilgtoi CAFOilicts-
The recent decline in the gold premi-
um, without any apparent cause, has
revived the discussion as to the proprie-
ty of the Secretary of the Treasury re-
tanning in his vaults large amount of
cash gold and putting it upon the mark
ct secretly. The effect OF these secret
sales of gold by the Treasury Depart
ment upon the gold premium and upon
business in general has been mischiev-
Gus in the extreme. Instead of check
ing speculation in the precious metal,
as the Secretary of the Treasury alleg-
ed it would do, it has operated in the
interest OF the gold gamblers, and 10
the disadvantage and injury of impor-
tiers and others having occasion to use
cash gold in their legitimate business
The accumulation of gold in the Trea-
specie payment is suspended is a nat
ural consequence of the law requiring
the payment OF custom duties to be
made in gold. But Secretary McCul-
loch has committed Il gross blunder
in keeping a large surplus over and
above what is necessary 10 pay the coin
interest on the public debt in the vaults
of the Treasury, especially when GER
tain branches of mercantile enterprise
are compelled to pay the penalty OF his
boarding. Nobody but gold gamblers
and stock jobbers have received any
benefit whatever from the policy pur-
sued by the Secretary. Not among the
least of the evils connected with this
system has been the practice of Secre-
tary McCulloch to sell his gold secretly
instead ofin open market. But for his
well-known character for business in
tegrity, this of itself would subject his
honesty TO serious criticism; and as it is
there are not wanting those who are
ready to accuse him of unlawful COM
with NNan No have
no sympathy, however, with these
stories, believing that Mr.. McCullOch
has simply fallen into an error, and
that he will be as ready to correct it as
he was to adopt it. The House of Rep
resentatives has already had its atten-
ton directed to this matter, and the bill
introduced by the Hon. George
as the gold bill, has already met
favorable response from the or
gans representing the mercantile inter
ests of New York, Philadelphia, and
Boston. Mr.. Boutwell,, we learn, will
call up his bill at an early day after the
reassembling of Congress, and press it
to a speedy vote. This measure is in
tended not only to define the amount OF
| gold which the Secretary may keep in
| the treasury, but also to regulate the
| sale of the surplus accumulation.
Should it be adopted, and we earnestly
hope it may, the business community
will be as thoroughly acquainted with
the Secretary's gold operations as they
| are now with the condition and pros
poets of the public finances. Accord
| ing to the present arrangement the Sec
rotary of the Treasury is allowed to ex-
ercise control overthe money market
which should never be committed into
! the hands of any one man, and especi-
ally to a person occupying the infiuen-
tial position of Secretary of the Treas
ury of the United States. Business
men cannot calculate from day to day
or from week to week what shall lie
the course of the gold premium, be-
cause they do not know what day
Mr.. McCulloch may put his millions
upon the market through his secret
agent at New York.