34 » 
 
 . 
 
 OUR NATIONAL FINANCES.- 
 
 No. 11 . 
 
 A REVIEW 
 
 OF TIIR 
 
 /i 
 
 Fancies, Fallacies, Mistakes, Inconsisti'iicies, and 
 
 Fundamental Errors ^ ^ 
 
 
 CONTAINED IN TDK 
 
 mm OF TOE SECSETHIi! OF THE TRESSyO!, 
 
 ■ (iOVEllNMFJ'f I’Al’lill llOXliY, 
 
 ITS EFFECTS, &c,, etc. . 
 
 THE CONSTITUTIONAL QUESTION."" 
 
 FREIi TRADE AND RROTECTION. 
 
 ENGLAND AND FRANCE-SOME ADVICE FOR JOHN BULL. 
 
 PRESIDENT JOHNSON’S VIEWS 
 
 ON THE FINANCES. 
 
 ETT AND THE HERALD. 
 
 THE UNION TATvTy. 
 
 “THE PARTY OF. THE FUTURE,” &c., &c. 
 
 BY A PATRIOT. 
 
 NEWYOUK; . ' 
 
 PRIN'TF.n FOR THE AUTHOR BY R.MeER * GOinVIN-. 
 
 Dec. 21), ISii.'i, 
 
 
 
 
 t 
 
' 353..H x:/^. 
 
 :Ou7 
 
 OUR NATIONAL FINANCES. 
 
 A REVIEW 
 
 OF THE 
 
 0f i\t ^etrrfarg 0f i\t Creaswrg. 
 
 -- 
 
 One of the first impressions made upon the mind in reading the Re¬ 
 port of the Secretary of the Treasury, and that of the Comptroller of the 
 Currency, is of alarm—the fearful array of figures, which add up to some 
 three thousand millions of dollars; and this is increased when we read 
 their recommendation to fund this entire and enormous sum into gold- 
 bearing bonds, the annual interest of which will amount to $180,000,000 
 per annum. This, in connection with what we learn in the Comptroller’s 
 Report, that our imports, including payments of interest have, in the 
 past three years, exceeded by 1300,000,000 those of our exports, which 
 is just so much increase to our foreign debt, which amounts to other 
 hundreds of millions of dollars. 
 
 In attempting to reconcile our understanding with the views of 
 the Secretary of the Treasury, and discover a way out of this laby¬ 
 rinth of indebtedness, and, if possible, agree with him in the policy 
 recommended of curtailing the currency, and to increase the annual 
 interest fifty millions of dollars, and instead of paying a portion 
 of the interest in currency, to pay the whole sum in gold— 
 and -when we recollect that there is over twelve hundred millions 
 of national securities falling due, and to be provided for almost im¬ 
 mediately; that he proposes to raise for the expenses of the Govern¬ 
 ment and on the interest account, and $200,000,000 for the reduction 
 of the public debt, in all some $600,000,000, a sum four-fold greater 
 than all the specie in the country ; that there are 1,600 National Banks, 
 which will soon have out a circulation of three hundred millions^ 
 and that they owe their depositors some $1,000,000,000 additional— 
 “ Patriot ” was obliged to confess, to his limited understanding, the ideas 
 and arguments of Mr. McCulloch of the practicability of soon returning 
 
2 
 
 to specie payments, and the advisability and desirability of funding the 
 Government money and reducing the circulating medium, was prepos¬ 
 terous, and, under the circumstances, absolutely impossible, unless at the 
 expense of the complete bankruptcy, both of National, State and private 
 interests; and especially absurd did the whole scheme appear, when we 
 took into consideration the enormous sums of money that are absolutely 
 required to move and raise our vast crops and to transact our truly tre¬ 
 mendous internal trade and commerce, to say nothing of our very great 
 and rapidly increasing manufacturing, railroad, and private interests. As 
 well undertake to draw a mountain with a mouse. 
 
 We are aware that the Press have generally spoken of the Re¬ 
 port as a very able State paper: when they have leisure to examine it 
 more fully, we believe they will modify their opinion. 
 
 We propose to examine it in detail, but necessarily very briefly ; and 
 we regret we are unable to agree with the views and arguments of the 
 Secretary, and are obliged to oppose a member of the Administration, 
 which we, to the best of our ability, assisted to office. 
 
 FUNDAMENTAL ERRORS. 
 
 The great error that Mr. McCulloch and thousands of others make, 
 is in supposing that what is called a redundancy of the currency inflates 
 prices, and that “ excessive issues disturb values.” Another and more 
 pernicious error, and one closely connected with this unsound theory, is, 
 that shinplasters, in the form of circulating notes, have the same stand¬ 
 ing and effect as real money as the paper money coined by the United States 
 Government and secured by the entire property of the people within the 
 jurisdiction of Government. It is upon these false premises and unsound 
 reasoning they base arguments and make a comparison of the effects 
 of a paper-promise of individuals—private or associate—with the money 
 of a great and mighty Nation. 
 
 The one is a fraud, or of such suspicious character as to be suspected; 
 the other has the confidence of the people of the entire Nation, who 
 believe it is as good as gold. There is no comparison—that is, a fair 
 one—that can be drawn from the effects of these two descriptions of cur¬ 
 rency, unless the truth is stated and acknowledged, that the one is un¬ 
 stable and is forced off as soon as received, or exchanged for property, 
 regardless of price, and is liable to be rendered worthless by a para¬ 
 graph—perhaps a false one—in a newspaper; the other cannot be 
 affected, for it is known to be good beyond any contingency, and is kept 
 and hoarded until required to purchase articles needed, and will not be 
 parted with except it can be exchanged at fair rates. 
 
3 
 
 Mr. McCulloch supposes what he calls excessive issues of the United 
 States Currency have caused an excessive increase in values. This we 
 believe to be a mistaken idea. He is confirmed in these views by 
 the knowledge that if the Government can be induced to destroy the 
 Treasury notes many articles would be reduced to one-half of their 
 present price. This would be no criterion of their real value—it would 
 only be taking advantage of the people’s necessities, and compel them to 
 dispose of property for less than its actual worth. 
 
 Hay, an article of prime necessity, was sold last season at forty 
 dollars per ton, and it was charged by the Bullionists it was in conse¬ 
 quence of the “ excessive issues of a debauched and inflated currency.” 
 At present it can be purchased at twelve dollars, and if Mr. McCulloch 
 should issue five hundred millions of additional Treasury Notes, it 
 would not increase a penny a ton. It is impossible to inflate the price 
 of hay this season. Why ? Because there was a large crop, and the 
 quantity is in excess of the demand. 
 
 There is at present a scarcity of pork in Europe, and bacon, &:c., 
 rule high in foreign markets. There is also a scarcity in the South, and 
 in consequence, pork is dear in New York. Paper money has no effect 
 upon the price, excepting the premium on gold has the effect of increas¬ 
 ing the exports and reducing the quantity ^in the home market. 
 
 Previous to the issue of the Treasury Notes one-half at least of the 
 people were without constant employment, and too poor, except occa¬ 
 sionally, to eat pork, and were obliged to subsist upon potatoes and veg¬ 
 etables, and not unfrequently had a short supply of them. At present 
 they have both work and money, and consume large quantities of bacon, 
 ham, &c. 
 
 In 1863, there was a short crop of corn, in consequence of an early 
 frost. In 1864, there was a light crop in consequence of a severe 
 drouth, and corn in those two years was very dear. This season the 
 country has been blessed with a bountiful crop, and corn commands only 
 a fair price, and is constantly falling, and unless there is an increased 
 demand in Europe and better prices, and unless the premium on gold 
 increases, corn will be ruinously low. Mr. McCulloch can only affect the 
 price by breaking the country, when the people would use it again, as 
 formerly, for fuel—he cannot increase the price by issuing United States 
 Treasury Notes. 
 
 Oats are as cheap at the present as they ever should be, if it is 
 desirable to pay the farmer a fair compensation for his labor. ' If the 
 gentlemen financiers do not believe this, let them make the experiment 
 of raising oats, corn, or potatoes at present prices. There is a short 
 
 
4 
 
 crop of wheat, and flour brings a' good price, but we should not forget 
 it sells in Chicago at five and six dollars per barrel, and retails in New 
 York at twelve and fifteen dollars per barrel. There is great com¬ 
 plaint because beef is dear. We cut the following from a Chicago 
 paper: 
 
 The Chicago Live Stock Reporter^ of November 24, gives quotations 
 showing a steady decline in that month of beef cattle. Steers averaging 
 11 cwt. sold at $6 to 16.12J per cwt. “All our most important buyers 
 are doing nothing, patiently waiting for the downfall of prices, vdiich 
 they predict must soon take place.” Good smooth stock and butcher’s 
 stores sell at $5 to 15.50, and low grades at $3.80 to $4.37^, and busi¬ 
 ness very dull. 
 
 But we are told beef is enormously high. Yes, it is; but the farmer 
 who raises it does not get an enormous price. It goes into the coffers of 
 rich railroad corporations. 
 
