New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-03
THE TREASURY POLICY REVIEWED.
RANKI.rs NOT INCLINED TO WASTE COMPLIMENTS



UPON MR.. RICHARDSON.
The depression following the suspension OF
Hoyt spragues & Co., and Of A. W. Sprague, seemed
so far justify in the minds of moneyed men, posi-
tive policy by Secretary Richardson, that the duty
assigned to q TRIBUNE reporter OF obtaining the opn-
prominent bankers and fnancers in the
city on that subject Gen. Hlhousc whose position
Assistant Treasurer makes his opinion the OF
the Secretary somewhat valuable, though proportion
atcy hard get sand could venture proposing
any OF conduct for the Secretary under the increased
depression OF general business, he who had
to follow instructions, not give them. Mr.. Howes (of
Howes Macy) said there was only one thing that
would alleviate the increasing distress The Govern
men should purchase ten twenty millions OF foreign
exchange That would put quantity Of greenbacks
the market sufficient relieve the great strngency and
TO engender that confidence, the lack OF which
alone keeps ereenbacks locked up All authorities agree
that currency wanting. That alone is the panacea
needed all our ills according to the unanimous vote
Of all the consulting physicians. The difficulty lay
putting currency upon the market The people have
plenty Of H. and doubtless would willingly pay for
Government bonds but people won't se the bonds
They arc good geenbacks 10 Them and better for
they draw interest. The Government might force
holders 10 sell FiveTwenes because they are due But
the surest method is to buy foreign exchange. The
people who suffer FROM the strngency not the
moderately we-tO-do, who have thousands III their
banks but the very rich, who have ready money
about them having locked everything up in real estate
or in stocks and bonds They don't want TO sell their
bonds at such terrible depreciation The merest runor
is enough now 70 overthrow strong houses. whisper
on the street seems be enough 10 start and
away goes establishment strong enough otherwise TO
last.
The President of large bank on Broadway OF the
opuon that the less policy the Secretary had the better
HIS silver scheme had indicated his caliber, and the
PRAYER the country ought 10 be- save MS from more
policy" The silver scheme reminded him of story
current some tune ago among the bank men, Of moral
cashier who refused to cash small check because he
had reason 10 believe the holder OF it wanted to treat
some friends the immoral sights of the city The See
rotary certainly ought 10 be good tnancier, and
despite his faults il is still be hoped that he is.
Az TO a policy 10 be pGTSued under the aggravated
condition OF the monetary pressure that was matter
that very shrewd and farsghted hnancerS would hes
tate over The panic at first had been confined solely
10 financial houses aud the had gone abroad that in
dusria interests But that 1t had struck
right TO the core the manufacturing industry OF the
couptry and wth every failure thousands OF la60rers
wore eut of from weekly wages, the problem too
vast for immediate solution even by sound financial
thinkers and certainly tar beyond the scope Of the play
fu intellect that fills the void made by twenty millions
of greenbacks with daily issue o. hundred dollars in
" silver chicken-fecd'
The senior partner OF ore OF the largest banking houses
in the country said that the Treasury ought to have no
nocv in case like the present, and he believed every
o,seryant man would admit that Mr.. Richardson had
had no policy speak of. His silver cure mad been
usy raiculed out OF existence, and possibly the result
of that venture may have taught him the necessity OF
sound financial knowledge before ne undertakes any
ftre interference with the trade elements OF the coun
fry The Treasury proceedings throughout have Illus
tra,ed the old axiom that Governing too much is gov
erniug worst The people ought 10 learn that they need
moi appy 10 the Govcrnpeut for relief IN financial
rs the orgnstOrs OF 10 did not intend II 10 he either
a ntfernal humanitarian trading government People
would have taken care q? Themselves II they had unoer
rood M frat that the Government would not take care
al tbem He believed there was penty OF currency IN
~ had about Ibcin. They hcsitdted 10 ask small
intr. because at might excite dstrust on the part OF
to.e frui whou tbcy asked them when thiitN million
OF pcoe lock p a few dollars each, even III that way,
i ffst