, 1874-07-21
Discussion Of Recent Financial Leg
islation---Hard- Money Talk.
The Best Time to Resume Specie Pay
ments Was at the Close OF
the War,
For the Present, the Opportunity
Has Passed.
MIR. McCultoch Believes in a Tariff
Purely for Revenue.
Foolishness Of the Indiana Repndfat0rs-.'
Tho War OIL the National Banks.

robustness Of tile Indiana Rerndtnt0rH.s~
Tho War OIL the National Banks.
ypccfat Dfspa&ch to Thu Chicago Tribune. |
FoRr WAYNE, Ind, July 20.--Tho Hon. Hugh |
McCullooh, ox-sccretaryo Of tho Treasury, arrived
in this city from London on Saturday, on visit
to his old homo. The ScnstaeA, this evening.
printn throe-column interview with him, from
which the following views On financial topics aro
extracted:
THE r1NANuE HILL.
Reporter-What do you think, Mr. McCulloch. !
of tile new fnAucil bill aud its effect upon tho
country
country. 1t is q compromise measure, and ccr-
tainly not Htop toward specie phy1nentH wlilo it
ncco'np1shes very little II anything in tho oppo-
Hita direction.
R.-You favor, I believe, tho rosumption Of
specie paymentH as soon ha practicable?
Mr. McC.-I do; but boieyo tho country
neglected tho bcst opportunity sho has had to
accomplish resumption.
n.--Wllen waa that !?
Mr. McC.-Dlrectly aftor tho Close OF the War,
It waa. 1 be1feyo in tho winter Of 1S66-00 that I
eout o communication to Congress recommending
tho ADOPTION q policy which you'd Iced to
Think in Deccmber, 1885, indorsing my views,
and Bsil think it would hnvo been 6ettor VI tho
policy then suggested had boon carried out.
n.-What policy did you recommcnd7
drawal Of large amount Of currency, or any
violent measure which won!d tend to diHnrrango
tue business Of tho country had 81, 100. .000, 0O0
or 3l;200, 900 Of short time paper about to
provide for had there been any Interruption to
tho rogu1nr business of tho country. I then ba-
Neyed, aud still believe thero woro certain Bca-
aonB Of tho year ut which tho volume Of CURRENCY
4s..ir
interests. favored policy which would hayc
gradually, but surely, appreciated tho Value OF
tho currency and bring things nearer n solid
bnais. THO only class who would havo felt this
ae no owe moro now than then, that WIS tho
favorable momont.
R.-What would you recommend as the bcat
policy to pursue ct presont7
AIr. AIcO.--1 do not think much legislation
advisable at present. believe IN doing ovorg-
thing to appreciate tho value OF the currency by
encouraging industry, dscouraging oxtravaHanco
| md speculation, and inducing a return Of buBi-
| ncss inattare to q normal aud healthy bass.
| TIE TARIFF QUESTION.
| leyying Of high tariff
- .hfr:"h1cO.-No. I think tho present tariff on-
! tiroy too hiGl.
R.-Aro not tho tariff and currency questions
nfr. McO.--Yes; thoro has been war on tho
| tariff question ever since the Government WIS
| founded, and, presume, always will be. I re-
gard tho prcscut tariff in many respects aa I'LL
| just md oppressive.
R.-What kind Of tariff. if any, do you favor !?
| Dir. NoO.--I favor tariff arranged III such
manuer as to produce tho greatest possible
revenue to tho Government. and this tie pres
| on eomo articles is 80 hoaVy as to DO
nearly prol'ibitory, If not quito so. An
opposite policy would mako vast
difference in the revcnao, md at the same ti1no
3}nf ftty
our industrial interests. I know tho ponusyl-
yanians aro clnmoring for more protection. but
it is certainly not for the benefit OF tho great
agricultural intorests Of the Wos! to accedo to
which duty should bo levied ought, IN my
opinion, to ba small, and include principally
l11uries and such articles as to produces tho
| most revenue.
n.-What is the policy Of tha British Govetn-
ment iu tariff matters?
Mr.. DfcO.-1t approaches free trato. Tho num-
ber Of articles on which duty IL lovied IL worry
small, and the tarif is arranged with view to
revenue strictly. Tho policy works we'll. On
most imported articles thero iB absolute free
trade.
R.-You do not think. then, that our manu-
featuring interoHta neod to DO bolBtaEed by
high tarlff?
S1r. McC.-No; not at rroaent. It might
perhaps, llayo boent Wiso, whom our mai.
ufactuioB wero in their infancy, to hayo fos&orcG
them 10 far ns possible through a tariff, but
think that time has passed. believe TINT oni m
country ought TO 10 tho creditor and not tht
debtor nation. With cur magnificent re-
SOURCES. ous immense productions, and our a.
most unlimited possibilities. our exports should
exceed our imports. Wiso policy Will soon bring
this about without tho intoEcossion Of tue un}ub
tariff, and whou this stato Of Affairs ts brough
about bullion wilt flow into tue country, ant
specie paymont will b, an easy matter.
R.-Tho argument iR frequently made by th'
protcctioniss that it il unfair to bring manu-
facturos into direct competition with those .
Europe, becansp OF the latgo difference botwoor
wages puld skilled labor In tho old country an,
| Ameraca. What is your observation on this Sub
jcct?
Mr.. A[oC.--Tlere is vory lttlo,i IL any, ,ditreronc
betwann wages paid skilled !abor In England M
this country. Tho wages paid thero arc not g
large aa here, but tho purchasing power Of dol
r he,s y much 5 9 Greater tan aisS hSss @
mechanics, aud aktiHana will compare favorabf
with that Of tho Bamo classics In America. Com
pariBon will not, however, hold good as to IN
skilled laborcrB, who arc vastly bottor oil iu thi
country tlau ii Europe.
TIE aRANr-JoSEs MEMORANDUM.
R-You haye real the document calletf lamt!
iarly the drant-Jonos tnomorandum, I presume
What do YOU think Of it?
Alr. McC.-YeH I AAvo road 1t, and regard til
, viows therein expressed as generally sound.
only wish tl,oy had boon carried out years ago.
OUR NATIONAL SECURITIES.
n.-Ilayn you road the platform adopted b
: ! tho recent Democratic State Cqu7ontion
:, | alr. McC.--YeH.
R.-What do you think Of IL?
, Dir. McO.-I think tho Democrats bluudcro
:. > when thoy 1opcalul tho Missouri Compromise
and that they iayo boon b'uMlering ever s!net
R.-What do you think Of the plank atsooatt.'
!, tho payment Of 5-20 bonds III groonbacks?
hlr. McO.-I think it III nnuIitigatod foolsltnoaI
: It waB understood when tho bonds woro lBsno
tint tley wcre 10 o paid in coin, and tho prom
luz wah made by all OF tile loading Republicans !
authority that such tho cAH9, un1BH OtEerW!a
directly statctl. national contraet implies pay
mont III coln, md, when payment III currency
intended 1t IL no distinctly stated, rs IN the cas
Of the 7-30 hondY. In my report of 1861
presented arguments in favor Of coin paymen
/ wl,,ch wero exhaustive, and which, in my opir
; iotl, hare mover been answered. III tl,at door
: nent quoted from Thadde.1a Stevens, aud otht
n they originally hold decidedly opposite view
= | :Iias idaa tf nayipr t]}aaa bonds III ercenhsnt