 Our rulers and editors would display more wisdom if they should 
 exert themselves to decrease the profits of railroads rather than to decrease 
 those of the agriculturists, which do not even in these “ extravagant'’’^ times, 
 pay on an average two and a-half per cent, on the capital invested, and 
 fifty cents per day for the labor of the farmer. For the truth of this 
 we appeal to every intelligent Congressman, or to Horace Greeley, 
 William Cullen Bryant, or I^bnry Ward Beecher, who are farmers, 
 economists, and doubtless keep correct accounts of receipts and expendi¬ 
 tures. We, of course, should object to estimating the rise in the value 
 of their, farms, for that, of course, in consequence of inflation, is fictitious, 
 “a delusion and sham.” Will not these gentlemen favor the public with 
 the statistics, proving that they are making fortunes from farming, and 
 that their newspaper and publishing, preaching and lecturing business, 
 does not pay, in consequence of the “ plethoric and inflated state of the 
 currency.” 
 
 Rents are high. Mr. McCulloch charges it is in consequence of an ex¬ 
 cessive and depreciated currency. W e deny it. If there was one thousand 
 houses and five hundred stores in excess in New York, rents would im¬ 
 mediately fall from twenty-five to fifty per cent. If one thousand men 
 in this city wish to purchase houses, and there are only five hundred for 
 sale, the price would be ‘■^exorbitant but if there are only five hundred 
 men who wish to buy, and there were fifteen hundred houses to sell, 
 the prices would be “ruinously” low. The emigration from Europe the 
 last season, drawn here by our high prices for labor, has been immense, 
 and houses are scarce and rents dear. 
 
 “Patriot'’’’ and others have long since exploded the ridiculous fallacies 
 
5 
 
 of the desiructionists, that the Legal Tender Treasury Notes have given 
 a ficticious value to property, and if the officials of the Government 
 would dismount from their high steeds and come down among the peo¬ 
 ple, they would learn many things which they now seem to be igno¬ 
 rant of. 
 
 The Treasury Notes have been called a “ cheat,” “ a fraud,” a “ delusion,” 
 &c. This is false. The people gladly received them in exchange 
 for property in a time of suspension of specie payments, and did not 
 expect to receive gold for them until it was convenient for the Govern¬ 
 ment to redeem them in coin. There was no deception or a particle of 
 fraud in the transaction; and, what is important in the premises, is the 
 undeniable fact that seven-eighths of all the real estate in the United States 
 can be purchased to-day for a price that will not exceed the price demanded 
 for it previous'to the suspension. 
 
 THE GREAT CALAMITIES OF 1837 AND 1857. 
 
 Mr. McCulloch writes extensively upon these two periods, and uses 
 them as precedents to base arguments upon to prove the dangers of ex¬ 
 cessive circulation—a plethora of currency, as it is termed by the Bul- 
 lionists. To an intelligent mind which has carefully studied the philosophy 
 of affairs during and just previous to these two periods, it is evident 
 it was not an excess of currency, but the fault was in the quality rather 
 than the quantity., for we believe there never yet has been more than 
 one-half of the requisite amount of money in circulation to properly pro¬ 
 pel the energies of the people and develop the resources of the country. 
 Mr. McCulloch states as follows: 
 
 The great expansion of 1835 and 1836, ending with the terrible finan¬ 
 cial collapse of 1837, from the effects of which the country did not rally 
 for years, was the consequence of excessive bank circulation and dis¬ 
 counts, and an abuse of the credit system, stimulated in the first place 
 by Government deposits with the State banks, and swelled by currency 
 and credits, until, under the wild spirit of speculation which pervaded 
 the country- * ^ ^ ^ % % % 
 
 It is admitted that on a coin basis there will be periods of expansion. 
 Times of the greatest expansion and speculation in the United States 
 have been, indeed, when the banks were nominally paying specie. This 
 was the case prior to the revulsions of 1837 and 1857, the expansion of 
 credits having, in both instances, preceded suspension; but this does not 
 militate against the theory just stated. 
 
 The Secretary frankly admits that: 
 
 Now, in both these instances the expansions occurred while the busi¬ 
 ness of the country was upon a specie basis, but it was only nominally 
 so. A false system of credits had intervened, under which payments 
 
6 
 
 were deferred, and specie as a measure of value and a regulator of trade 
 was practically ignored. Everything moved smoothly and apparently 
 prosperously as long as credits could, be established and continued, but 
 as soon as payments were demanded and specie was in requisition, dis¬ 
 trust commenced, and collapse ensued. In these instances the expan¬ 
 sions preceded and contractions followed the suspensions; but it will be 
 recollected that while the waves were-rising specie ceased to be a regu¬ 
 lator, by reason of a credit system which prevented the use of it. 
 
 Let us for a few moments revert to the periods spoken of. 
 
 General Jackson, knowing very little of the practical workings of 
 monetary affairs, and being influenced by Van Buren, Marcy & Co., who 
 were the leaders of the Albany Regency, and the heads of the system 
 known as the Safety Fund System, and assisted by Mr. Benton and his 
 bullionist followers, inaugurated a crusade against^ the paper money of 
 the old United States Bank, which was frequently over par for gold, and 
 destroyed that institution, and established a host of banks with the de¬ 
 posits from the United States Treasury—about their only real capital. 
 
 This was followed by the “ Safety Fund,” “ andTUiM 
 
 Gaif,” things called banks, and the country was flooded with their shin- 
 
 plasters. When a man asked for discounts, the question was not how 
 much he was worth, but how much interest would he pay ? As this 
 money cost nothing and was really good for nothing, it was loaned to 
 irresponsible men and upon the security of 'paper cities, and, of course, 
 the first flurry or demand for gold, they toppled over and vanished like 
 the men of straw 'and the paper cities they were founded upon. Mr. 
 McCulloch’s statistical exhibit is all we require to show the cause of the 
 ruin and bankruptcy of 1837 which devastated the country. 
 
 In the year 1835 the circulating medium of the whole 
 country was— . . . . . . . 1103,692,495 
 
 In 1836,. 140,301,338 
 
 In 1837,. 140,135,891 
 
 This amount, instead of being excessive, was not half sufficient for 
 the requirements of the country, providing it had been sound, well- 
 secured paper money. Of these unsecured bills put afloat, nearly two- 
 thirds proved entirely worthless, for as late as 1843 the amount of paper 
 money in circulation was only $58,564,600.. The banks had swindled 
 the people of nearly $100,000,000, the effect produced by the Demo¬ 
 cratic party under Van Buren & Co., who were continually tinkering the 
 currency. Gold was extremely scarce ; the cause we will soon explain, 
 or let the Secretary do so ; — there was only about two dollars, in 
 currency, per capita in the country. This shows us the reason why there 
 was a “ terrible calamity,” and prices and values were wiped out.” 
 
 y 
 
 
7 
 
 It was caused by contraction, not expansion—will any sane man deny ? 
 If we had wise men at the time in Washington, at the head of the Gov¬ 
 ernment, and they had come to the relief of the people and country, as 
 was their duty and privilege, and issued promptly $200 or $300,000,000 
 of Treasury Notes, the calamity would have been averted. Bullionists 
 and Benton prevailed, and destruction and the Destructioniststriumphe 
 
 The same was very nearly repeated, and caused the revulsion in 
 1857 and ’58. In the interim the country, in spite of this discourag¬ 
 ing and disastrous state of affairs, increased in wealth, the storm was 
 allayed by the Free Banking System, and currency in the State of New 
 York which the people valued just as highly during the suspension of 
 specie payments as they did before, knowing every dollar was secured 
 by State stocks safely lodged with the State Government. 
 
 No, these fearful calamities were not caused by excessive issues of 
 paper money, but by the use, repudiation and non-payment of a miser¬ 
 able, worthless imitation or stuff called money, put in circulation by 
 men who believe as Mr. McCulloch does—that it is unconstitutional for 
 the Government to issue paper money. It was the absence of money 
 that caused the suspension of business, travel, manufactures and public 
 improvements, and covered the land with a pall of poverty and distress. 
 
 The Secretary fails to discover any of the ten thousand evils that 
 have been inflicted upon the country by vicious legislation. The terrible 
 , that haunt him continually, and will not down at his bidding, are 
 
 Excessive issues ” and “ Inflations. Paper money is made the scape¬ 
 goat on which the sins and enormities of the sham-democracy are packed 
 and taken into the wilderness for interment. And Mr. McCulloch is act¬ 
 ing in the joint capacity of undertaker, chief mourner, and funeral orator; 
 and, like most preachers, endeavors to bury the sins of the deceased with 
 the body. 
 
 It is a remarkable exhibition to witness the old line Whigs marching 
 in the procession as pall-bearers, and praying the defunct may have a 
 resurrection. 
 
 Short crops, the effects of war, slavery, free trade, bad legislation, are 
 mere trifles in the estimation of the Secretary—not worth mentioning. 
 Government Paper Money is the great and cruel monster that is treading 
 the people under foot, and must be destroyed. If this is true or wise 
 statesmanship, then Patriot is in his dotage. 
 
 SOMETHING ABOUT FREE TRADE. 
 
 There is an ominous silence in the report of the Treasurer upon the 
 subject of Protection and Free Trade. We are not surprised; for pro- 
 
8 
 
 an amount that is barely suffilnt^rTh^ nL“S of 
 
 and there is none left to manufacture with “ (government 
 
 , , brandies, wines, diamonds, foys' ariTiLr^ElpTs' for T’ 
 
 ■Z:: <S2:.f-rehand-rf^Ws prT 
 
 it allows lat verruseSTT"""’ ”>orals, and especially 
 
 upon the Lterest of tf ^ live 
 
 souls who believe in firsrn purchase very c/^eap—those pious 
 
 b..»,»,,d „ r"“jL”°S' 
 
 Secretary ignores the subject of Protection and thl a ! 
 
