Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1868-11-18
MIR. HcCULLOCH AS A STOCK JOB
REH

The New York papers, irrespective oil
party, have been very severe upon Sec
rotary McCulloch for the part he is sup
posed TO have played in the late financial
crisis in New York The Washington
correspondent of the New York Herald
states that whenever the spectators who
are known as the Treasury ring" have
done bearing the market and get
ready to bull it," an increase OF
greenback circulation may be expect
ed to perhaps the extent of the law
S4OO,OO0000. This writer further states
that Secretary McCulloch has only de-
ei6ed that he has the right under the law
to increase the greenback circulation TO
the extent named. ale has entertained
and decided the question:" says the
Heralds correspondent, $50 that There
should happen to be, in his opinion,
dangerous tightness in the money mar
ket he might be prepared with
a measure Of relief He does not,
however, anticipate any uchcontlngency.
Like the self-confident antediluvian who,
when invited to come into the ark de-
clared his belief that there wasn't going
to be much Of shower after all, eur
Sangradoian Secretary Of the Treasury
cannot see any tightness in the money
market with rates of interest varying
from one~half per cent per diem down
wards. Mr.. McCullOch must know that
money has commanded for Legitimate
business transactions from fifteen to
twenty-five per cent per annum through
out the West during the past year and
half, and in particularly tight times one
half per cent per day even in Wall street.
In face of the fact that the United States
per capita circulation has been reduced
to fifty per cent below that Of Great
Britain and sixty-six below that o.
France, and our rate Of interest vastly
higher than is paid elsewhere on the face
Of the earth, he persists in the brazan-
faced assertion that money is plenty
enough" The Herald says editorially
of Mr.. McCulloch as stock obber:
although no more Treasury stock
{ iobbing dispatches have been received
? from Washington within the last three
+ days the public indignation which they
excited has by no means subsidized. L
7 IS generally known that until within
5 very short time past, Mr.. McCullOcl
looked forward to retaining his presen
, Office under Gen. Grant, but hopes o
this no longer exist, and the Secretary
r as a dernier resort, is said TO be inten
: on making million Of dollars, more Of
less. before he leaves the department
The semi-ofiicial press dispatches G
: Friday, Saturday and Monday las
70 were therefore, there IS good reason t
! believe. part Of the stOCkjObbing schem
:, in which the Treasury ring is engaged
/, with Mr.. McCullo;h at its head. This
,r not only a scandal to the department, bu
- 4 disgrace TO the government, and its re
, petition ought to be punished by In
!, President by the suspension Of hi
" stockiobbing Secretary Of the Treasury
50 It is not the business Of the latter to a.
~ y tempt to regulate Wall street by eitht
II bulling or bearing stocks, gold and gov
is eminent securities, in league with specU
m latOrs, or trying to influence the none
;s market by resorting to eXpedients. III
- Secretary of the Treasury has 10 authO
~ ity under the law to initiate the currenc
-ts and it was an abuse of authority for hi
to threaten to do so, and, moreover, It
in direct conflict with all that he hi
re hitherto said on the subject. But VIII
50 signifies consistency and official hon
NJ when the Treasury ring is at work ?
II remains for public opinion to enlightt
" Mr.. McCulloch if nothing else will, an
nc the former is unanimously opposed
any inter- erence whatever with Il
nd money market for the benefit OF eth
he the Treasury ring or any other stoc
IL | iOhberS