New-York tribune., 1868-01-17
FINANCIAL FOLLY.
From Our Special Correspondent.

From Our Special Correspondent.
WASHINGTON, Jan. 8, 1905
The tomfooeries that are thought and uttered on
tho financial situation defy enumeration. AS 10
criticsing them in detail they are no moro worthy OF
it than are the antics of bu.loon. Innocent people,
ignorant ofthe subject suppose from this confusion
of tongues that it is subject of labyrinthine mys-
terics, whereas there is mystery at all about it,
1t is subject based ideas plain as pike-staii,
and capable OF clear and distinct exposition. But
our more recent experiences have so bedeyiled the
sentiment and judgment Of the public, that 1t
paddles round and about the question like biind
rat in the water. Is it worth while to attempt
elucidationf What is the of explainingf Mr.
McCulloch has been attempting that business hm-
self on Congress for some time past Behold with
what success lie made luminous exposition at
the opening of Congress, to which that body an
swered not word but replied with an idotc vote
flung in his face We say idiOtic. There is idiocy
somewhere. The last Congress voted nearly unani-
mously that the Secretary of the Treasury should
pursue certain line Of policy looking toward re-
SUMPTION lie has pursued it, and reported progress
The House turns instantly round, and almost rs
unanimously, without making an argument or offer
ing reason repudiaes the policy, and ordered the
Secretary to stop Taking the two actions together,
is it not fair 10 say that there is just about as much
intelligence displayed as there is i'll the kick OF an
ass's hoof
1t has come TO pass then, that the belief has got
expression here, that the substantial prosperity OF
this great country depends on whether the govern
ment of it does does not flood it with rredeemable
paper money Pray, let MS ask, what legitimate
business the Government has with fixing the limits
any way of the circulating medium OF this youthful
and rapidly advancing, trading and commercial peo-
plel Ii belongs to il to establish fixed and nyaIable
standards Of weight measure and value, and we may
add TO enact general provisions of law for the gener
Gus development and adequate protection of its in
dustry After this, it should take its hand entirely
of business affairs When the community requires
agencies of one sort and another TO facilitate their
transactions, whether they be manufacturing trans
portation trading OF banking companies, there
should be no limitation hiDdrance TO the accom-
plishment Of their desires, except the limitations OF
general laws to secure the public against fTaud and
imposition. The of It's wants should be left
TO itself. The country really needs nothing now
so much as for the Government to get out of the
mischevous and anoma0us attitude in money affairs
into which il was involuntary plunged by the slave
holders Rebellion 1t intruded into the markets,
and became a huge and unversal purchaser. 1t came
upon every public exchange and went into every
private circle, and became universal borrower. 1t
made itself the issuer of every form of obligation
that anybody would take. All Of which conduct
was unavoidable but equally unnatural and deplor-
able. The result has been irst great prosperity to
the trading and producing world; and second, great
and corresponding suffering and disaster, in the pre-
sence of which, still growing still accumuatng. we
now stand The end will be reached when tlis unnat-
ural state Of things is brought to final termination.
and not till then. And it is everybodys interest that
it should be terminated as soon possible.
Now the Government has long been ont of the field
as gigantic purchaser, leaving trade TO its natural
supports, namely, the wants Of regular consumers.
Its next palpable duty is TO fund its obligations and
provide for the interest thereon and above all to take
up, get ont of sight, tho notes with which 1t has
flooded the country during its great necessities, to
the violent and illegal exclusion of the universal
standard Of value. The only really vital and endur-
ing interest which Congress and the business com
munity have in this process consists in therwishing
it godspeed and aiding it oil that lies in their
power But behold what they do. They camorously
urge that the Government shall not pay its notes nor
withdraw them from private hands even to the ex-
tent il has tho desire and the means wherewth to
retire them Can anything be moro preposterous
than this in view of the papable causes of our de-
pressed financial condition. Because all healthy in
dllstry and all legitimate trade needs nothing and
can bear nothing but fixed standard Of yalne or its
paper representative, always convertible into the
standard itself or what is tho same thing, products
measured by the standard price.
Happily, there can be no longer any pretense that
we cannot realize this result after great expend
lures since the world is at this hour full of the pro-
cious metals The banks of all specie-paying coun-
tries are stuffed with them There were never such
boards accumulated before since banks existed, and
tho channels of trade and circulation are filed with
them in every country but this. In addition to this
the golden stream of our products is pouring its
flood over the mountains and over the lSthmus at the
rate of hundreds of millions year. How lamenta-
ble how childish how mbecile in us. with all our
boasted riches and enterprise aud pluck. undersu
circumstances of aiiluence Of the precons metals To
stand tmid and apprchensive before the bold specn
lators and monop0lizers, greedy unscrupuous. bank
rupt who cry out for continuance of the existing
system of national impoyerishment and disgrace.
j.. ). l..