 Sif :L";irA r ‘~.'r=::: 
 
 been examining. He says : ^ penocl of time we have 
 
 and againstTh^ United'^Statl,^^^ aTso in^fafo''™f tlf' 
 
 of the seaboard and against the interior hut a ^ commercial cities 
 
 prevented the promptlettlerent Xlances 
 
 large credits abroad, by means of whieh th ' importers established 
 
 able terms to jobbers. The jobbers in turn'w^ *° give favor- 
 
 accommodations from the banks ‘“’">.'vcre thus, and by liberal 
 country merchants, wl“ tur*^ “‘heir own time” to 
 
 credit. It then seemed to be more re lutable «" “n indefinite 
 
 earn it, and pleasanter, and annarentl^mn ‘’’an to 
 
 to work; and so the people^Li heldh^nl-® profitaby to speculate than 
 production fell off and ruin followed ^ “hor decreased, 
 
 the unhealthy extmision of fte vaHous forms of** 
 
 . case the evil had not been long at work ^ ‘’'‘® 
 
 not been seriously diminished the reaction th Pyj^a®‘’ve industry had 
 waStUot general, nor were the embarrassment! r^^ing fttf 7^!-’ 
 
 brokttrjll'eforL^L'Crt^^ of the Albany Regency, 
 
 the country until it could barely^sfand Th"* p*”** ^***'“’ 
 
 very vitals. Then came Oi n R ' i. Pierce Pierced it in its 
 
 out of existence The Sec 1™"’ " ‘ho ”ation 
 
 Th.« m.. „d ,|,.|, ^ 
 
9 
 
 custom-houses, and foreign goods, liquors, segars, &c., flowed in upon 
 us in full streams, drowning our young and weak manufacturers, and 
 drained us of our gold and of our best Internal Improvement and State 
 Bonds. ‘ 
 
 With the aid of a large foreign emigration, giving us fresh, courage- 
 , ous blood, and bringing large sums of gold, and the fortunate and provi¬ 
 dential discovery of the mines in California, and with the aid of the 
 admirable free banking system of the State of N ew York—which proved 
 a balance-wheel of immense power—the nation was saved from complete 
 destruction. 
 
 It is curious that, after ages of study by scientific men upon the subjects 
 of finance, money, etc., it was left for the year 1838 to produce a system 
 that was perfectly simple, safe and effective, and which ^ill be the model 
 for all coming time. It is remarkable that the discovery was made 
 bya doctor of medicine, and not by a doctor of laws. Dr. John Allen 
 came to this city from Western New York, and devised the scheme or 
 plan for Free Banking —one of the most munificent and beneficent dis¬ 
 coveries ever made. This same gentleman (he now resides in Washing¬ 
 ton), has lately obtained a patent which bids fair to be equally useful. 
 It is to use Petroleum in lamps, stoves, on locomotives, light-houses, dec., 
 without the danger of explosion, which will save hundreds and thousands 
 of lives, and its adoption by the Governmont in light-houses would save 
 hundreds of thousands of dollars annually ; but, as Government officials 
 are given to talk of economy rather than to adopt economical measures^ 
 it is doubtful whether the people will receive any advantage from the 
 discovery. Reader, pardon this digression to pay a tribute to a modest 
 man, who can be found any day or night at the Capital of his country, 
 which he has so much assisted to save, endeavoring to save—is saving 
 the lives of the freedmen and others by care, aid and medical skill. 
 
 Then came the rebellion, finding the Treasury empty and the country 
 unarmed, and the Southern oligarchy, under the leadership of Jeff*. Davis,, 
 with the understanding and agreement that the European capitalists 
 would combine against our country and refuse to loan the Government a 
 dollar. Then came the necessity for the Legal Tender Treasury Notes, 
 which “ Patriot^ in Pamphlet No. 1, earnestly recommended, and 
 which the “ exigencies of the time ” compelled Mr. Chase, “ against his 
 better judgment,” to issue, and which has been, under God, the salvation 
 of our Great Republican Union. In another place we will attempt to 
 say a word in defense of this much vilified and abused agent. 
 
 At present we only wish to call attention to the Secretary’s attempt 
 to destroy the Treasury Notes by choking them with the Constitution. 
 
10 
 
 He labors hard throughout his whole message to prove the people's money^ 
 that costs nothing hut the paper and printing, is a false token, and to sus¬ 
 tain the secessionists, obstructionists and destructionists in their doctrines 
 and theories, who declare the country is destroyed and the Constitu¬ 
 tion desecrated. 
 
 Mr. McCulloch agrees with their Constitutional arguments; and he 
 believes that all things are terribly inflated and in imminent danger of 
 “ collapsed We believe this language is more applicable to men than to 
 things and the finances. His prescription—a singular one—is, the only 
 way to restore the country is to bankrupt the people, and bring us back 
 as the President says, “ to five years ago.” God forbid ! For that is to 
 public soup-houses for starving mechanics and laborers—to hard money, 
 and the hard times under Buchanan’s rule. 
 
 ARE THE PEOPLE IDLE? 
 
 Mr. McCulloch sneers at the ‘‘ idleness and extravagance of the 
 people,” and states that the United States is the best place to sell in and 
 the poorest market to purchase in in the world. If this is so, it is no proof 
 that the country is being impoverished, except by the vicious and ruinous 
 policy inaugurated by Mr. Chase and continued by the present admin¬ 
 istration, of issuing and almost forcing Gold Bonds on the European 
 markets. We boldly assert that the people of the United States are 
 this day the most thriving, industrious and happy (excepting, perhaps, 
 the Government officials in Washington, and we do not believe they are 
 suffering much) of any people on the face of the globe, and if Congress 
 does not believe this assertion, let them read the following tables, and 
 please remember this was accomplished when over one million of our 
 laboring population were in the army defending their homes and the 
 Government. 
 
 The following table has been procured from the Department of 
 
 Agriculture: 
 
 Bushels. 1863. 1864. 1865. 
 
 Wheat. 179,404,036 160,695,823 148,552,829 
 
 Rye. 20,782,782 19,872,975 19,543,905 
 
 Barley... 11,368,155 10,632,178 11,391,286 
 
 Oats. 173,800,575 176,690,064 225,252,295 
 
 Corn. 451,967,959 530,581,403 704,427,853 
 
 Buckwheat. 15,806,455 18,700,540 18,331,019 
 
 Potatoes. 100,158,670 96,256,888 101,032,095 
 
 _ _ _ • 
 
 Total.....953,288,632 1,013,429,871 1,228,531,282 
 
 Hay, tons. 19,736,847 18,116,751 23,538,740 
 
11 
 
 The wheat crop is reported as very deficient in quality. The August 
 report estimated the deficiency in quality and quantity at 26,241,698 
 bushels, and this explains why flour is dear, but we are told it is in 
 consequence of a miserable currency. Yet to-day, December 20th, the 
 report from Chicago is, that flour is dull. Buffalo, ditto. Oswego, ditto. 
 Corn dull at 42 cents, &c. We pray it may never be less, for that is 
 as cheap as it can be afforded if the farmer is to be fairly rewarded. 
 
 The Tribune^ in an editorial published December 20, admits “ that 
 no nation in the world ever Strode and bounded in the development of 
 diversified industry as ours has done since the rebellion broke out.” 
 
 This is true beyond peradventure, and yet, in another column, on the 
 same day, in writing on the vote in Congress sustaining the recommend¬ 
 ations of Mr. McCulloch, it says : 
 
 The solvent business men of the country, all living upon fixed in¬ 
 comes, and the laborers of the country, look to see this resolution 
 promptly carried into effect, and 1200,000,000 of the plain legal tenders 
 by which all credits are redeemed put into funded debt. Through 
 substantial taxation, and a steady conversion of short currency debts 
 into long bonds, the Treasury can reach a point where it can resume 
 upon its obligation, and force the people to follow. Resumption will 
 dispel the paper fortunes made by the inflation of prices through the 
 manufacture of currency, under the pressure of the rebellion, but this 
 loss cannot be escaped and cannot be lessened by delay. 
 
 And this, too, is true beyond peradventure, as far as regards the men 
 living on fixed incomes; but the laborers of the country do not desire 
 anything of the sort, they want work and liberal wages. 
 
 It is a strange philanthropy that would force the People''^ into bank¬ 
 ruptcy, for the “ Paper fortunes ” cannot be dispelled otherwise. It is 
 truly remarkable what a deep solicitude and sympathy there is for 
 the solvent and solid men who are living on fixed incomes. Woe to the 
 political fortunes of the man or the party that follow this advice. 
 Change bounding Prosperity into distressing Calamity, and the political 
 destiny of the men and the party can never be reconstructed or be 
 allowed to take the oath of fealty. Treason, covered with brave deeds, 
 may be excused, but men, frightened by bounding prosperity, never. 
 
 THE LUMBER BUSINESS. 
 
 It appears the lumbermen have not been idle. The following table 
 shows the aggregate amount of lumber, shingles, and lath, forwarded 
 from Chicago since I860: 
 
12 
 
 Years. 
 
 1861. 
 
 1862. 
 
 1863. 
 
 1864. 
 
 1865. 
 
 Lumber. 
 
 189,379,445 
 
 189,277,079 
 
 221,789,330 
 
 269,406,579 
 
 345,390,089 
 
 Shingles. 
 
 94,431,186 
 
 55,761,630 
 
 102,634,447 
 
 138,497,256 
 
 239,738,057 
 
 Laths. 
 
