The New York herald., 1868-01-11
The Currency Question In and Out of Con

gress.
While the Senate exhibits great weakness
and incapacity in treating the currency ques-
ton and other questions pertaining to the
national finances, the people are taking them
up with earnestness and boldness. While the
bill which passed the House of Representa-
tives by an overwhelming majority to prevent
any further contraction of the currency has
been hanging in the Senate, three State con-
ventions Of the conservative or democratic
party in Ohio, Indiana and West Virginia have
spoken in the strongest terms against contrac-
tion and forcing specie payments. There can
be no doubt that these conventions represented
the sentiments Of the mass of the people for
this was shown in the late elections in the
States named. From the language of the press
and from other sources Of information we learn
that the people Of the great West everywhere
are almost unanimous in condemning the
ruinous financial policy of Mr.. McCulloch,
Mr.. Chase and those members of Con
gress who favor contraction, the national
bank swindle and tho bondholdcrs, to the
injury Of the community at large. The indus
trious masses will not have the Chase -McCul-
loch policy of gold for the bondholders, green
backs for tho oficeholders and national bank
rags for the people. The Senate may twaddle
over the currency, resist popular opinion or
pass the absurd Sherman Funding BILL but
mighty revolution in public sentiment has set
in that will soon sweep its crude and inn
practicable measures away. Having conf
dence in the common sense of the American
people, we foresaw what must come to pass.
Several years ago, even when we stood almost
alone, and ell through, we have denounced
the insane policy of the on-to-spccie-paymen
theorists, the infamous national bank mo-
nopoly and oil the other ruinous measures Of
McCulloch and his supporters. We see the
fruit OF this now, for the financial platform OF
the conventions referred to is that of the
HERALD and, unquestionably, this viii be the
platform of the mass OF the people from one
end Of the country to the other
But the President, who has done 80 admir-
ably on the great political issue Of the time in
successfully resisting the monstrous negro su-
prcmacy policy Of the radicals, has something
to do here also. The subject of the national
finances is vastly important, and second only
for the time to the restoration of the South
on constitutional basis. Indeed, it Will
soon become the absorbing subject before the
country. The conventions in Indiana, Ohio
and West Virginia have given it great promi-
nence in their platforms, and 1t will be the
same in the other States. Mr. Johnson sees
that the conservative party and the conserva-
tive masses utterly repudiate Mr.. McCulloch
and his course. This incapable Secretary OF
| the Treasury represents nobody but the Jay
| Cooke money spectators, the bondholders
and the national bankers. Congress even has
ropudiaied his ridiculous financial policy. His
removal Unnecessary. II he has not the delicacy
or seifrcspect TO resign the President should
serve him as he did Stanton. No finance
minister in any country ever occupied such an
anomalous position. lie does not, as we said,
represent public sentiment, and he neither
represents Congress nor the President His
ncapacity has cost the country hundreds OF
millions, and it viii cost still more every day
! he remains in Office Mr.. johnson should lose
no time in demanding bis resignation or in
removing him.
| IL may Ue stlu tncTe are ullHCuilles III thc
way Of removing Mr. McCulloch or Of getting
his successor confirmed by the Senate. There
are none, we believe, the President cannot
overcome, and that easier than in the case Of
Stanton. He need not appoint q politician
of any party whose ambition might
come in conflict with the ambitious
views OF Senator'S. The country requires for
| a
cal man Of business, and the lees such an one
is identified with party politics the better.
The Senate could hardly object to an appoint
ment Of this sort There are such men In this
great metropolis Cthe commercial and financial
centre Of the country, and il is eminently
| proper tho Secretary of the Treasury should be