Year: 1866

great constitutional amendment.


The National Currency Bureau and the
Treasury.


The letter of Comptroller Clarke, criticising
the official reports and the course of the Secre-
tary of the Treasury, has developed very
singular state of affairs at the national capital
II reveals, however, only what has been for
some time past known to exist-a direct an
tagonistic policy between those two financial
officers of the government One Is in favor of
contraction, and asks for legislation which
will enable him to control the money mar
ket and carry his views into practice; while
the other is opposed to any such legislation,
or the adoption of any arbitrary measures
to secure the resumption Of specie payments.
It is from this disagreement that the cores
pondence between Secretary McCulloch and
Comptroller Clarke originated. The former
was appealing to Congress for the passage OF
bill that would confer upon him unlimited
power, both in exchanging one class Of bonds
for another and the retirement of the Treasury
notes of all descriptions and also in nego-
tiating loans both at home and abroad. This
was the measure which the Secretary proposed
to use to carry out his contraction ideas and
secure return to a specie basis. This mea-
sure Comptroller Clarke strongly opposed.
Secretary McCulloch ascertaining this fact,wrote
note to Mr.. Clarke, stating that he had been
informed that he (Mr. Clarke) was opposing the
Loan bill and advocated policy contrary to
4hot ,,,h;oh tha Traasurv nanartmont waa
laborng to enforce. In conclusion, the Secre-
tary requested the Comptroller to favor him
with his views, either in person or in writing,
in the hope that in 80 doing they might be
able to agree upon one and the same policy,
and act together in harmony. To this note
Comptroller Clarke replied on the oath Of
February at some length, giving the substance
of his reasons for opposing the Loan bill.
Secretary McCulloch subsequently denied some
of the facts stated by Mr.. Clarke, and the result
is the rejoinder of the latter-published by
us day or two since-which has proved to be
the financial sensation of the hour. 1t appears,
however, from the explanation Of Mr.. Hooper
in debate in Congress, that the Comptroller
was in error in his statements, in bis assertions
in reference to the Secretary's report.


The correspondence has developed On ano-
maly in affairs at Washington. That there
should be an open rupture between the two
principal financial officers Of the government,
and both retain their places, is looked upon as
extraordinary. 1t has been generally supposed
that the Comptroller of the Currency was a
subordinate officer Of the Secretary of the Trea-
sury, and amenable to him. That the Secretary
should retain person in Office under him who
is openly opposed to his policy is looked upon
as mysterious But when we come to examine
the bill creating the bureau and Office of
Comptroller of the Currency VIC find that he
is not q subordinate officer Of the Treasury. but
holds an Independent position, responsible, in
fact, only TO Congress. His official reports and
communications are made, not 10 the Secretary,
as those of the heads Of bureaus in that depart
ment arc; nor are they made to the President
| as is the case with the members of the Cabinet
| but TO Congress direct. There is no official OF
power between him and Congress; no provision
| for revision, save with the lawmaking power
The appointment, il Is true, is made by the





Secretary Of the Treasury; but when once ap
| pointed no removal can take place exccp
upon . written statement of the reasons
which shall be satisfactory TO Congress
With the present temper of Congress II Il
doubtful II the President will be able TO furnish
reasons which Congress will deem satisfac
tory. We cannot therefore fail to look upor
the precedent established in creating thii
bureau Us detrimental to the interests of tho
government, and serious mistake. II is the
commencement Of the system of disintegratior
which has brought all the trouble. corruption
and pronigacy in our present city government
II is opening the doors to the same evils tina
we have experienced in this metropolis, and
the first step towards similar state Of affair
in the national government The bureau Is {
creation Of ofex-Secretary Chase, and was adopted
BY Congress at the time that the majority o
the Senate sided with Chase against Presiden
Lincoln. II was no doubt purposely made al
independent branch Of the government to sub
serve the political interests of the presen
Chief Justice and enable him the better I,
make the national bank system grand politi
cal power to advance his claims for the Presi
dency. Hence II was removed from all DANCE


of interference on the part of the President o.


Secretary Of the Treasury. Just as the inde


pendent bureaus were created in our city gov


ernment 10 advance personal ends, so was thi


TO subserve private ambition, instead Of th'


interests Of the country. One Of the frs
fruits is now seen in the disagreement Of tive


financial officers and want Of harmony in th


executive departments. This evil should b


corrected at once, or still more serious ant


alarming results may follow.


RAID UroS INFANT vEAIs.-Thc extensv,