 31,282,725 
 
 16,966,600 
 
 30,293,247 
 
 36,242,010 
 
 60,744,520 
 
 The following table is a full and complete refutation of Mr. McCul¬ 
 loch’s slander that charges the people with idleness, &c. The receipts 
 folS tide-water by the Erie and Champlain Canals compare as 
 
 Years. 
 
 1849. 
 
 Grain, Bush. 
 
 Years. 
 
 1850. 
 
 
 loOO 
 
 1851. 
 
 
 looy 
 
 1852. 
 
 
 loOU 
 
 1853. 
 
 
 lool 
 
 1854. 
 
 
 10D.« 
 
 1855. 
 
 
 loOo 
 1 QA/1 
 
 1856. 
 
 
 1 004: 
 
 1857. 
 
 
 loOO 
 
 Grain, Bush. 
 
 23,686,374 
 
 15,049,798 
 
 41.122.100 
 62,275,951 
 74,811,877 
 66,713,000 
 47,683,270 
 
 50.900.100 
 
 This conclusively proves what we have frequently asserted, that the 
 use of Government paper money has enormously increased the amount 
 of productions and wealth of the country. 
 
 THE CONSTITUTIONAL QUESTION. 
 
 The Secretary says: 
 
 dirflrM=! insuperable .objection, as already stated, to the 
 
 ect issue of notes by the Government, as a policy, is the fact, that the 
 
 and ftatTe a ih limited and defined’ powers 
 
 to Pnn 1 ^ "«‘ther expressly given 
 
 This IS the old bullion theory of Benton, and has been repeated.a 
 hundred times by every Copperhead in the land. 
 
 The provision in the Constitution is this : “ To coin money and regu¬ 
 late the value thereof and of foreign coins:’ This is plain and explicit 
 as possible. Every lexicographer we ever examined interprets ‘‘to 
 cmn ” IS to stamp. Words are coined. When the United States 
 attixes Its stamp upon a Treasury Note, it is as truly coined as when it 
 stamps gold, silver, copper or nickel. It only requires an act of Congress 
 and the stamp of the United States to create a dollar. It makes not the 
 least difference whether it is a sheet of copper or paper. Dollars are 
 not made of lead, but Congress can, under the supreme power granted 
 
13 
 
 it by the Constitution, create real dollars out of lead as well as of 
 silver. 
 
 The whole thing was left by the framers of the Constitution to the 
 dictates of common-sense and policy. We know this is contrary to 
 the ideas of abstractionists and men who believe in first lyrinciples and 
 are strict constructionists; but as the great majority of these men could 
 find only one principle clearly taught in the Constitution, and that was 
 in the preamble, which they interpreted to mean all white men were at 
 liberty to purchase, abuse, rob and kill black men and women with im¬ 
 punity, and any one that interfered violated the sacred principles of fhe 
 Constitution and was an enemy to God and man—this opinion was 
 somewhat inflated^ and since the war has collapsed and ruined their char¬ 
 acters to such a degree that their views of the Constitution are not of suf¬ 
 ficient importance for sensible men to respect. 
 
 The following paragraph appears to be a little muddled or mixed : 
 
 “ It has not, in past times, been regarded as the province of Congress 
 to furnish the people with money in any form. Their authority is ‘ to 
 coin money and fix the value thereof; ’ and, inasmuch as a mixed cur¬ 
 rency, consisting of paper and specie, has been found to be a commer¬ 
 cial necessity, it would seem also to be their duty to provide, as has 
 been done by the National Currency Act, that this paper currency should 
 be secured beyond any reasonable contingency.” 
 
 It should be remembered that the Government prints what is called 
 the National Bank Bills, and stamps them. If the Treasury Notes are 
 unconstitutional, then these bank notes are ; and certainly the Treasury 
 Notes are as well secured. Then it should be remembered that Con¬ 
 gress “ regulates the value thereof But the Secretary proposes that 
 the “ Conservative ” Bankers in the city of New York regulate that 
 matter—those immaculate just men of Wall Street will judge in this 
 little arrangement instead of Congress. They will determine how 
 much shave and black-mail the country banks bill stand, the naming 
 “ one of three cities ” was only a little by-play ; the Secretary would 
 prefer Boston to New York, no doubt. 
 
 In this light, it is unconstitutional for the Government to issue bills 
 and purchase what it requires with them, but if persons having Treasury 
 Notes will give them to the Govern n ent and take a gold-bearing bond 
 that will net, free of taxes, about ten per cent., then the Government 
 will return them as much money as they gave (less ten per cent., which 
 it retains for fear the Government will break); and the banks are allowed 
 to loan this amount to the people on the best terms they can make, or to 
 the Government again^ and receive from the Government six per cent, 
 per annum in gold, which the Government pays for the privilege of taking 
 
14 
 
 care of and insuring the safe return of the bonds. The learned Secretary 
 thinks it an excellent arrangement, and one that will keep the Consitu- 
 tion intact. This is the economical science of finance. He adds : 
 
 “ No considerations of a mere pecuniary character should induce an 
 exercise by Congress of powers not clearly contemplated by the instru¬ 
 ment upon which our political fabric was established.” 
 
 Of course not. It is not important how much interest is put in the 
 tax bills—increase the amount and rates of interest with impunity. It 
 will reduce the “ plethora ” and “ inflation, ” the “ extravagance ” and 
 “ immoralities ” of the people—only do not now, or when you renew three 
 thousand millions of Government Bonds, subject them to taxation ; if 
 you do, you will subject the poor men and widows who own them to 
 loss. 
 
 THE NEW YORK WORLD. 
 
 The World agrees with the views of the Secretary in regard to the 
 financial questions, in an editorial published December 9th, from which 
 we make an extract, and regret we have not space to copy entire, states 
 the objections more fairly—as it easily can do—for it does not, like 
 McCulloch, attempt to ride two horses at once, the one white and the 
 other black, and badly broken at that. ' The World speaks thus : 
 
 “ The enlargement of legislative power has had wider if less ex¬ 
 asperating results, and has given birth to evils which we still groan 
 under, and whose term no man can now foresee. The Conscription Act, 
 Stanton himself being the witness, was as futile for its purpose as it 
 was unconstitutional; but what wrongs and outrages it was the parent 
 of! The Legal-Tender Act, also an unconstitutional enlargement of 
 legislative power (in which the executive conspired), still penetrates with 
 its seductive fatal poison every channel of trade, still inspires the com¬ 
 mercial public to a delirium of speculation which will end in ruin, still 
 lifts above the heads of the poor all the luxuries and some of the very 
 necessaries of life, increases the hours of their necessary labor and di¬ 
 minishes the rewards of those. 
 
 “ These sufferings, and those which all of us must yet inevitably un¬ 
 dergo, ought to breed in the public mind, not merely a higher respect 
 for the Constitution—the violation of which has cost us so dear and added 
 so incalculably to the cost of defending it against secession—it ought to 
 plant therein an utter intolerance of every stretch of power by any 
 branch of the Government.” 
 
 We know a large number of good men who would call this Copper- 
 headism ; but if it is, then there is a very large quantity of the same sort 
 in the Secretary’s Report. He commences his message with this original, 
 brilliant and novel idea : 
 
 “ The right of Congress, at all times, to borrow money and to issue 
 

 f 
 
 obligations for loans in such form as may be convenient, is unques¬ 
 tionable ; but their authority to issue obligations for a circulating 
 medium as money, and to make these obligations a legal tender, can only 
 be found in the unwritten law.” 
 
 But the great and insuperable objection, as already stated, to the 
 direct issue of notes by the Government, as a policy, is the fact that the 
 Government of the United States is one of limited and defined powers, 
 and that the authority to issue notes as money is neither expressly given 
 to Congress by the Constitution nor fairly to be inferred.” * * * 
 
 Free governments are associations formed for mutual protec¬ 
 tion, and one of the first duties that devolve upon the representatives 
 of a government, is to supply a circulating medium— money —without 
 which the government buildings cannot be erected, a ship built, or a sol¬ 
 dier armed, or the people be able to plant or reap, buy or sell; there¬ 
 fore, it is a duty as essential and as natural as self-protection. It is one 
 of those laws that, in the very nature of things, civilization imposes upon 
 communities. 
 
 It is not supposed that a government can create gold or silver, only 
 adulterate or refine it, and stamp it. It is only required to make, by 
 statutes, a thing that is the representative of capital, to make an agree¬ 
 ment and an arrangement by which a Bill—“a paper Dollar,” if you 
 please—shall be received for government lands and dues. A Token—a 
 ’standard by which the valuation of articles within the bounds of the 
 government are to be measured. This'is only what common-sense 
 which is good law, and the Constitution of our Free Government gives 
 —imposes upon our Rulers; for, without this power, they could neither 
 regulate the commerce between the States, or values ; equip armies, 
 or prosecute war; and it follows, since they have the power to coin 
 money “ and determine the value thereof,” they are bound to provide it 
 in sufficient quantities to answer the exigencies of the times—the require¬ 
 ments of the government and people. The Secretary adds : 
 
 “To go beyond this, however, and issue Government obligations, 
 making them by statute a legal tender for all debts, public and private, 
 is not believed to be, under ordinary circumstances, within the scope of 
 their duties or constitutional powers.” * * * 
 
 This is as nicely drawn as the most astute abstractionist could wish. 
 He continues : 
 
 “ It has not, in past times, been regarded as the province of Con¬ 
 gress to furnish the people directly with money in any form.” 
 
