The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-09

| Lake City are at the Metropolitan Hotel
Judge W. e. Wilson. Of Massachusetts,; Colone
Adams or Waterbury, Conn.,, and Judge Gibson, Of
Yazoo, Miss, are at the st. Julien Hotel. /.
Mr.. McCulloch's Financial Statemcnt--A
New Secretary Wanted.
On the heel Of Mr.. McCulloch's monthly
Treasury statement in which he puts better
face on the financial condition of the govern
ment than in preceding months, rumors come
thick and fast from Washington that he il
likely to be overhauled, and that the President
at last has discovered his incapacity and insen-
cerity. We hope it is SO, and that Mr.. John
son will suspend him. A more incompetent
Secretary Of the Treasury never controlled the
financial affairs Of great country. His last
monthly statement in which he makes It ap-
pear there is q reduction of the debt of over
seven millions Of dollars, amounts to nothing.
If the receipts have been larger or the drafts
paid smaller the last month than in former
months, that may arise from incidental causes
or cunning manipulation of the finances. To
understand how the Treasury Department has
4
must take the last years statement or the
financial condition Of the government for the
last three years and half, since peace was
| restored.
| The national debt has been increased, ac-
cording to Mr.. McCulloch's own showing
within one year over thirty-fve millions. It
may be said that this amount and six millions
more have been issued in bonds to the Pacific
Railroad Company. But the debt has been
increased nevertheless, and valuable aud ne
cessary as that great work Of railroad
across the continent may be, there is reason to
believe the bonds will be permanently saddled
upon the government and people. However
this may be, 1t is the duty Of the Secretary Of
the Treasury to see that the total expenditures
and liabilities of the government shall not
exceed the income. More than that, it is his
duty to see that the debt should be diminished
rather than increased. 1t Is needless to point
to the extravaganza Of Congress and to lay all
the blame on that body, though it has been
fearfully reckless and corrupt. Had he not
deceived Congress % to the finances Of the
country by too 6attering representation, and
had he urged necessary measures Of reform
and economy, he would have checked extrava-
gant appropriations. This was his duty. But
ne had neither the capacity nor inclination.
Then, with the enormous income Of
the Treasury, he might have used IL
! in such an economical manner as to
have brought the debt down several hundred
millions below what IL is. Within the last four
years, or nearly SO, of peace the receipts of the
Treasury have been sixteen hundred millions,
or, by reducing the gold receipts to currency,
nearly eighteen hundred millions. Even in
this, the fourth year Of peace, the income ap-
proaches four hundred millions, yet the debt
has been increased over thirty-Hve millions
Why, with such an income in the hands Of a
statesman or great fnancier not only would all
the liabilities Of the government have been
covered, but there would have been q large
surplus applied to the liquidation Of the debt.
But that is not all. The Treasury has lost
hundreds of millions by frauds upon the reve-
nue., arising chiefly from the iucapacity and
Encouragement Of the Secretary. Then he
has kept the money market In disturbed
state through his gold sales and operations,
and has at different times paralyzed trade by
his stupid efforts to contract the currency 1t
is well known that Congress had to check him
in his contraction folly in order to save the
country from general bankruptcy. He has
manipulated the debt so as to make the yearly
interest larger and more burdensome. Instead
Of studying the welfare Of the mass of the
people he is the most active friend Of the
bondholders, the large capitalists and that
great swindle upon the public-the national
banks. He is nothing more than small
country banker in his ideas and manner Of
doing business, and he shsves the public just
AZ he would customers over bank counter.
He has no knowledge Of the interests OF the
people as distinguished from those of the great
capitalists and money lenders, and no sympa-
thy with them.
Looking at these undeniable facts, Is il not
high time change should be made in the
Treasury Department? No business estab-
lishment would keep such an incapable man
In its employ day. There are four months
vet before the new administration comes into
power. By suspending Mr. McCulloch now
and appointing an able man in his place Mr..
| johnson can render tho country great SER
vice. can save millions upon millions to the
Treasury, and prepare the way for new and
better state Of things under General Grant
A small country banker, country lawyer Of
a local politician will not do. The Secretary
Of the Treasury should be man Of great expe
rience in financial matters--one who has beel
accustomed to deal with such matters an'
business generally on large scale. suci
can be found in this great commercial am