The Grange advance. [volume] (Red Wing, Minn.) 1873-1877, 1875-11-17
A Peculiar Man.

clan OF tnlS otate, Win whose name
we dislike to defle our columns, the
present age has produced no more
remarkable man than Hon. Hugh
Mccullough, one Of the accidental
ex-secretaries of the treasury and
we believe ex-clerk in the New
York statistical bureau. Mr.. Nc
.Cullough's elevation to honorable
positions has turned his brain, and
he now inagines himself a Brobdig-
nag an among Liliputians, when he
is, in fact, hardly more than Lilli-
putian himself. He rose to position
at a time When small men were on
the surface, and looking down from
the giddy height, supposed it to be
his own stature which made every
thing below appear so fiat and insig-
nihcant.
Presuming on this appearance of
things to himself alone, he under
takes to teach mankind concerning
every subject about which public at
tention is aroused. Last fall he
constituted himself a high court Of
last resort and tried the Granger
Railroad cases, giving judgment, with
the utmost sang .froid, against the
farmers, and informing them that the
corporations were right in law and
ethics, in extorting all they could
get for carrying freight. Now he
comes forward as the champion of
the banks, and pitching into Wen
dell Phillips letter, demolishes that
and the writer as we'll, and were it
not for his disgusting egotism, his
arguments would be equal to a
chapter from Josh Billings.
He starts out by declaring that
Mr.. Phillips statement, that paper
money must rest on credit, is a fall
lacy; and declares that it must be
based on specie. Will Mr.. McCul-
Tough please tell us how he can base
paper money on specie and not upon
credit. Suppose the banks are only
permittedto issue one dollar inpaper
for one dollar in specie actually in
their vaults, what better off are they
than if they issued the specie direct
and saved the expense Of printing
the paper? None whatever; and
for them to do this would not only
be a losing, but foolish business.
But if this were the rule, would not
the holders of their paper still have
to trust to them that they would re-
deem the notes when presented for
payment? And would not this be
crediting them? And would not
their paper even then, in this ex-
IRENE case; be based on credit? Is
it true, then, tina: Mr.. Phillips state
ment is a sophism?
Mr.. McCullough's whole theory is
founded upon a transparent error,
and he is wrong all the way through.
Every dollar Of paper money that
ever has been issued, no matter
what its form, has been based upon
credit, and that credit never depend
ed upon the number of gold and sill
yer dollars the issuers had to redeem
with, but upon their ability to pro.
vide means for such redemption
promptly. In other words, upon the
value of property held by them.
And as all other credit is based upon
the same foundation, it follows that
the same kind of credit that is re-
quired to maintain an account cur
rent, or bond, or note Of hand, is
also, sufficient to float paper curren
,cy: with this difference, that in the
latter case, the good standing of thu
institution issuing the notes must bt
generally known.
With these truths admitted, an<
they are too obvious for denial, i
will be seen that Mr.. Phillips i