The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-02-15

IIari Kari Of Secretary observation-disclosures
diato Return {" Specie Payments.
II Is said Mr.. McCulloch is about to cut of
his own official head, or, in other words, to re-
sign the Office of Secretary OF the Treasury.
Various motives are assigned for this intended
and very uncommon act One is that, in the
event of the pending Loan bill becoming law,
be wishes to join Jay Cooke & Co. in the very
profitable business of negotiating and manipu-
lating the stocks and funds Of the United
States. II no were sensitive man and open
to conviction it might be supposed he is going
to sacrifice himself hari kari after the
manner of offending japanese mandarins-as
penalty for the evil he has done or for the
good Of the country. But we rather think he
Is going to sacrifice himself from vexation
because he can do little or no more mischief
Congress has secuted his recommendations and
repudiated his ruinous financial policy, and to
continue in Office after that may be too
humiliating even for q man OF his
selfsufdcient and obtuse mind. But whatever
may be the motive, the people would have
reason to rejoice ct his resignation, for he has
cost the country hundreds Of millions Of dollars
through his inoapacity and absurd financial
theories With tho enormous revenue Of six
hundred millions year since peace was re-
stored hundreds Of millions more OF the
national debt might have been liquidatsd II
there had been . capable Secretary Of the
Treasury. We need not say what frightful
sum has been lost to the Treasury through his
ismanagement-through whiskey and other
frauds-for that il we'll known to the country.
The numerous leaks IN the Treasury and their
increase at the rate Of twenty millions month
show the urgent necessity Of Mr.. McCulloch's
resignation. The sooner he performs the hari
kari operation the better.
With this obstacle out Of the way and the
abandonment Of the bullionist theory in the
department, as it has been by Congress, we
propose another mode Of returning imme-
diately to specie payments Not the plan Of
the British bullionists, nor that Of their imita-
tors in this country, which would bring univer-
sal bankruptcy and misery, but one that will
preserve the present relation Of values and
sufficient currency. Our plan is that the gov
eminent shall pay in gold to all of its creditors
who want it at the market value Of the pre-
cious metal at tho time Of payment Gold, for
example, is worth'a hundred and forty In the
market to-day; let the government pay at that
rate. When it is at hundred and thirty let
payments be made accordingly, and so on
through all its fluctuations. When gold
comes down, through the growth Of the
country and trade and by the opera
ton of natural laws, to par with
the legal tender, then the government will pay
dollar for dollar This is the only practicable
plan of coming to immediate specie payments
and the one which will bring gold and the
currency soonest to par. It is sliding scale,
by which one will adjust itself to the other
without disturbing the value Of property or
the volume of currency needed. 1t will enable
the debtor TO pay only just what he contracted
tor and owes, and prevent the creditor from
enriching himself at the expense and ruin of
those indebted to him. Specie or currency
can be used just rs people think proper, and it
will be equally fair for all Let all transao-
tons on this basis be made legal between
individuals rs we'll as with the government,
and there will be no necessity to interfere with
the currency either by contraction or expan-
sion. We should settle down to q regular
state Of things and come to an established and
healthy circulating medium
The trouble with our financial and currency
doctors in and out of Congress is that they
are guided BY British precedents and are not
able to see beyond them. They cannot see
the evils Of the financial system of England
even though it has reduced the mass of the
population to the lowest depths of pauperism.
and though 1t regularly produces every few
years terrible revulsions and suffering. Fore
Ing specie payments in England while that
country was burdeued with an enormous debt
made the few rich still richer, but it plunged
the poor masses into the deepest poverty.
The consequence has been that the debt re-
mains as perpetual and dreadful incubus
upon the laborers, while a bondholding and
moneyed oligarchy rolls in wealth. The whole
financial system Of England is framed to favor
the rich and to degrade the poor. The Bank of
England, which is q part Of that system and
the nucleus Of it, exercises the most despotic
and dangerous power. Acting upon the
old and fatal bullionist theory Of con-
traction, 1t plunges the country into
bankruptcy and the people into starva-
ton in order to save itself whenever there is o
pressure for few millions Of specie more than
ordinary. The whole of the industrial interests
Of the country are paralysed and its boundless
wealth made Of no avail for the sake of few
millions in gold. In fact, two or three such
men as Rothschild can At any time throw Eng
land into the greatest distress By draining
away . comparatively small amount Of specie
The whole system ID rotten and in time must
fall before tho suffering masses, for 1t tends
continn sllx 10 nnaka the nnor nonror and tho