Middletown transcript., 1868-01-11
The FlnanelAl Dlssrss.-who i. a..pon.,b,..

The Financial Distress-Who is Responsible.
We believe that We are not oyerstatine
the condition of the country when We say
that, from one end of it to the other. there
are universal complaints of distress
tightness in the money market--of dull
ness Of business, and of the uncertainty oi
the futurel And no man who viii recur
to his own experience can deny that the
ground for these complaints is real and NOT
imaginary. Merchants and manufacturers
who but short time ago counted their
trade by millions, and their profits by
thousands, are now compelled to be content
with 1.-THE oftheir recent prosperity, and
in some cases even to consider themselves
fortunate If they can meet current expen.
ses, or escape absolute bankruptcy. Me.
chanics who have hitherto been earning a
competence for themselves and families
are now forced either to submit to re.
duction of wages, to labor on half time
or else sit in total idleness. Daily we
hear Of the stoppage of mills and factories,
OF tradesmen quitting business, and O.
farmers being unable to raise money en-.
ough, without great sacrifices. even te
pay taxes.
The immediate cause Of this universal
stagnation Of business, it is conceded b,
all parties, is to be found in the too sud.
den contraction of our currency, and the
generally unwise policy of the Secretary
of the Treasury. Ever since he came intt
office he has been the marplot of our pros
perity, and has managed his department
as if his sole object were to unsettle al
values, to ruin our merchants, and depriy,
all men of the means Of meeting their obi
CATIONS. If he had been in corrupt con
cert with the Wall street operators. h,
could not have more completely manipu
lated our currency SO as to place the in
dustrious business men Of the country q
the mercy Of the money-sharpers ant
"Shylocks' who lie in wait to take adj
vantage Of just such occasions as he hal
made for them, when, men must eithel
have money, sit in 'idleness, or 90 int,
bankruptcy.
| With one hundred and thirty-eight mil
lions Of gold in the Treasury, he has beer
"bulr' or "bear" in the money market
just as his supreme fancy or whim for tn
moment dictated /; and has gone, contract
ing, and contracting, in spite Of the pro
testation of the legitimate business men o
the country, and the indisputably evil eff
fccts which his policy was causing. Fl
nally, when the complaints have become
too loud and universal to be any longe
disregarded, this autocrat Of our financia
destinies-this man who is supremely wis
above what is written-g -graciously inform
us II a. We are to have shorte respite frt n
his policy and that, in consideration of ou
distresses, he will not contract" any du
ring December and January Oh, mos
precious privilege Two whole months 0
respite from such financial wisdom
| But what is to become of us after tn
two months have expired? Will the polio,
OF " contraction" be resumed again, or will
Mr.. McCulloch learn wisdom by expe
rienceY This is the question that is to-da,
| troubling thousands of our business men
and preventing them from engaging in nev
enterprises, or keeping them from prose
cutting old ones, because they know no
what day, under the reign of McCulloch
may bring forth. There is, therefore, onl
one rcmedy-or, rather, it is preventiv
for the evils he has brought upon us, AN
that is to deprive him of doing further mis-
chief, The people have had enough @
Mr. McCulloch and of his fnanciering
For our own part we SO highly prize tn
inestimable privilege of two-months' re
spite from his fayorite policy of " contrac
ton" that we would indefinitely exten,
the blessing, and have both him and hi
"idea" removed forever from the precinct
; Of the Treasury Department. This, how
ever, in view Of past experience, might b
asking too great favor of Mr.. Johnson
Administration. Our main hope, there
fore, is that the business men of the coun
; try will themselves turn their attention t
the matter, and by petitions and publ
meetings, make their voices heard. Le
them give Congress to understand thi
they know what they themselves want bel
: ter than Mr.. McCulloch does that an en-
must be put to the ruinious policy whic
he has been pursuing, and that, if his IT
> moval cannot be accomplished, his furtht
ability to do. mischief must at least be eli
: cumscribed, by restrictions and declars
tions which cannot safely be misinterpr,
ted.-Cincimnati Enquirer.