 No ; for the past thirty years, and until the great, liberal, and glo¬ 
 rious Union Party came into power, the country has been groaning and 
 crushed under the Hard-Pan, Loco-Foco, Free-Trade, Hard-Money and 
 
16 
 
 Bullion curse of the sham Democracy, who ruled the country with a rod 
 of gold, in favor of the Northern capitalists, and Southern slaveholders. 
 But to crown all these ridiculous propositions, and which proves the 
 Democracy have a champion in McCulloch, who coolly insults the intel¬ 
 ligence of Congress and the country with such nonsense as this : 
 
 “ Besides, a permanent Government currency would be greatly in the 
 way of public economy.” 
 
 “ Patriot ” proved in No. 10—if Congress should authorize the issue of 
 one thousand millions of legal tender, non-bearing interest Treasury 
 Notes, including, of course, in the sum, all of the outstanding notes, it 
 would save the Government and people sixty millions of dollars annu¬ 
 ally; and that the circulation of these notes would decrease the rate of 
 interest to three per cent., all that money is worth, and that the Govern¬ 
 ment loans could be renewed by exchanging them for thirty or fifty 
 years’ bonds, bearing interest at 3 or 3^ per cent.—this would save one 
 hundred and twenty millions of dollars annually, a sum sufficient to pay 
 the whole debt in less than twenty year^. The Secretary’s talk about 
 ■economy in the face of his course is a farce, for-he is anxious tg change 
 loans, which bear interest in currency, to bonds bearing interest in gold, 
 and the same with Treasury Notes, bearing no interest, to gold bonds 
 which would increase the interest more than fifty millions of dollars an¬ 
 nually. 
 
 He says, we must check speculation. The greatest speculators are 
 the men who own Government Bonds, the men who induced Mr. McCul¬ 
 loch to exchange Treasury Notes, bearing no interest, into gold-producing 
 bonds. One of the leading and most influential New York daily papers, 
 who, though without being copperish, advocates the principles of the 
 Copperheads and Mr. McCulloch’s, on the great and important question 
 of the National Finances, publishes an editorial, from which we make a 
 quotation: 
 
 SPECULATORS AND SPECULATION. 
 
 “We are now, and have long been, importing far too many goods, 
 especially of costly and sumptuous fabrics. The duties on imports are 
 high ; the rates of exchange heavily adverse; so that $1,000 sent abroad 
 for goods will not return £100 worth to the American consumer ; yet 
 what cares the man who has made $50,000 in two or three speculative 
 operations 1 What cares his fashion-following, dress-adoring wife ? They 
 jointly go ahead and pooh, pooh the expense; so that wines at $5 to $10 
 per bottle are drunk as freely as when they cost $2 and $3.” 
 
 We are, doubtless, importing too many goods; but this is the 
 nation’s only source to obtain gold to pay the interest falling due every 
 six months. 
 
V 
 
 17 
 
 If Mr. McCulloch’s advice is taken, and the amount of interest pay¬ 
 able in gold is increased to $180,000,000, we will be required to import 
 more goods instead of less, or the Government will be unable to pay the 
 interest as it falls due. Speculators 2iVQ\)2idi fellows, no doubt; but the 
 worst of all speculators are those who loan money and speculate in 
 money, and they flourish best when money is scarce, then they use their 
 arts of extortion, and obtain from fifteen to fifty per cent, for their 
 money; and these are the men that are howling loudest to have the 
 Government money funded, which sadly interferes with their vocation. 
 The great Conservative banking institutions of Wall street, who for¬ 
 merly dictated to the country and the Government, are the most dan¬ 
 gerous speculators, for they not only ruin individuals and institutions of 
 moderate means, but shave the Government. These banks hold the 
 stakes and furnish the funds for the gold and stock gamblers. 
 
 But the men who are commonly called speculators fortunately do 
 about as much good as harm. There are as many producers as con¬ 
 sumers, and if they increase the price of any article by speculation, they 
 benefit the sellers, and, as they very frequently fail, it gives the con¬ 
 sumers an opportunity of purchasing very cheap. The speculators 
 are a very convenient target, and are continually used to sway public 
 opinion and screen the capitalists, who are the men that are continually 
 consuming—nights, Sundays, and rainy days—the very vitals of our 
 national prosperity, with their immense capitals loaned to the Govern¬ 
 ment and individuals at an excessive rate of interest. 
 
 It is not the wives of a few speculators, who are short-lived people; 
 but the wives, daughters, and sons of the solid, conservative men, who 
 drink expensive wines, smoke Havana cigars, and flout continually at 
 magnificent parties and banquets, got up regardless of cost,” dressed 
 in brocades, satins, gimpure lace, pearls, and diamonds, and who, by the 
 thousand, are lounging in the gay saloons, theatres, operas, and picture 
 galleries of Paris, Vienna, and Rome; these are the people who 
 send gold abroad by the hundreds of millions. Speculators, farmers, 
 mechanics, and the common people use only a trifle of costly liquors and 
 wines, &;c. It is the solid men who own the gold-bearing bonds in blocks, 
 and who induced Mr. Chase, and have manipulated McCulloch who has 
 become their humble servant; they induced Mr. Chase to issue $1,200,- 
 000,000 of gold-producing bonds; these are the men who induced the 
 present Secretary only last month to give them $50,000,000 additional 
 for the good of the nation —$50,000,000 of gold-bearing bonds in exchange 
 for $50,000,000 of five per cents, payable in currency. Will our coun¬ 
 trymen ever get their eyes open? These men are preparing for the 
 2 
 
18 
 
 great “ Calamity ”—to fix things, so that, whatever happens, they will 
 secure a stream of gold from the Government with which to pay their 
 traveling expenses, board, liquor, and gambling expenses in Europe. 
 And their gold—real gold, “ you know,”—will buy chickens, turkeys, 
 mutton, beef, &c., so very cheap—as in the good time, “ five years 
 ago.” ♦ 
 
 OF THE IMMORALITIES SAID TO BE THE EFFECTS OF THE GOVERNMENT 
 
 MONEY. 
 
 The Secretary charges the people with extravagance, idleness, and 
 immorality, &c., &c., or rather the Treasury Notes are accused of occa¬ 
 sioning this very bad state, of affairs; and he proposes to make the 
 people poor, in order to force them to go to work and become serious. 
 
 This is the same old logic, dressed in a little different style, which 
 the pious slaveholders (God bless them) used in times past to comfort 
 their tender consciences when they whipped and overworked their slaves, 
 and withheld the price of their labor. It was only for the good of the 
 precious souls of the poor benighted African, who, if he had his liberty 
 and wages, would dress just like a gentleman, ride in carriages, go a 
 hunting, and, perhaps, to the theatre; and commit all these gross im¬ 
 moralities with perfect impunity, just as the Northern workmen and 
 mechanics are doing at present, and which so deeply wounds the tender 
 sensibilities of our pious capitalists and the Secretary of the Treasury. 
 Bleed them, says the Destructionist, and McCulloch says amen ; the 
 finances must be regulated, for capital and capitalists are suffering horri¬ 
 bly. Deplete them is the theory of the financial politico-economical 
 economists (and unless you do the heavens will fall), and destroy the first 
 principles of finance of our great and immaculate abstractionists, founded 
 on gold bases, and the eternal elements of scientific discovery, of free 
 trade, and hard cash, or metallic currency. 
 
 Reduce the amount of United States money several hundred millions 
 of dollars, says the Secretary, and it will not decrease the amount of money 
 in circulation, but reduce the fever of excitement that fills the hotels and 
 railroad trains, and keep the people at home. What right have the 
 people to travel, if they are not rich and patriotic, and subscribed libe¬ 
 rally to the Government loans ? If they have, they may visit the hotels 
 and theatres as much as they like, and shall be exempt from taxation, and 
 the Treasury shall feed them on mint drops. No matter about the 
 expense, the honor of the nation is sacredly pledged that these pure 
 patriots shall not suffer by the ‘‘ greasy ” shinplasters of the Govern- 
 
19 
 
 ment, but shall be fed with pure gold, bating the spice of alloy some 
 rascally Congress authorized to be put in the American coins. 
 
 Phlebotomy must be the rule in treating the body politic and the 
 poor country banks. This is only the old allopathic practice of 
 bleeding the patient to death to save his life. McCulloch forgets we are 
 living after the great war for freedom in the year 1865, and are much 
 nearer “ the good time a coming ” than the old fogies and conservatives 
 imagine. 
 
 SOMETHING ABOUT FEVERS AND PRICES. 
 
 We are informed by Mr. McCulloch: 
 
 “ Every consideration, therefore, that has been brought to the mind 
 of the Secretary confirms the correctness of the views he has presented. 
 If the business of the country rested upon a stable basis, or if credits 
 could be kept from being still further increased, there would be less 
 occasion for solicitude on this subject. But such is not the fact. Busi¬ 
 ness is not in a healthy condition ; it is speculative, feverish, uncertain. 
 Every day that contraction is deferred increases the difficulty of prevent¬ 
 ing a final collapse. Prices and credits will not remain as they are. 
 The tide will either recede or advance; and it will not recede without 
 the exercise of the controlling power of Congress.” 
 
