New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-07-16

the whole the best tnlns lOfbne people Oo uV 10
to let them fight out their differences outside,
and keep the Government in the old hands.
The Republicans at least agree upon some
thing like policy upon all questions of gen
eral politics and the country knows what to
expect from them.
| EX-SECRETARY MCULLOCH on Finance.
The celebration of Independence Day at
| Woodstock was made notable this year by
the elaborate address of ex-Secretary McCul-
| loch on Finance and Business. Much OF
this address was admirable. His recital OF
the effects Of the war upon finance and indus
try was especially worthy of the orator and
the occasion. HIS own early efforts to prepare
for resumption by withdrawal of greenbacks
are briefly described and justified. He said {:
1 desire TO say right here that no business IN
terests of the United States suffered while this with
drawal was going on that nobody but the officers
Of the Treasury would have known that 1t was going
| on had It not been for the publication Of the
monthly Treasury reports. will say more. IL the law
authorizing the retirement Of the United States notes
had not repealed and the authority granted to the
Secretary OF the Treasury had been firmly but prudeDty
exercised the cases which produced the crisis Of 1873
would not have existed the country would have escaped
the hroos agOues of the last five years the specie
| standard would have been restored and green5aok
party would have been heard Of The withdrawal
of the egaender notes advocated because issued
for war purposes only they not needed after tho
close Of the wnr nasmuch as the banking institutions
the capital and number OF which steadily ncreas
ing could and would furnish they had done before
the war; all the currency would be required in the
transaction OF legitimate business
All sound thinkers will agree with Mr.
McCulloch in the opinion that the excessive
circulation of legal tenders was a great evil,
and that withdrawal OF notes, so long as they
remained deprecated, was wise. But some
will part company when he insists that the
entire greenback circulation should be with
dawn, and the National banks left to furnish
| the only paper currency. His views on this
point are shown in the following criticism of
| Secretary Sherman:
He alas! has become tinctured with the ereenbaek
mania. He now iaYOrs the continued issue OF these
| notes limiting the amount TO S3OO,OOO,OOO Does
| he really think that such limit can be nam
tauedl Admitting right Of the Government TO issue
notes for circulating medium in time of peace, with
the attributes OF real money does he suppose that the
| demand for an increase can be resistedi
! II does not yet appear that Mr.. Sherman
! would prefer, rs 4 permanent policy. the en-
ployment of $300,0000O0 in greenbacks
For the present, until the cOnyertibiiity of
| the currency into coin can be established, he
proposes no other unnecessary change in its
| character, and yet he is thought at the West ID
! be very badly affected with what is there
considered 1.-THE National bank mania"
II seems hardly wise in Mr.. McCulloch
| to crihcise so harshly a Secretary who
has accomplished very much, III part
| because he has been able TO retnin some SYM
pathy and influence in those sections where
! the National banking system is most unpopu-
| lar. In judging Mr. Sherman, it is only fair
! To remember that the business Of statesman
| is to get things done, aud that public opinion
would at once defeat and GUST any party
which should attempt to abolish the green
back circulation. When the people learn by
experience the advantages of a strictly con-
yertibe currency, then il will he practicable
10 consider how that currency shall be COM
posed. Mr. McCuloch's Judgment of the Ma
! tional bank system, however sound, is one
which has not yet the support of the people.
| He says that if the Bank Act ia repealed,
I" the people, and not the bankers will ulti-
"mately be the chief mourners," and therein
| he is right. But the fact remains that public
opinion is at present such that, ii forced 10
decide between immediate abolition of bank
notes or legal-tenders, il would surely abolish
| tho bank notes.
| Neither can we agree with Mr. McCuloch
| that resumption, as long "A the Silver Act Is
| d" i'm force, will be a sham.n Had silver been In
any sense remonetized, there would be more
reason for the statement. But its essentially
subsidiary character, here as in France, pre-
vents effects which would follow free coin
age and resumption is certainly not sham
in France. Mr. McCulloch afterward treats at
| length, and with much good sense, upon the
labor agitation, and shows that the rightful
claims of labor are neither COmmunistic nor
Socialistic,n but sharply dissents from the
opinion that hunger is a means of grace"
and wishes that our political economy could
be "baptised with the spirit of the Gospel"
L. there, then, anything rightly called poiiti-
cal economy, which does not seek the highest
good of the people as whole In this re-
mark, rs in others regarding the increased use
of machinery, Mr.. McCulloch seems sometimes
to be a little blinded by the wants of indi-
viduals to the general advancement of the
race. But his address was a very able and
suggestive one, and it is to be regretted that
equally intelligent discussions of the great
material questions of the day are very rare.
| THE JULY EXODUS
New-York never probably looked so vacant
| in July as during the present season. The