New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-10-16

turned when we not prepared to receive them Is
confidence on the part of the holders that the in
forest will be promptly paid. Nothing will do 80
much to create this confidence as honest currency
ct home.
TIE POLICY OF CONTRACTION.
A gentleman in New-lork who is presumably sane,
as his friends have not sent him TO ASYLUM. has
recently published a pamphlet containing copy OF
a letter said to have been written to me in 1865,
with comments under date of July last one of which
comments is as follows: Is il not historical fact
that the Hon. Hugh McCulloch did of himself know
ingly do the deed and vii not the curse of the
hundreds of thousands whom his policy of contrac-
ton hurled from atluence to poverty enshroud ms
name with ipmominy foreverG If this is not the
raying of mailman, what is it did, of my own
accord without, as is alleged in succeeding COM
ments. the advice of my highly valued and very
able friend Mr.. Lanicr. or of any one else ask
Congress, in my first report as Secretary OF the
Treasury to authorize me gradually TO retire tine
legal-tender notes until they SHOULD become equal
in purchasing power to coin, and now, after long
reflection and careful observation of the eject OF
such notes upon business and the public morals, my
only regret is that Congress prevented Inc from car
ryin out the good work So auspicously commenced.
Had the policy of contraction been sustained the
country would. long since, have been on the full
which this writer attributes to contraction, would
not have occurred. There has been in fact no cur
rency contraction, as the withdrawal of groenbacks
rs has been before stated. has been more than
made up by an increase of bank notes. The cor
traction of the greenback circulation in no wise al
fected business. Indeed, the public would not have
known that il was in progress, but for the monthly
statements of the condition of the Treasury. If
am chargeable with the panic of 1873 and It's conse
quences, ought not to be credited with something
for the good times which boasted Of after the
$4,000, 900 of greenbacks had been retired I
No one can fail to be anxious as to the decision
which will be made at the next Presidential election
in regard to this most important question. There
are many who will regard the election of Gov. Allen
as a very decided indication that the people in the
West are in favor of an increase of what is called
lawful money, if not of ultimate reputation. i
think otherwise. Thousands of hard-mODey Demo-
Gratis will vote for him while they spit upon the cur
rency plank in the platform. A few, perhaps many
like Mr.. Groesbeck, will stay at home or vote for
his opponent but the mass will vote the party
ticket His election if he is elected, may he claimed
as triumph of the infatOnists, but it will not be.
If il should be in fact such triumph, victory TO the
party would be worse for it than defeat. No party
can turn its back upon its timehOnOred principles
and ignore the teachings of its former great lead
ers without loss Oh reputation uhu VI
strength. The election in Ohio may be
significant, but it will not affect the Presidential
election of next year. That election will undoubt-
edy be one of the most important ones that has ever
occurred and it is to be hoped that the result will be
the election of the man who stands upon the soundes
platform Ralph Waldo Emerson some years ago
sententiously remarked that 1.-The Wings had the
best men, and the Democrats the best principles"
1t will be happy thing for the United States if not
only the party with the best principles but with the
best men, comes into power. That the general seni-
ment is sound upon the financial question was indl-
Gated by the favor with which the veto of the Cur
rency bill by President Grant was received by intel
lgent men of all parties. 1t is a comfort to know
that during his term of Office there will be, at least,
no further expansion. In the mean time the sober
thought of the people will have time to assert itself
London, Sept. IL, 1879. HUGH MCCULLOCI.