Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-10-17
RumOrS in Washington About
Financial Matters
TFrom the NewYerk Herald, Oct. AL

We learn that a number of Republicans
in Washington who are prominently con-
nected with the financial institutions of
the country have been consulting together
about our national finances, and have
agreed upon proposition to relieve the
Government and country of existing and
future troubles. 1t is said, also, that these
financial philosophers are abnutlto lay their
plan before Mr.. McCulloch. Surely the
people should be thankful for the wisdom,
benevoleuce and disinterested conduct of
such patriots of the Republican faith.
Seeing it has been the Republican party,
led by Salmon P. Chase, Jay Cooke, Nc
Culloch and the rest OF that Treasury
ring, which has crushed US down with bur-
dens and involved us in almost ineXtrica-
BILE financial troubles, it is certainly some
relief to learn that an enlightened few of
that party have found the panacea for the
evils we endure. .-..-...--...----- r-,'
By, the Republicans appointment in finan-
cialinstitutions of the country" we suppose
the correspondent means national bankers,
large Dondholders and the Wall street gold
and stock operators connected with the
Chase McCulloch Treasury ring, though he
was too modest to say so. Well what do
these financial patriots propose to do? Sim
ply. to return to specie payments about
eight months from this time-that is to say,
on the 30th of June next. And this is to be
done by redeeming in gold the bonds these
patriots hold. That is, the Government
shall pay fer the bonds about thirty per
cent. more than they are now worth in the
market. The Government can now enter
the market, just the same as Mr..
Smith, Jones or Brown can and buy
these bonds at little over seventy
in gold. Yet % it must not do so ac-
a hundred in gold, though all the rest of
the world can buy at seventy, or it must
not buy at all till the market price is forced
up to par. This would be nice little ar
rangement for the bondholders, if practical
Bile. But we are not told where the gold
is to come from to pay for two thousand
millions of bonds. Mr.. McCulloch has got
hundred millions in the Treasury, but
that is only a twentieth part OF the amount
needed. Should he part with his hundred
millions in buying bonds at par, where
would he find gold to take up the other
nineteen hundred millions? Nearly all
the specie coming into the Treasury is re-
quired for current demands, and he would
be lett with but little of the precious
metal How, then, could specie pay
ments be brought about by this plan
Nineteen-twentieths of the bonds would
remain unredeemed and Mr.. McCulloch
would be left without gold in his chest
Would not gold go up again, and, perhaps
higher than it is now, under such state o.
IulnSS!- Inc GruCn Is, Cnere Is no way OF
reaching specie payments, without fear.
tul revulsOn and a bankrupt Treasury, but
by letting things take their natural course
and by ceasing to tamper with the cur
rency. The country would grow up in the
course of a few years to that point wher
the present volume of currency would bt
not at all too much for its necessities, anC
then we should reach specie payments.
This conference of financial patriots al
Washington holds out a sop to the people
however, tor the purpose of having theil
bonds increased in value over thirty pei
cent. They will consent to have the out
standing bonds taxed or the debt funded al
less rate of interest. This is simply q
dodge to get the specie paying plan forced
upon the country. If we had Secretary
OF the Treasury who understood the sub.
ject of national finance and would take
advantage of his opportunities to reduce
the debt, he would use all his resources in
. buying upand cancelling the debt as fast as
possible and at the lowest rate. He would be
in no hurry to return to specie payments
till large portion of the debt was liqui.
dated and the weight removed from the
l,eopfe. We should come to specie pay.
e mentsc much sooner by constantly reduc-
ing the debt than by increasing its burden
through forcing it to par value. But we
must;wait till some abler man is put at the
head of the Treasury before we can hope
for any Improvement in the present ruin.
Gus financial policy of the government.