Year: 1865

three thA'usend nx hundred students in al ~
colleges, there were only one hundred and
fofty-nins o,nversions during ths past wear. A
the professors have the students entirely n
their power, axsd as-in almost every colleee-
tho easiest way to take honon d to profs~
piety, we declare this exhibit to be very shabby.
and call upon those concerned to whip ths
devil round the collegiate stump moro vigor-
ously. At present the odds are decidedly IN
his Satanic Majesty's favor.


Oar Nstional Fin.A ces-Ths New Score


tary Of the Treasury.


1t ID now pretty generally understood that Ar.
Hugh McCulloch, the present Comptroller a
the National Currency, has been invited by tAs
President to take the important position q
manager-in-chief Of the finance department a
the United States, after tha 4th of March
ensuing. In order that the people generally
may, to some extent, be made better acquainted
in advance with his financial views and opin-
ions, we have quoted freely from his reportA
as head of the National Currency Bureau, ana
from his letters Of instruction to the national
banks, all Of which will be found in another
part Of this days HERALD. Mr.. McCulloch win
carry with him into the position he is about .
assume the best wishes Of . large majority II
the American people; but whether he will bs
equal to the task that will devolve upon him.
which few may doubt, is nevertheless prob
lem which time only can solve.


Since the commencement Of the present war
the country has found no difficulty in procuring
men of all the necessary grades to fight its bat
ties; nor has 1t ever experienced the least dis
tress from a lack Of the required support which
a loyal and Union-loving people could render.
The only danger which has threatened US, and the
only uneasiness which has been evinced by the
public, have grown out of the bungling mannea
in which our financial affairs have been man
aged from the breaking out Of the rebellion to
the present time. 1t is true that Mr.. McCulloch
has been in measure mixed up with the policy
and practices Of those who, it is almost certain.
will soon stand in the position of his Immediate
predecessors; but it must be borne in mind
that he was subordinate to both Mr. Chase and
Mr. Fessenden, and should not, therefore, be
held in any way responsible for the acts OF
either of those two Incompetent officials. Flo



come himself the responsible head of the
Treasury Department, and he will then have
an opportunity to carry out his own views and
policy, which, as will be seen from the extracts
to which we have referred, differ widely il
some respects from the policy and practice oftha
department for the last four years. We are in.
clined to the belief that when fairly and firmly
seated in his new position he will be the Score
tary de .facto, and that he will not be made .
tool of by those who surround him. Wehope 80.
He is not politician in the general sense, but
was brought up in the school offnance. He is
strong advocate, we might say the champion, o
the national bank system, which he at ono time
opposed; but he is not in favor of imposing any
onerous burdens upon the State banks in order
to foster the new ones. He desires rather that
the old institutions should, through enabling
acts like that of Pennsylvania, and similar to
the one which has just passed the Assembly Of
this State, organize under the new law, and By
gradual conversions to ultimately become ab-
sorbed in the new national system. He favors.
we believe, q heavy tax upon the resources Il
the country in order to carry on the war and
to provide for the payment Of the interest On
the government bonds, which tax, after the
restoration of peace, should not, he thinks. bs
abated until the national debt is In great
measure extinguished.


In relation to the country issuing Its own
notes as permanent circulating medium, hs
says:-"No more dangerous, no more corrupt
ing power could be lodged in the hands Of tho
party in possession of the government, and
none more perilous to official probity and free
elections" There are few, we think, who are
not moved by the corrupt influences of poliH-
cal organizations, that will dissent from The
opinion so boldly expressed. Paper money
generally, Mr.. McCulloch thinks, should be
convertible into coin, not only when there is ns
demand for specie, but also at times when it y
most needed. ut should not" he says, ION
the one hand, by being overissued, encourage
extravaganza and speculation, and give" Gas at
present) "an unreliable valuation to property;
nor on the other hand, by being reduced below
the proper standard, interrupt business and
unsettle values.' He recommends the banks
to prepare for return to specie payments
which is an indication that he will exercise his
power to place the government on the same
track. He anticipates at no distant day an up
heaving in financial affairs unparalleled In tho
history Of nations. In reference to which he
says:-"Fortnnate will the country be If tho
war can be closed and prices reduced to former
standards without collapse, which will -
greatly excel in the extent of its disaster thai
which occurred at the close Of the last war
with England as the present war excels that In
costliness and magnitude"