 Yes, sir, in a great country like this, prices will not remain stationary. 
 With an active, intelligent, ambitious people like the citizens of the 
 United States, prices and values will continually fluctuate more or less, 
 certainly in accordance with supply and demand ; but they are not con¬ 
 tinually increasing, as you allege. The prices of many articles, as we 
 have already shown, are decreasing; instance the important article of 
 wool, which is only sixty-five cents a pound, last season it was quoted at 
 one dollar a pound; and it does not pay to raise it at a less price. At 
 one dollar, it is only one-half of a cent per day for board and care of 
 the sheep. Whilst you are recommending Congress to increase the pay 
 of your assistants, who now receive $3,000 and $4,000 per annum 
 (and we do not object to an increase, if they are smart, earn, and deserve 
 it), please do not attempt to mislead Congress and the country with 
 the idea that prices are “ rapidly increasing,” for it is not true. The 
 fact is they are decreasing; and as soon as the eight millions of people 
 in the South can be supplied, and that great vacuum filled, prices will be 
 sufficiently reduced to satisfy all but the great capitalists, who are never 
 satisfied unless they can purchase food and clothing at about one-third of 
 its real value. 
 
 The Secretary informs us that the country is “/evmsA;” we acknowl¬ 
 edge it—it flushes and has spasms at intervals ; but it is only when the 
 
20 
 
 officers of the Government unadvisably give it a sweat or cold bath by tin¬ 
 kering the financial system. If we believe the Secretary, the United States* 
 is as sick as that “ very sick man,” Turkey; he says it is unhealthy, 
 feverish, excessive, plethoric, and inflated, sickly, dec., &:c. But the 
 country was never in a more healthy condition than it is at this moment. 
 It stands perfectly erect, with full pulse and vigorous constitution. The 
 only bad symptom is a pain in the heart, caused by the ill-advised and 
 injudicious issue of $1,200,000,000 of gold-bearing interest bonds, which 
 are being crowded off* to Europe with every steamer, and which causes 
 a depression of spirits ; for it is sad to contemplate six per cent, bonds 
 exchanged for about seventy per cent, in payment for the best French 
 brandy, manufactured from Yankee rum, and returned to us at $10 and 
 $15 per gallon ; and Havana segars, made from Connecticut and New 
 Jersey tobacco, at $150 per thousand, that cost $30. 
 
 The fact is, the strenuous efforts made by capitalists to cripple the 
 prosperity of the country by the reduction of prices, and the knowledge 
 that the Secretary has promised to assist them, has caused all the 
 fever in the country, and may with propriety be named the Bul¬ 
 lion Fever, which originated in Washington. England, with all her 
 wealth—and she has laid the whole world under contribution, and her 
 public debt is almost entirely owned by her own people—has had all 
 she could do, and has been staggering under it, to pay her interest at 
 three per cent. Our Minister of the Treasury coolly announces it is 
 desirable to pay double interest, and that, too, without offering a single 
 recommendation or word of advice to have it reduced ; but recom¬ 
 mended measures that will assuredly increase the rate. This we call a 
 miserable, inconsistent policy, and causes sweats a*id fever chills. 
 
 Quartermaster-General Meigs reports that his Department purchased 
 last year $430,000,000 worth of horses, cattle, grain, hay, clothing, boots, 
 shoes, &c. This was one of the causes of inflation and fever. But no, 
 says the Destructionist, it was the depreciated currency that makes the 
 United States the best place to sell, and the worst place to buy in, in the 
 world. We expect soon to learn that depreciated currency caused the 
 Rebellion. 
 
 INFLATED .CURRENCY AND ITS EFFECTS. 
 
 The Secretary says : 
 
 “ Labor is the great source of national wealth, and industry invariably 
 declines on an inflated currency.” 
 
 If this is literally true, it is proof positive there is no inflation of 
 the currency, for never before, since the formation of the country, has 
 
21 
 
 
 the wheels of industry, of trade, of commerce, been so busy as at this time. 
 Every man, woman, and child who is able to work can get employment, 
 and, as the wages are satisfactory, they are earning them with greater 
 alacrity than ever before. The working population are, at this time, 
 more generally employed, are better paid, fed, and clothed than ever 
 before. We have shown that the agriculturists and workmen are increas¬ 
 ing food, lumber, &c., and we could fill a volume of a thousand pages, 
 if we had time, inclination, and room, in proof; but we have space for 
 only a single additional item, which we take from a Chicago paper : 
 
 “ Last year 9,000 new buildings were put up in Chicago. Six of 
 them cost $100,000 each; 40 others cost $30,000 each; and 800 were 
 worth $1,000 each. The total amount of capital employed in building 
 during the year was $6,000,000. The number of new churches was 
 seven ; of schools, two ; of public halls, four.” 
 
 This is only a sample of what is doing throughout the whole of the 
 North, East, and West. It is almost impossible to employ a carpenter or 
 • painter in New York and vicinity; and the men of the different trades 
 are equally difficult to obtain. 
 
 This money has been called a ‘‘ delusion ” by a high authority, but if 
 so, it is a pleasant one; it erects fine houses and purchases real, bona-fide 
 farms; and the people of the country are contented and happy, and 
 their only trouble is caused by the threatenings that are flashed over the 
 wires from Washington; but, as a general thing, they have great con¬ 
 fidence in Congress. They have faith in Wm. Pitt Fessenden, Thaddeus 
 Stevens, and in those two rising young statesmen, Colfax and McPher¬ 
 son, and a host of others who are better posted upon financial questions, 
 and especially upon the requirements of the country, than either McCul¬ 
 loch or the President, whose time and minds are constantly occupied in 
 a multiplicity of affairs, and with thousands of persons who are always on 
 hand to bore men in high official stations. 
 
 But even the Secretary is compelled to admit that: 
 
 “ It is undoubtedly true that trade is carried on much more largely 
 for cash than was ever the case previous to 1861, and that there is a 
 much greater proper demand for money than there would be if sales 
 were made, as heretofore, on credit. It is also true that there is a larger 
 demand than formerly for money on the part of manufacturers for the 
 the payment of operatives.” 
 
 This is certainly evidence of a soundness in commercial affairs. He 
 , continues : 
 
 “ The country, as a whole, notwithstanding the ravages of the war 
 and the draft which has been made upon labor, is, by its greatly 
 developed resources, far in advance in real wealth of what it was in 1857, 
 
 % 
 
22 
 
 when the last severe financial crisis occurred. The people are now com¬ 
 paratively free from debt.” 
 
 This seems -to us additional proof, and does not agree with other 
 arguments advanced in support of the Destructionists’ theories. In 
 another place he says: 
 
 “ On the 30th of September last, the deposits of the National Banks 
 alone amounted to $544,150,194; their loans—estimating their national 
 securities as a loan to the Government—to $913,045,629 ; both of which 
 items must have been increased during the month of October; while on 
 the 31st of that month, the circulation, bank and national, had. reached 
 the startling amount of upward of $700,000,000. Nothing beyond this 
 statement is required to exhibit the present inflation, or to. explain the 
 causes of the current and advancing prices. If disaster followed the ex¬ 
 pansions of 1837 and 1857, what must be the consequences of the present 
 expansion, unless speedily checked and reduced 
 
 Seven hundred millions of dollars is only thirty dollars each for the 
 inhabitants, and is not excessive, when we consider the immense Banking 
 interests that require large sums to properly conduct them; and then we 
 should take into consideration that this is only one-fourth of the amount 
 of the United States’ securities held by the people, to say nothing of 
 thousands of millions of other stocks and bonds of banks, insurance 
 and railroad companies, &c., &c. 
 
 ^And then there is a discrepancy of the important item of about 
 $240,000,000, for the Comptroller of the Currency, in his report, gives 
 the figures to show that the actual circulation was, on the 1st day of 
 October, only $ 460 , 000 , 000 , which is not so large a sum as is recom¬ 
 mended by Mr. McCulloch to be collected annually from the people by 
 $ 160 , 000 , 000 . Under all of the circumstances, who can say this sum is 
 excessive? We declare it should be doubled during the coming two 
 years, and will be, if the true interests of the country are consulted. 
 Holding these views, we are forced to believe that the following from the 
 report is vaporish: 
 
 “ The present law limits the circulation of the national banks to 
 $ 300 , 000 , 000 ; and it is not probable, when the business of the 
 country returns to a healthy basis, that a larger paper circulation than 
 this will be required. Indeed, it is doubtful whether a larger circulation 
 can be maintained on a specie basis.” 
 
 If the recommendations of the Secretary should be put into effect by 
 Congress, and the entire debt funded into gold-bearing interest bonds, 
 the interest annually to be disbursed by the Government will be 
 $ 180 , 000,000 in coin—a much larger sum than there is in the country. 
 And if the Government collects $100,000,000 of gold at the custom-houses, 
 
23 
 
 and $500,000,000 from taxes, revenues, &c., where is the balance to come 
 from to run over*two thousand National Banks and maintain the business 
 of the country, with only $300,000,000 of circulation, and fully one-half 
 of that hoarded ? It would be simply impossible for them to make 
 loans and discounts under such circumstances, for they would remember 
 what the Secretary of tlje Treasury said in his report, which is this, 
 and is 
 
 A PUZZLER. 
 
 “ It is quite likely, however, that the anticipated withdrawal of a 
 portion of the United States notes (not to speak of the effect of the res¬ 
 toration of specie payments) will so reduce the circulation of the North¬ 
 ern banks as to afford to the South, under the present limitation of the 
 law, all the paper currency which will be required in that quarter.” 
 
 Under these circumstances, and with the Legal Tender Treasury Notes 
 funded, we are puzzled to guess where the circulation for the South will 
 come from, for if the Northern banks cannot safely use their circulation, 
 they will keep it locked up in their vaults, and well they can afford to, 
 for their capital is drawing interest from the Government all the time. 
 
