The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-30
Oar Nst'oses Fsnaeces-ssecretnry uIcoui-
toch's Orudities.

Os"s Hsmauces-Secretnry McOui-
ioch's Orudities.
Secretary McCulloch is incurabIy welded 10
his financial theories although they have
proved impracticable, and he Is compelled TO
abandon them in practice. He not only does
not learn anything by experience. but he be
comes more confused and incapable. Yet he
never loses an opportunity to ventilate his
crude notions about our finances and the cur
renoy. His last performance In this way is
seen in letter to some citizens of Boston in
reply to an invitation to complimentary
public dinner rendered to him.
II will DO remembered that the Secretary. in
bis Fort Wayne speech, and on other occa-
sions, spoke strongly in favor Of resumption
Of specie payments and contraction Of the
currency to bring that about at an early day.
In his reports to Congress be recommended
this policy, and that body, acting upon his
recommendation, passed an act authorizing
him to contract the currency by withdraw
ing legal tenders from circulation. He used
the authority conferred for . time, and
proceeded in Withdrawing tho national
currency from circulation till be saw
that the effect was proving disastrous
in checking the industry Of the country and in
reducing the income Of the government Now
he confesses that be is compelled to suspend con-
traction and is not Withdrawing any longer the
United States notes from circulation. Stiil. he
talks about resumption as pertinaciously as
ever, notwithstanding this inconsistency be-
tween his theory and practice. He now thinks
curtailment of the circulating notes must be
governed by the condition of the country and
Of tho Treasury. The condition of the country
aud of the Treasury tells him he must not
curiail the currency and his on-tospecie-pay-
ment theory is scattered to the winds. He
yields the point we have been contending for
the industry, business and revenue of the
country.
Why, then, does Mr.. McCuilooh still persist
in misleading the public by talking imprac-
ticable nonsense 7 The argument he endeavors
to make in his Boston letter Is a piece Of weak
special pleading to cover up his Inconsistency.
1t shows that he is unfit to manage the finances
of this great country, especially at such a
critical time. He says the majority of the
members of Congress last winter were opposed
TO contraction, and therefore he does not wish
to place himself in opposition TO them. He
does not wish TO produce panic in the
commercial cities, as there are anxious fore
holdings OF financial troubles. He admits that
1t would not be prudent to contract, as there
are large amounts of interest-bearlng notes to
be paid and converted within the present aud
next fiscal year. And he thinks the failure of
the crops and other circumstances may seriously
affect business, 80 that it is "important the
public mind should not be diverted by the
criticisms and complaints Of those opposed to
from The real cause of trouble"
This last part Of his argument is ambiguous;
but it is enough to know that he deems any
further contraction unsafe
What Mr.. McCulloch says about the increased
and enormous burdens upon the government,
from the donations or bounties to soldiers, the
Indian war, the lavish appropriations Of Con-
gress, the expenses and condition Of the South,
the large issues Of bonds to the Pacific Rail-
road, and other reckless and extravagant de-
mands Congress has imposed upon the Trea-
sury, is worthy Of serious consideration. He
thinks that with these burdens and reduced
revenue any further reduction of the national
iebt at present must not be expected. Indeed,
10 believes temporary increase Of the debt is
Such is the condition to which
reckless and extravagant Congress and In
management of the national finances
ave brought US. With large surplus revenue
short time ago, with a country immensely
With an active, industrious population of thirty
I've millions, we are now told that the revenue
will be deficient and the public debt increased.
This is humiliating 10 the country and q dis
grace to those who have had the management
IF affairs. A day Of reckoning will come and
that before long, when the people will call TO
account our radical Congress and all who have
contributed in bringing the republic to such
1t is a singular coincidence that at the same
lime Mr. McCullochs letter appeared in the
HERALD we received and published a debate in
he British Parliament. where this very subject
II our financial condition was discussed. The
speakers, while paying just tribute to our
resources aud the ygor and industry
,f our people, seemed TO anticipate the state
,f things revealed by Mr. McCulloch. They,
however, did not comprehend the question OF
,ur currency, and how tampering with that
3 one Of the causes Of our present financial
situation. We publish TO day, in another part
II the paper, an article much more to the
point. The writer shows by historical facts
md analoges and by sound argument that to
rave an easy and a sufficient currency Is the
,nly way to stimulate industry and production,
o furnish an ample revenue and to pay of the
rational debt. These are the views of states
nan the views and conduct Of our politicians
md public officers are pettiiogging and ruin