The workingman's advocate. [volume] (Chicago [Ill.]) 1864-1877, 1869-04-17
From the New York Herald
Our Financial Policy.

"a@0 49,
Our Financial Policy.
The course pursued BY Boston and New
York contractors in their dealings with the
government, presents a remarkable, charac-
teristic and instructive contrast between
the business men or the two cities. The
New York co. actor mskes oil reasonable
haste TO fulfill bis contract with the govern
ment, makes or loses, as the case may be,
and hurries on to other business transac-
tons With the B0stonian, on the con
trary, government contract is an era, the
event of his lifetime, to be nursed into q
shape that will bring its envied posse sor
the largest possible profit. Accordingly,
while the New Yorker is at home attending
to business You find bis Boston competitor
in the lobby Of Congress With bis entire
Congressional delegation 4" bulling'' or
:" bearing" the market, as best suits his
purpose, depreciating The currency uhen Ae
ssiLs, and dPprectatin9 IL when his pay dIy
comes.
Mr. Atkinson, in his celebrated financial
statement, unwittingly furnishes xey to
certain strange transactions Of the Massa-
en- lsetts Congressional delegation during
the session of 1866. He says:
long since perceived that the statemfnt
commonly accepted as that or the maximum
debt OF the United States was not one which
c1ver-d the liabilitv of the government on
the lst Of August, 1865, BY many millions
OF dollars I k eU this from the fGct that
me ma"ntdctarfng eOrDo 1tioas. Nth tchich
am mysif connected. he'll ~ that dafe
several miltio4s " d,ltars Of ctIins upon
the g0Uernmenf, through the CONTRACTORS, e.
whom We hid sold material for The tens
and clothing FIR the army, for which the,
had tim bad M settlement. These accounts
we're afterwards allowed, and We took our
pa in seven thirty note-.
Nc. Atkinson further informs Us that at
about the -ame period
The tire tsnry found itself in position OF
embarrassment ard dagger which fes either
knew or appreciated. The credit of the
government had become greatly impaired,
the seven thirty ran was selling at less than
par even IN currency. and all otner means
adopted for raising money during the pre-
ceding year had proved or were then prov
ing comparative failures. There were in
April, 1865, accounts passed for payment
and over dn'-t0 the extent OF more than
Sl20,000, 200, while all the available cash
iouds, coin add currency, which the govern
ment could then command were less, all
old, than $l7, 900, 900 10 short. the Treas
ury was 80 near 20 absolute bankruptcy
thas vIe old officials, 10 whom almost alone
these facts were kn0wa, dreaded a cOllanse
weicb they feared might come at any day.
According, then, TO Mr.. Atklnson's state
ment, the government was in 1865 owing
him and associates several mi iilioDs Of dol.
lars for supplies sold on greenback
oasis when gold ranged from 200 10 2o0
else they would have been settled for be-
fore-the Treasury almost empty and the
nation nearly bankrupt.
Now let Us call public attention to the
course pursued at that time by the Massa.
chusetts Congressional delegation in The
face OF the now ackno Sletgei facts. They
origin aied, sprung upon Congrsss and Carried
OFT The plan Of contraction that nearly
doubled The palsss Of contrpctors CLAIMS, ia
creased thresfoid the tdzpayers burdens, de-
Preciated my per ee4f M Uairss n netrgy
ecery sprcies Of property IN ne United States
other thEn that Aeid 5g qouernmeat CON
tractors, national bInks aud bOndh0lders.
ahd gare no rftief '"hN'-cseT 10 the rational
Treasury, bit, on the contrary, adieF greatly
to is eH5ayrassmeEt
On the lsrh day OF December, 1865, Hon.
John Alley, Representative IN Congress
from the Fifth district of Massacb usetts.
introduced, under the operation Of the pre-
vious question gag rule, the following reso-
luton
Resolved, That this House cordially concurs
in the views Of the Secretary Of the Treasury
~ relation to the necessity of q contraction Of
the currency, witt view 10 as early resump-
tion Of specie payments as the business inter
ests of the cOuntry viii permit and we hereby
pledge cooperative action to t,I.s end as speed
lily A. possible
No debate being allowed under the pre-
viou' question gag rule, ard as the subject
was hen entirely Few to Congress, thu re-
solution ~as rushed through bv the decs We
vote OF IA TO 6; absent and not voting. 32.
The SIX who stood up for the interests Of
the people on that occasion were-hiessrs.
Jehu Baker, of Illinois; Amasa Cobb, of
Wisconsin Ephraim R. Eekley. of Ohio;
Benjamin Harris, Of Maryland Green Clay
Smith, Of Kentucky: and Russell NJ. Thav-
er, Of Pennsylvania;
The resolution having been thus rushed
through without discussion. became, by dint
% voc'ferous denunciation Of every expires
sion IN favor 90 the peoples interest by
pad organs and servIle satellites Of the
treasury ring, the permanent policy of the
n1tlon. The "several million doIlarso of
hF. Atkinson's claims were nearly or quite
doubled in value, and nearly all other pro
perty In tie country deprecated 10 proper
ti0n.
Congress having been thus early commit.
ted 60 The note shavers' policy, has not to
bis day been fully able to emancInate itself
The IFaaaurv riny whsah soal.l..
Boston cliqle," bias TO certain extent
managed to make its Internal policy a party
measure With certain republican politicians
The per clpitd circulation or The United
States his been reduced from ffty-,our dol
lars in 1865 TO twelve dollars at the Or, sear
time. Massachusetts has, howev- man
aged bY gr psslv partial apPortionment Of
national bank privile ,es. to secure for her
self per capita circulation Of not les than
hftv-eight dollars; but the average per
capita circulation throughout th~ L it'd
States at the present time is only about
twelve dollars. Consequently we nov tnd
the rate Of interest varying from fifteen 10
twenty five per cent per annum througb gbout
the West and from three -eighths per cent
per diem to seven per cent per annum 10
Wall street. Hard times confront Us in
every quarter, with q prospect OF financial
crash, compared to which that Of 1857 is a
mere bagatelle. II there were no interests
iu the country to be regarded other than
the national banks, note shavers aud govern
ment contractors, the condition or affairs
would certainly be altogether satisfactory,
| otherwise not.
hessrs. 4Ncculloeh. Aley, Attins,n. and
other members Of TIE Treasury ring certaiaIy
kneU, waen they sprung tie contraction
poSicy upon the country without seayaino.
ander Tie pretencs of preparing for ne
resumPtioR Of specie p1gmeai,r that they
tcere gully Of an act vcry like fraud. Re
sumption Of specie payment, indeed Wow.
there was not at that time, or aav time
since. $240, 100000 10 gold 10 the United