 So they are safe, if the people are ruined. But perhaps, and more 
 than likely, the Secretary calculates he will be able to break a suffi¬ 
 cient number of the Northern banks to afford opportunity for Southern 
 institutions to be established, and not be compelled to exceed the three 
 hundred millions authorized by the National Bank Act. But w» fail 
 to discover how it will be better for the Southern people or banks for 
 some years, or until they get their labor reorganized. 
 
 The South, previous to the Rebellion, had at least $2,000,000,000 
 invested in slaves. This vast sum has, in one sense, been extinguished; 
 and the Secretary proposes to allow the South the tag end of the \ 
 $300,000,000 in the National Bank Note Act to replace it. It is not 
 surprising that the planters are endeavoring to make contracts to pay 
 the Freedmen at the end of the year. Since they have no money, and 
 the Government is determined they shall have non^, what more could 
 be expected under the circumstances ? 
 
 Query —How much cheaper would England purchase cotton, with gold 
 at par, than at 47^ premium ? 
 
 Here we are informed what will be the conservative effect of fund¬ 
 ing the Legal Tender Treasury Notes : 
 
 Again, it is said that the excessive bank deposits have as much in¬ 
 fluence in creating and sustaining high prices, as a superabundant cur¬ 
 rency. This is unquestionably true ; but it is also true that excessive 
 deposits are the effect of excessive currency, and that whenever the cur- 
 
24 
 
 rency is reduced there will be at least a corresponding if not a greater 
 reduction of deposits.” 
 
 A few rich men who live and flourish on shaving notes, and who 
 will, in any event, keep their means in available funds, will like this 
 portrait, drawn in perspective. We hate and loathe it. It is a picture of 
 poverty, desolation, distress, and death : let Congress in mercy drop the 
 curtain upon it, and hide it forever. 
 
 The Secretary informs Congress : 
 
 “ The Secretary, however, believes that a decided movement toward 
 a contraction of the currency, is the only public necessity, but that it 
 will speedily dissipate the apprehension which very generally exists, 
 that the effect of such a policy must necessarily be to make money scarce 
 and to diminish the prosperity of the country.” 
 
 We saw the effects of this policy last month, when the Secretary, 
 at the dictation of capitalists and foreign merchants, gave fifty millions 
 of Government securities, bearing interest in currency, in exchange for 
 gold-bearing bonds, increasing the amount of interest to be paid, and 
 raised the rate throughout the country. This transaction, the first serious 
 attempt to put the Destructionists' policy, into effect, reduced the value of 
 Government securities held in the country more than the entire amount 
 of the bonds exchanged. But as it was only the weak men and banks 
 who were obliged to sell, and as it afforded the sound, solid men an op¬ 
 portunity to purchase cheap, it was in the estimation of some a judicious 
 and shrewd transaction. 
 
 BAD LOGIC. 
 
 We are informed it is very desirable to keep the bonds at home, and 
 then we are told it is very desirable the Secretary should have the power 
 conferred upon him to exchange the five-twenties into gold bonds, which 
 would improve their credit in Europe^ The fact is, this report is full 
 of inconsistencies—can this grave charge be substantiated % Let us ex¬ 
 amine. He says : 
 
 “ The debt is large, but if kept at home, as it is desirable it should 
 be, with a judicious system of taxation, it need not be oppressive.” 
 
 Tljis is true doctrine, and we agree with it most heartily, and this 
 is the reason why we have constantly and urgently insisted that the bonds 
 issued by the Treasury should not be made payable, either interest or 
 principal, in gold, except at the pleasure of the Government—this course 
 would have effectually prevented them from being purchased abroad. 
 
 But the Secretary asks Congress to give him power to change several 
 hundred millions of bonds, payable in currency, for absolute gold bonds,, 
 payable, principal and interest, in coin. He says : 
 
25 
 
 “ Before concluding his rennarks upon the national debt, the Secretary 
 would suggest that the credit of the five-twenty bonds, issued under 
 the acts of February 25th, 1862, and June 30th, 1864, would be improved 
 in Europe, and consequently their market value advanced at home, if 
 Congress should declare that the principal, as well as the interest, of 
 these bonds is to be paid in coin.” 
 
 Congress should refuse to allow the Treasurer to issue another gold- 
 bearing bond, if the interest exceed three per cent., or another National 
 Bank to be established, unless they will purchase three per cent, bonds 
 for the security of the bills for circulation. 
 
 Again, the Secretary says : 
 
 “ And notwithstanding the immense waste of life, consequent upon 
 operations so extensive and battles so sanguinary as characterized this 
 memorable struggle, the larger part of the country has still, since 1860, 
 progressed both in wealth and population. The loyal States have ad¬ 
 vanced in material prosperity in spite of the great drain that has been 
 made upon them ; and now that the war is closed, the Union no longer 
 in peril, and the men that made the armies on both sides so effective 
 and formidable are to be again employed in profitable pursuits, the on¬ 
 ward march of the country—even if a temporary reaction, as the result of 
 the war, and the redundancy of the currency, should be experienced— 
 will be decided and resistless.” 
 
 This is only a faint description of the wonderful and rapid strides the 
 free States have taken on the road to wealth and greatness. But why 
 are we asked to have a temporary reaction 1 To please his friends the 
 Destructionists, who mean that it shall be permanent and not temporary. 
 
 Again he says : 
 
 “ There are no evidences of increasing wealth in the facts that railroads 
 and steamboats are crowded with passengers and hotels with guests, that 
 cities are full to overflowing, and rents and the prices of the necessaries 
 of life, as well as luxuries, are daily advancing. All these things prove 
 rather that a foreign debt is being created, that the number of non-pro¬ 
 ducers is increasing, and that productive industry is being diminished.. 
 There is no fact more manifest than that the plethora of paper money is 
 not only undermining the morals of the people by encouraging waste 
 and extravagance, but is striking at the root of our material prosperity 
 by diminishing labor.” 
 
 This seems to us contradictory—and again we ask, whose fault is it 
 that there is a golden chain that reaches from America to Europe, and 
 which the Secretary is daily lengthening and strengthening, and which is 
 binding, and will for years virtually bind the American people and make 
 them the serfs and slaves of European capitalists. The last clause Mr. 
 McCulloch has himself disproved, and as we have fully demonstrated it in 
 another place, we let it pass without further comment. 
 
26 
 
 Again we are told : 
 
 “ The expansion has now reached such a point as to be absolutely op¬ 
 pressive to a large portion of the people, while at the same time it is 
 diminishing labor, and is becoming subversive of good morals.” 
 
 This is an unfounded assei-tion, for it is notorious the mass of the 
 people are prospering as never before since the formation of the Govern¬ 
 ment. The few are the employes of mean, selfish, avaricious capital¬ 
 ists who will not raise the salaries of their clerks and assistants—Govern¬ 
 ment officers, &c. They should strike, and if they cannot get an increase 
 of wages let them go to farming—a very healthy avocation—and, per¬ 
 haps, they will make a rapid fortune, and,'perhaps, more than likely, 
 they will find agricultural produce is not too high after all, if labor is 
 justified (as many seem to suppose it is not) in receiving a fair compen¬ 
 sation. And if the pay of the President, his Ministers, Secretaries, Con¬ 
 gressmen, &c., is not sufficient to pay their board-bills, let them strike 
 for an increase of wages, and if they will keep the country in its 'present 
 highly prosperous condition, fbey need not fear the long lash of certain 
 editors who are enjoying incomes ranging from twenty to five hundred 
 thousand dollars per annum. He is a poor Congressman whose time and 
 services are not worth twenty-five dollars per day, and no man should be 
 asked to live in the White House for less than fifty thousand dollars 
 per year, for if he escapes death by the bores and capitalists, he is very 
 likely to be poisoned or shot. Then, it is worth more to preside over 
 thirty-five States and thirty-five millions of people, than it was over 
 fifteen States and fifteen millions of inhabitants. The idea that the 
 servants of the Government must serve for half-pay or less, and are 
 required— demanded by the Secretary to vote immense sums, amounting 
 to tens of millions of dollars, into the “ plethoric ” coffers of the million¬ 
 aires under the false plea of “ Public Economy,” is “ penny-wise and 
 pound-foolish,” and perfectly ridiculous. 
 
 EMPHATIC. 
 
 The Secretary gives the following advice to Congress : 
 
 “ The first step to be taken is to institute measures for funding the 
 obligations that are soon to mature. The next is to provide for raising, 
 in a manner the least odious and oppressive to tax-payers, the revenues 
 necessary to pay the interest on the debt, and a certain definite amount 
 annually for the reduction of the principal. The Secretary respectfully 
 suggests that on this subject the expression of Congress should be decided 
 and emphatic. It is of the greatest importance to the management of a 
 matter of so surpassing interest that the right start should be made.” 
 
 It was very important that a right start should be made, but, unfor¬ 
 tunately, it was not made. There never should have been a single gold- 
 
27 
 
 producing bond issued, and it is very important that no more are sold, and 
 especially exchanged for those which pay currency. If Congress wishes 
 to know how to use gold, the Secretary gives them the following instruc¬ 
 tion : 
 
 “ The receipts of coin have been for some months past so large that 
 there have been constant accumulations beyond what has been required 
 for the payment of interest on the public debt. The Secretary has, 
 therefore, deemed it to be his duty to sell, from time to time, a portion 
 of the surplus for the purpose of supplying the wants of importers and 
 furnishing the means for meeting the demands upon the Treasury for cur¬ 
 rency. The sales have been conducted by the Assistant Treasurer in 
 New York in a manner entirely satisfactory to the Department, and, it 
 is believed, to the public. The sales up to the 1st of November 
 amounted to 127,993,216.11, and the premium to $12,310,459.76; thus 
 placing in the Treasury, for current use, the sum of 140,303,675.87, with¬ 
 out which there would have been a necessity for the further issue of 
 interest-bearing notes.” 
 
