The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-09-25
Mr.. DIcCnl,och and tho Money Spectators


NJ. McCulloch and the money spectators
are all the time gambling with the funds which
the country needs and thus Withholding them
from the Legitimate channels of trade. The Sec
rotary keeps locked up in the Treasury con-
stantly two hundred millions and upwards,
reckoning the gold at currency value; for
what other purpose than gambling operations,
or TO help the money gamblers of this city and
the national banks, no one can conceive. The
revenue invariably comes in as fast or faster
than the demands upon the Treasury for it. If
the whole two hundred millions or thereabout
were used tomorrow in buying up the debt,
and tho Treasury left empty, there would be a
surplus again within month Why, then, is
this vast sum kept in the vaults and out of cir
culf.tionf II is worth twelve 10 sixteen mil
lions year in interest, and that amount would
be saved to the country by applying 1t to the
Purchase of the interest-bearing debt Why
should these twelve to sixteen millions year
be lost to the people and counsrys Mr..
McCulloch has not had skill enough 10 bring
down tho premium on gold by keeping an i'm
mense reserve. On the contrary, 1t has gone
nm. in spite Of his hundred millions Of gold
| reserve. But If he had succeeded in this there
would be no reason to hold fifty, sixty or
seventy millions of currency in reserve. Such
| miserable financial Encouragement serves only
the national bank spectators and the money
spectators Of Wall street, while 1t robs the
government Of the interest on two hundred
millions and prevents the circulation Of this
money in the channels Of trade.
The Secretary of the Treasury is doing just
the same as tho bankers and o.her spectators
in money are doing. He belongs to that class
and has no ideas Of finance above theirs They
hold immense sums OF money, which also is
needed by the country for legitimate business,
for no other purpose than gambling Millions
upon millions are used tor this daily and
hourly, without yielding anything or producing
any other result than to nominally ill Mr.
Smiths pocket and to empty Mr.. Jones' to-day,
and to empty MIR. Smiths and Oil Mr.. jones'
tomorrow. This gambling produces no wealth
and only keeps up an everlasting see-saw Of upi
and downs among the money gamblers them
selves. 1t is not whit better than gambling
at the faro table, and is equally as demoralizine
to the individuals engaged in It, But the
greatest evil is Withholding the vast sum thus
used from the proper channels Of trade. There
is plenty Of money in the country, but there il
great need Of it throughout the localities re
moved from money centres. Had wo twice a
much it would be useless for purposes OF pro
duction and trade Ia general as long as tn
| ,..css or5 othar v,,orov av,ocrlotors ara r,c,
blers should hold 1t for the same object they d
now. There is not particle Of difference be
tween the conduct Of Mr.. McCulloch and tina
Of these money gamblers. They are both de
moralizlng the country and running Its bes
interests. They are both checking production
and trade while there are abundant means 4
stimulate and increase them Such viola
ton of every sound principle of finance AM
business can only end disassrously.