Mexico weekly ledger., 1881-02-10
THE TREASURY.

THE TREASURY.
While everybody is seeking to know
who is going to be the next Secretary
Of the Treasury, it may not be amiss
to point out the absurdity of the east
ern and stslwart potion, that material
for that position is not to be found
outside of New York City. The
Nat,onal-U nion-Labor party is not
vet in the ascendency it has not yet
scaled the ramparts of the Treasury,
and the duties of its Secretary are
still something o than printing
and issuing fat, authorizing loans,
computing interest, and collecting
from that class of borrowers that are
always afflicted with impecunios,ty.
If no other obligations were imposed
upon a Secretary of the Treasury, a
New York banker or broker might
perform them +; but it is also expect
ed that he will originate and put for
ward plans for improving both the
revenues and credit of the nation,
and to do this properly is the highest
work of the most expert statesman
ship.
To keep the financial future of this
country on a firm and reliable basis,
aSecretary of the Treasury is needed
who can command respect and sup
pert from the Atlantic to the Pacific,
and such an one is not more likely to
be found among the bankers and
brokers OF Wall Street than upon the
banks of the Ohio, Or Mississippi, or
on the Pacific or Lake coasts. So
far, it is certain that of all the sue
cessful fnanciers of this and other
nations, not one was a great city
banker or broker.
THE STATE DEPARTMENT.
Ordinarily, a Secretary of State has
nothing to do with financial matters,
and as a general proposition it will
be almost universally admitted thai
Congress ought to regulate the weight
of its coinage rather so as to promote
domestic interest than with reference
to measures which other nations have
adopted to promote their %financia
standing but it is not unlikely the
East will insist upon the next Secre.
tary of States opening negotiation:
with foreign nations in regard to the
status of silver in the worli's money.
If this shall be undertaken, it will be
obvious that the next Secretary O
State should possess as sound finan'
cial views as the next Secretary O
the Treasury.
Mr.. Sherman has been greatly
bothered by the accumulation of sill
Yer in the Treasury, and yet it i!
difficult to understand why that gen
tleman has not derived as mucl
satisfaction from conte mplating th'
nations stacks of silver as its stack,
of gold. So far, Congress has ex
pressed no sympathy for Mr.. Sher
mans silver troubles, and one of tn,
objects in view in urging foreign sill
yer negotiations is to obtain such ex
preston of opinion as shall induce
Congress either to demonetize silve
or increase the weight of the silve
dollar.
General Garfield is as competen
to direct the foreign diplomacy 0
this country as any president tina
has preceded him, but to Institute
silver conferences abroad before Con
gress places that metal upon a equal
ity with gold at the mint, would b
commencing at the wrong end. LIE
Congress first declare that no create
charge shall be exacted for coming
silver than a gold dollar, and silve
will resume its normal condition q
value and its apparent %comparativ
inferiority to gold disappear. Ate
that negotiations could do no harm
and might induce other nations t
conform to American precedent.