The States and Union. [volume] (Ashland, Ohio) 1868-1872, 1868-11-18

British people in Parliament Assem-
bled. That such a power should be
exercised by any indiS idoaI is adam
ger to liberty which should not be
suffered to exist in any free country,
mach less in Il Republic constituted
as is our own. He who is permitted
to WELD it is virtually king, although
TO may haxe-no other legal title than
Secretary of the Treasury.
What are the facts? For several
days there has been a panic on Wall
street. Railroad shares, gold and
even government securities, contin-
ued to fall. 1t was only yesterday
week that McCulloch wrote to par
ties in this city stating that he pos
sessed no means whatever for allev-
iating the monetary pressure. At
tho same time he censured the banks
severely and justly for making reck-
less loans on speculative stock, iEti-
mating that they alone were rcspon-
sible for the situation. This increas-
ed the panic, and brought the "bulr"
party in the Stock Exchange to the
very brink of ruin. Last Friday the
pressure was SO severe that money
almost uuattainable, on any terms,
for tho legitimate purposes of corn
merce. Seven per cent. in gold, with
n heavy commission, was freely paid
for call loans of greenbacks. Mr..
McCulloch still declared that he was
powerless so there was no help for
it, the bears" had every thing their
own way, and slaughtered the ''bulls"
in every direction. On Saturday
morning, however, a change came
over the spirit of the Sesstnry's
dresm.s He suddenly discovered,
what his friends seemed to have some
previous inkling of, that he had pow
er to reissue anyvlegal tender notes
which he had on hands uncancelled
Thereupon orders were dispatched
from Washington to Mr.. Van Dyck,
of the Treasury in this city, to OK
change $4,000, 900 of the three per
cent. temporary loan certificates for
that amount of bonds. This vas in,
tended to relieve the existing strin-
geucy ofmoney by allowing the banks
to hold said securities as part of their
reserve, and thus TO release an equal
amount of currency. Mr.. McCul-
ioeh's assarances@as s~uperadded that
if the permission thus granted did
not afford sufficient relief, then the
subject iof reissging legal tender
notes previously redeemed would be
considered. In fact, it TRANSFERRED
that Mr.. McCulloch was prepared,
in Ease of need, to exercise this king
Iy power, to such an extent as might
be requitite to relieve the market.
provided the total amount of legal
tender money put into circulation
should not exceed four hundred
millions of dollars.
The clears now became frighten-
ed in their turn, and made a rush to
cover their "shorts," while the 'bulls''
rampant with delight, tossed up pric-
es rapidly.
King McCulIoch did it all. He
waved the regal sceptre of the Treas
ury- and the assurance of faith re-
placed the helplessness of despair.
The ability to make money scarce or
plentiful, at tho will or pleasure of a
Secretary of the Treasury, is an in
strument of despotism, sufficiently
potential to overawe the country and
to jeopardize our liberties. With a
selfregulating currency adjustor, such
as we advocate, the United States of
America can afford to dispense with
all these Old World methods of re-
storing the equilibrium of a disturb
cd money market. To the sover-
eign people alone pertain the attri-
butes of sovereignty. They alone
have a right to regulate and control
the course of the money market.