Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1867-01-04

With all the vRunted abilities Of Secretary
McCulloch as a fnancier, he has seldom
been able to secure the endorsement Of any
of his financial schemes by the nation at
large or by Congress. His late report in
this respeet ! - more successful than his
previous effor s. -<fier careful study Of its
statements, tE39ries and suggestions we find
the only point on which we can agree with
him is in the expression Of the opinion that,
1t will be our own fault if we do not entirely
escape those severe financial troubles which
usually befall nations at the close Of expen-
siye and protracted wars" OF the fact
here stated we have all along been fully
convinced. But we have been quite as
fully convinced that we would commit the
very fault thus deprecated by following the
advice and suggestions the Secretary else
where makes He warns US of danger, tells
US It will be our own faults if we do not
avoid it, yet advises to steer the ship directly
upon the breakers of financial ruin Hor-
ace Greely, though greatly in error as to his
premises, is consistent in his advocacy of
immediate and rapid contraction. He be-
lieves financial crash involving the
destruction Of our h.~ncial ediGce inevitable
and wishes to bring 1t on onca roso Ar
whole fabric to the ground and :, anom
SacretaYy McCulloch is correct in his =
ises. that financial crash can and ought t.
be avoided, yet persists in urging rapid
contraction, the effect Of which all having
any knowledge Of finances know and declare
must inevitably bring financial ruin. The
Secretary depreoates stock gambling anC
speculating, yet urges the enactment Of {
law obliging all the national banks to redeem
their circulation ia New York City, thu!
increasing to a still greater extent the facili
ties for stock gambling in Wall street HC
deprecates the expectation OF our bonds anC
points out Its bad effects upon our industria
and commercial interests, yet asks authorit]
to issue bonds for the express purpose o.
expectation, and made payable in Europe
He points out the fact that bonds, com
pound interest notes, and other indemnitiei
to the amount of about 81, 800, 600, 900 fal
due in the next two years and mast be paid
lOE luG uust JdAt3 ny bHG negotiation OF new
loans, yet urges such a contraction of tb,
currency as viii inevitably decrease on,
receipts from revenue, damage the natiopa
credit and increase the rates of Interest. al
the very time that these loans win have tc
be negotiated and when the national welfar,
requires that the rate Of interest be RI,
very lowest possible His views upon the
tariff, which has so vital bearing upon on,
finances are no less contradictory and ipcon.
sisteut the effect Of the few useful suepes
tions which he makes upon the subject j.
neutraized by pleas ior reduction Of n,
wages Of the American laborer m love
with the pauper wages Of Europe eounlol
with filings at our manufacturing enternr;sss
scarcely kept alive by occasional incidenta
protection, as home monopoles built up b.
prohibitory duties. Altogether We thin
the Secretary report, aside from the state
ment Of the national indebtedness and tn
various forms in which it exists, likely
give but little aid to our representatives
shaping the legislation pertaining to tn
department Of the government