The People's vindicator. [volume] (Natchitoches, La.) 1874-1883, 1875-11-13
Hard Money and McC ulloch.

Hard Money and McC ulloch.
Hugh MCCULLOUGH, who Seems, in
the eyes Of the New York financlers,
to b. little God, if not . large one,
on money matters, has, after much
labor and many twistiugs, Issued a
letter, which is published in the New
York Tribune, Oct. 2lst, annsncmting
his views upon the present financial
difficulties.
The reasoning in the major part Of
the article is good, as far as it re-.
lates to a diagnosis of the diseased
currency but when remedy is spo.
ken Of, Mr.. MCCULLOUGH misses the
mark entirely.
We conceive that the ex. Treasurer
does not mean what he says. He is
too astute a tinancier for such to he
the case. a..
In stating that the proper way to
resume specie payments WAS to re-
deem all outstanding legal tenders
with A per cent bonds, j. too child.
ish to be attributed to Mr.. MCCULLOUGH
40 lis real meaning. Hs Auctuates,
evidently, between his own eonvic.
lions, "a we'll as that Of every we'll
thinking man, aud q pulling policy,
else h. has sl'amefully chosen to be-
come the champion Of bond holders,
as opposed to Tux payers, in the mat.
ter, equaling almost the juvenile
folly Of the last Congress in enacting
the resumption law to apply in 1879.
What Mr.. McCullou oh proposes to
do to, remedy the evil and satisfy the
demand, is simply this aud nothing
more.
Mr.. McCnlloch's idea of specie, is
hard coin of the realm-well and good;
and to give this to the people he pro.
poses to redeem circulating medium
noW IN eristeace,, not by a wise, judi.
cious and statesmanlike course, but
by Issuing bontls for that amount,
bearing 4 to 5per cent interest-tbus
heaping a tax upon the people Of over
el5, OOo, 600, eighteen millions) per
gear, and this indefinitely. In othe
words, We have out $400, GOO, M0,
about, 10 legal tender, which do not
bear interest; he proposes to take
these In and Issue bonds that do bear
iatsrest, in their stead. Snpposing
these bonds to have 30 years to run,
the tax payers at the end Of that term
will have the pleasure Of redeeming
those bonds augmented BY s54o,0Oo,.
600 interest.
This wont do /; it is not flnancier.
lug to thus dodge around the point.
and We are sorry to have seen Mr..
NcCullochD do ~. He has lately
travelled III Europe and his interest.
ing letters npon the financial man.
agement Of its respective governments
show him to have observed closely
aud studied then, we'll. We are
panied that he did not follow what he
had there acquired. Let Mr.. McCul-
loch divest himself of his Partially
for capitalists; this is shown too plain.
~ in the letter to which We refer let
him, for once, act az 40 American
political economist, not % 4 pa,tizau,
and nsen are we'll satisfied that he
will give a. more profound and better
remedies than the one proposed
The Law Of supply and demand reg.
ulate the currency question in all its
bearings, which requires little if any
tampering legislation; in fact, it is
a power which will quickly overcome
sucl, pigmy resistance. The use for
gold In home enterclange Is nothing.
The legal tender is accepted as vii.
)ingly for home productions as the
gold dollar. There 10. no want of
in any American citizen Id
the value Of these legal tenders.
There is ,cant Of conf denee with i'm
porters aud those who deal with
foreign nations. And who has bro.
ated thh want Of conddsnce' We
unhesisatingly answer The govern
men itself! Howl By refusing to
make its currency issue receivable for
III dues to the government!
Some will ssy that gold will DO. re-
quired to meet balances Of imports
over exports; granted, but what then |
Is the dnty oftbe government 10 such |
:ases. To encourage art, mechanics, |
manufactures and agriculture. Not
y cut throatlhigh tarriffs on the ,cants
Il the country. The imports Of ne.
;essaries are few-luxuries large, and
here is no good reason why our ex.
,orts should not b largely in excess
imports. Our country has q diyer-1