Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1868-01-14

TIE SECRETARY or THE TREASURY
AID THE M0NEE-SPECCLA
The following remarka, from the New
York Herald, are full OF force, and he
who viii ponder upon them may with
out much difficulty foresee what must
inevitably be the end and result Of the
present reckless management OF the
finances and currency Of the country;
Mr.. MeCulloch and the money specu-
| lators are all the time gambling VITA the
funds which the country needsi aud thus
withholding them from the legitlm ate
channels of trade. The Secretary Keeps
/ locked up in the Treasury constantly Two
hundred millions and upwards, reckon
ing the gold at currency value; for what
other purpose than gambling operations,
or g help the money gamOiefS
of this CITY and the National
Banks, no one can conceive. The rev.
enue invariably comes in as fast or iastsr
tha3 the demands upon the Treasury for
it. II the whole two hundred millions
or thereabout were used TO morrow iu
buying up the debt, and the treasury
left empty, there would be a surplus
again within month. Why, then, II
this vast SUM kept ia tho vaults ana OUT
of circulation ? II is worth twelve 70
sixteen millions . year 10 interest ana
that ameuut would be saved 20 tho c0un-
try by applying it To the purchase OF lhe
Interest bearing debt. Why should these
twelve to sixteen millions a year h2 lost
to the people Of the country: Dir. nc
Cullech has not had skill enough 10 bring
down the premium on gold by keeping
an immense reserve. Ga the cont-ary,lt
has gone no. In spite OF his hundred mil
lions OF gold reserve. But If he haf sue
ceede 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 tank speculatQrs and tue
money spectators OF Wall street, Whlie
IL 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 Il doing
Just the same as the bankers and other
specglators in money are doing. he
belongs to that class, aud has 80 ideas
Of finance above theirs. They hold i'm
mense Sums of money, which also Il
needed by the country for legitimate
business, for no other purpose than gam
bling. Millions upon millions are used
for tsis daily and hourly, without yield
ing anything or producing any other
resu than - nominally iii AT. Smiths
pocket and to empty Mr.. Jones to-day,
aud to empty Bir. Smiths aud fill Mr.
Jones' tomorrow. This gambling pro-
duces no wealth and only keeps dp an
everlasting see-saw Of ups and downs
among the money gamblers them
selves. It IS not whit better than
gambling at the fsrO-table, and is
equally demoraiZing to the indtvid-
uais engaged in It. But the greatest
evil is Withholding the vast sum thus
used frop the proper channels OF trade,
There Is plenty Of money ia the country,
but there is gte4t need Of IL throughout
the localities rem 1ved frOm money cen
tars. Had we twice as much il would
be useless for purposes of production aud
trade in general As long as the banks and
other money spectators and gamole
should hold il for the same object they
do now. There is not n par tcle Ot dIt-
ference between tie conduct of Mr..
McCuiloch and that OF these money
gamblers. They are both demorRliziug
The country aud running its best in
terests. They are both checking pro-
duetion and trade while there are aGuu-
daut means to stimulate and incTe 4se
them. such violation OF every sound
principle of finance and business can
only end disssFrOusly.