New-York tribune., 1874-10-22
CURRENCY WANTS or THE SOUTH.


ATTEMPT TO INDICATE The NATURE AND THE
CAUSE OF ITS DISEASES AND TIE REMEDY
oUACK MONEY THE SPECIFIC.
To the Edttor Of The Tribune.
SIR: When a locomotive has run of the track,
one hrst-cass mechanic with 10 men to aid hun will be
likely to get 1t on again than would 90 Ignorant
Doors without the directing hand and the intelligence
and ingenuity Of such mechanic On recent ooca-
sion the Iron-cad Iudependencla which was being built
upon Thames for the Brazilian Government stuck
on the ways in being launched and was thereby, By
reason OF her Immense weight wrecked 1t thought
probable by The London Times that 1t might be neces-
sary blow her to pieces with powder in order to get
her out OF the way However, the intellect OF one good
mechanic, Mr. John Dudge0n, was equal to the solution
Of problem aud her leaks being stopped and pumps
started she was soon cleared Of water and by means OF
the proper application Of power was hOated and Will be
docked and not impossible, repaired and rendered
fit for service.
Now the Southern States 1t strikes us are at this
moment in position which fluids its analogy in the
condition Of the Independence, wrecked, waterl0gged
and apparently ruined beyond redemption. laundering
violence will be apt TO aggravate the disease do more
harm than good, and render the case even still more
desperate What ia is not such violence,
hut the application Of equal amount Of good sound
sense with that used with the Indepencia We believe
t quite possible clearly ascertain what the causes
Of trouble at South and what the remedies to be
applied and that they be applied with result quite
as happy as that In the Of the wrecked ironclad
with few diversified industries andi therefore with
but feeble societary life, the South unable before
the war TO throw off the disease Of slavery, disease
which can only permanently retain its ihod upon COM
munities which The almost entire absence OF
these Industries deprived her Of the presence of large
and powerful middle class-the very bulwark and de-
fense OF State and the very class which saved the
Government Of these United States In the hour OF Its
greatest peril Such being the state Of its society 1t be-
came an easy task few infatuated demagOgues
10 fan the flames to preciptate arebelion and war
A ignorant as their ignorant followers as 10 what were
the prerequisites necessary to the foundation OF great
nation, these demagogues never for one moment
doubted the successful result OF the issue. seeing that
they held control Of great saple-cottOn upon the
supply Of which depended immense interests as well in
the North as In Europe But, after bloody struggle OF
four years. their confederacy went down before the
armies OF the Union backed they were by that intel
hgent and thoroughly vitazed society of the North,
which was healthy aud vigorous offspring Of It's d.
yersifed Industries.
The close Of brought under the control Of
Government Of the United States conquered
states which with but limited resources had made
bercuean effort adopting the business of war and Its
susenance as welngh the sole occupation of its peo
nIe When after such effort such people suceomb,
they must indeed be ruiued and In fact the South sur
rendered solely because OF this ruin
The American bOdypotic now presented to :view a
n,cture very much akin TO that off body yscal
half of which is parayZed. while tue other half is
thoroughly yitalized. How to yitalze stbe parayzed
half OF this body ypotc and bring 1t up to the same
healthy and vigorous condition that Of the other half
was one OF the interesting and portant problems
ever presented for the consideration sof government
Fsnee,ay did this question concern the then Finance
Minster Hugh McCuoch. Did he tattempt TO grapple
with iti No! not In the least 30 far from doing
his thoughts upon certain theories OF the
sehooImen about money. which theories were so far
from being universally accepted principles that they
were entirely repudiated land treatedoas utterly false
bv many OF the best thinkers aud writers upon the
subject.
This Finance Minister placing his theories far above
the teachings Of the marvellous financial results OF the
war, as quickly as possible put them into practical
operation, and 1t found that the 10y
states quite unable pass through the ordeal and
peace far from bringing TO them prosperity and hap
pine ss brought TO them adversely and misery But for
the prompt Intervention OF Congress In arrestng the
secretarys schemes OF contraction OF the currency
CT isis would have occurred early 1868. However
enough was accomplished by Mr.. McCulloch to secure
only the prostraton OF the industries Of the people,
and to make these people the victims OF the usure but
finally 10 force the Government itself rely upon syn-
dicates OF foreign bankers to carry that National
debtedne which IN the midst Of aud destruction
had been cheerfully and readily carried ut homo.
Eventually tho policy cumlnRted 10 dosolAting dp ~.