The New York herald., 1867-12-10
Sh"nso '" ihe Trcasury Depar,mepr and
Vnbinet Required.


Vabinet Required.
The emphetic conformation Of Mr.. McCul-
icehs financial policy BY tho House Of Repro
sentalives calls for tho in,aelia,e resirnation
Of the Secretary. Tho ovcfNhclming yole Of
one hundred and twcnly-seye. against bis
favorite policy Of contracting tho currency.
with only thirty-lwo votes in favor or It'll e
| II, three-.ourths Of the House opposed i, him
on this very important question shows the
imperative necessity Of change Iaaeod. we
canaoi believe Mr.. McCuIloch has "a little sslE
respect and sense ~ to wish 10 remain nj tIe
head Of the Treasury Department after such a
decided condemnation OF his policy If the
question before the House had been one Of an
unimportant or less important charaosar. he
might cling 10 his Office with some excnse mr.
show Of reason; but this Of contraction and
forcing specie payments before the country is
prepared for it is q broad and vital one. II
has been the foundation OF his financial theory
end superstructEre, and all The operations OF
tue Treasury have been built upon II. The
greater part Of his wordy, diifuse and weak
report to Congress is an attempted defence OF
his views and conduct with regard to this
matter. He seems, in fact, to stake his re,,uta
ZION and position on that How can he remain
IN oflcc, then, after being thus condemned by
The representatives OF the people.
Congress-, last year, when less enlightened
than it Is now, and when il had more con,idsnce
Ia the untried ability Of Mr. McCulloch. left tho
matter Of construction within certain limils 10
his discretion. What has been The result. IL
was never intended that ne should use The
power granted TO injure the country yet he
continued TO withdraw she legel tender cur-
rency while every step he was taking para
iyzed trade and suspended industry. The
press and people cried out against this for
ruin was staring !hem in the face still he was
blind and obstinate. 1t was only when the
effect vas felt In tho Treasury and = ii,ien,
revenue threatened that no was forced TO abar-
don his runous course and then merely for a
short ii'de. lie learns nothing either from ex.
pcricncc or the history OF other countries. |
When the House Of Representatives passed the
resolution 10 suspend his operations he was in |
full swing of contraction again, notwthstand-
ing failures, suspensions and financial trouble
in business were springins up all around him.
The country and the representatives OF the
people have lost confidence in him. Even his
former stanch supporters are abandoning him
for we see one Of the writer's of the lesser
radical organ of this city, the New York Trim
mer. sneeringly calls him The Indiana banker
But 1t l. not only on account Of his ruinous
contraction policy that Mr. McCuloch should
resign or be removed. Tho Treasury Depart
ineDt has been fearIully m;sman aged in other
respects while under his control. Over q hun
dred million dollars have been lost through
internal revenue frauds. and that in one or two
articles only. In all probability tho losses 10
the Treasury from his incapacity and misman-
agement amount TO hundreds OF millions This
Is irightful to contemplate. No other govern
ment would keep such q man in Office an hour.
Besides. he has utterly failed to give us any
practical plan TO reduce taxation, to improve
the finances, to bring economy or to benefit
the country. Ina word, Mr.. McCulloch ls the
greatest failure ~ finance minister with
which any nation was evor afflicted.
In England, France or any othor great coun-
try minister Of finance would resign instantly
Il his policy were condemned by the repre-
sentaiives Of the people, AS Mr.. McCulloch's
has been. Esen ~ absolute monarch would
not venture TO retain him In one Would It
b. decent then---would II not be outrsgeous---
for Mr.. McCulloch 10 hold hts place. II no
should not respect the will OF .he people and
the voice Of their representatives,, il he has no
regard for The welfare Of tho country or for his
own sei-respcct, and will not voluntarily
resign. the President should demand his resig-
nation or suspend him. Ilc has COST the coun-
Try TOO much already, and II cannot afford to
let man 40 incapable and 80 dangerous to
The interests Of the people continue o, the head
cf The Treasury Department
The country needs nov practical business
man Of broad views for Secretary OF the Trca-
sury-a man who is familiar with large fnan-
cial operations and commsrce--who knows
how 30 raise revenue ut the same time he
il fostering trade and industry. lie should be
taken from the great commercial metropolis
First, because he would bc more likely TO under
stand the duties Of the office than u country
banker. farmer or politician aud next. because
this l. the centre OF trade. commerce and fuancc.
There are men in New York fully capable OF
managing vel the national finances. Among
them we may mention the Collector Of the
Port, Mr.. Smythc. We know how admirably
he has managed tho affairs OF the Custom
House, which ID post scarcely less arduous
and requiring almost as much ability as that
OF the Treasury Department. Then, he has tho
confidence and respect Of tho whole commercial
community, irrespective Of political parties
lie has had . lifelong experience in largo
commercial snd dnsaalsl usttsra uN sx-