 If the Government had kept all the gold it has received since the 
 commencement of the war, excepting what was required to pay interest 
 on the old debt and make the necessary purchases, dec., in Europe, it 
 would have been in a very different situation from what it is at present. 
 The men who have received this vast sum (between two and three hun¬ 
 dred millions of dollars) never loaned the Government a single dollar of 
 gold; and yet they have been allowed to take it, and frequently to use it 
 for stakes'for the gold gamblers to bet upon, and have received from nine 
 to fifteen per cent, for the money they loaned to the Government, and 
 now we hear them boasting of their superior patriotism, and in conse¬ 
 quence Congress is asked, through the Secretary, not to have these loans 
 taxed now or in the future. Shame upon such legislation and statesman¬ 
 ship. 
 
 Here we have another modest request, dressed in the simplest 
 language imaginable : 
 
 “ The Secretary has all already recommended that he be authorized 
 to sell bonds of the United States, bearing interest at a rate not exceed¬ 
 ing six per cent, for the purpose of retiring Treasury Notes and the 
 United States Notes.” 
 
 “ Patriot ” protests against Congress investing any one man, how 
 ever pure or immaculate, with such vast power and prerogatives as 
 these few lines contemplate. The Secretary, if this power is granted, 
 has the fate of the nation in his pocket. The fact is, the high officials at 
 Washington seem to imagine that they, not Congress, have supreme wis¬ 
 dom and power, and that the Senate and House of Representatives have 
 only to register their edicts. 
 
SOMETHING VERY LIKE REPUDIATION. 
 
 The report contains this singular paragraph : 
 
 In speaking of the Legal-Tender acts, reference has only been made to 
 those which authorized the issue of United States Notes. The interest- 
 bearing Notes which are a Legal Tender for their face value were in¬ 
 tended to be a security rather than a circulating medium, and it would 
 be neither injurious to the public, nor an act of bad faith to the holders, 
 for Congress to declare that, after their maturity, they shall cease to be 
 a Legal Tender, while such a declaration would aid the Government in 
 its efforts to retire them, and is therefore recommended.” 
 
 Congress has no right and it would be dishonorable to follow these 
 instructions. If the Government has the means of paying these bonds 
 when they fall due, let it advertise that it is ready to pay them, and 
 if they are not presented for payment the interest will cease. This 
 would be fair and honorable, and can be done without any act of Con¬ 
 gress. But if the Government forces the holders to exchange them for 
 other bonds—and if they do not, will stop the interest—it will be, in effect, 
 repudiating the contract of the Government. It would be far more 
 honorable, for it would be only justice, to refuse to pay the interest in 
 gold on bonds for which the Government received only notes. 
 
 THE NEXT BEST THING TO DO. 
 
 If there is too great a prejudice against the Legal Tender Notes to 
 allow them to accomplish their mission and pay the national debt with¬ 
 out oppressing the people—of multiplying grain, meat, fruits, &c., by the 
 thousands of millions of bushels and pounds, as they have been doing the 
 past four years—of supplying this nation and its immense armies with 
 hundreds of millions in value of extra food, and one-half feeding England 
 and France, besides spinning and weaving tens of thousands of millions 
 of yards of cloth, &c.—let the people have a Free National Banking Law, 
 open to all without limit, of the pattern—but improved—of the Free 
 Banking Law of the State of New York. Allow any man or association 
 of men who will deposit fifty thousand dollars of United States bonds 
 having fifty years to run, and bearing interest at only three per cent., t6 
 have an equal amount of Free National Bank Bills, payable ten jmars 
 after date in specie, these notes to be received by the Government for 
 lands, taxes, &c., which would “ make them as good as wheat.” And if 
 the old fogies, conservatives, and bullionists must have a gold currency, 
 order the Secretary of the Treasury to issue for every dollar in coin in his 
 vaults three dollars in gold bills, these notes to be received for customs, 
 (fee., and sold in small amounts, as gold is now sold. 
 
29 
 
 The idea that this generation are bound to pay the war debt is fool¬ 
 ishness. Our people have expended their blood, therefore let the hun¬ 
 dred million people who will inhabit this great republic thirty, forty, 
 and fifty years hence, assist in paying for the glorious Union which the 
 gallant men of ’63, ’64, and ’65 fought, bled and died for, and preserved 
 to be transmitted to them unimpaired. It is only right, just and politic. 
 If the United States, England, France, and other nations were free from 
 debt, they would be far more likely to plunge into war than they are at 
 present. Perhaps, after all, “a national debt is a national blessing.” 
 
 VERY IMPORTANT, IF TRUE. 
 
 In the following very brief paragraph the Secretary, with a sang froid 
 peculiar to himself, dispatches several important subjects, where the ben¬ 
 eficial effects of Government money is so plain as to be obvious to the 
 most superficial observer. This is acknowledged; but immediately a 
 plea is put in which contains a string of “glittering generalities” to 
 prove that this “ apparent benefit^'’ is not of importance, or only a “ de¬ 
 lusion.” But hear the Secretary : 
 
 “ The last objection which will be noticed to the measure recommended 
 is, that it would, by reducing the rate of foreign exchanges, reduce ex¬ 
 ports and increase imports. 
 
 “ It is doubtless true that a high rate of exchange did for a time in¬ 
 crease the exportations of our productions, and diminish the importation 
 of foreign articles, but this advantage was much more than counterbal¬ 
 anced by the largely increased expenses of the Government and of the 
 people, resulting from the very cause that produced the high rate of ex¬ 
 change. Besides, this apparent advantage no longer exists. The advance 
 of prices in the United States, notwithstanding the high rate of European 
 exchange, is now checking exports and inviting imports, and is creating 
 a balance in favor of Europe that is likely to be the greatest obstacle in 
 the way of an early resumption of specie payments. Nor must it be 
 forgotten, that while the expoit of our productions was stimulated by the 
 high rate of exchange, this very high rate of exchange enabled Europe 
 to purchase them at exceedingly low prices.” 
 
 We are told “ it did for a time increase exportations,” &c. What 
 iime was this? W hy, it was during the whole time that the premium 
 of gold was high, and they increased the most when the premium was 
 the highest. It acted with the precision of a thermometer, as every intel¬ 
 ligent merchant and farmer perfectly understand. In former numbers of 
 “ Our National Finances,” we have proved this beyond dispute, and have 
 space for only a few observations illustrative of this question at present. 
 
 This season there is a very large crop of Indian corn, and corn in 
 consequence is cheap at Chicago, the great grain market of the West, 
 
30 
 
 being at the present writing less than forty-eight cents per bushel 
 From one hundred to two hundred miles from that city, on the rail¬ 
 roads, it is worth only fifteen cents. Now when we calculate that corn 
 requires plowing, planting, cultivating, harvesting, housing, shelling, and 
 hauling to the railroad or market, we see it does not properly remune¬ 
 rate the farmer. Suppose the average distance to wagon the corn is 
 twenty miles, and as a large load is only thirty bushels, when sold it 
 amounts to four dollars and fifty cents. Deduct three dollars for team, 
 driver and expenses, and there is one dollar and fifty cents, or three 
 cents per bushel. The Secretary considers this “ excessive.” We can 
 assure him the farmer is not ^Hnflated'''’ by it. 
 
 A friend writes from Moline, Illinois : 
 
 “ On my way to Moline,” he says, “ I had occasion to stop at Pond 
 Creek Station an hour and survey. Produce plenty. I inquired the 
 prices. Corn was bringing fifteen cents per bushel, or seventy-five pounds 
 of ears for fifteen cents, which was allowed to make a bushel of shelled 
 corn, the cobs paying for shelling, which were used for fuel. Wheat sold 
 by the load for forty cents. Potatoes ten cents. Oats eight cents per 
 bushel. I saw one man that paid eight dollars for one hundred bushels, 
 delivered at the grain depot. His one hundred bushels of oats lacked 
 two dollars of paying for one load of wood. What a difference between 
 the prices of these two articles here and in Maine and other Eastern 
 States. Wood one dollar-, and oats one dollar. One man said Illinois 
 could raise enough to feed the world, if they could get anything for it 
 after was raised. . ‘ Sure enough,’ said I, ‘ you sell two bushels of ears 
 of corn, heaping measure, for less than two pounds of wood ; and the 
 corn would make more fire than the wood to which he agreed. This is 
 the good reason they have for burning their corn for fuel at some places : 
 it is cheaper, and saves teaming.” 
 
 This, we think, would be a good place to “ buy in.” Prices do not 
 seem to be “ excessive ” in that section, except the price of wood. 
 
 What is the cure for this 1 Cheap money. If the General Govern¬ 
 ment should loan the State of New York and the State of Illinois 
 $50,000,000 of Greenbacks at three per cent., and make ship canals out 
 of the Erie and Illinois, there would be an end to so great a disparity in 
 prices. 
 
 If the statisticians—the unfortunate chaps in the Treasury Office who are 
 compelled to sit from six to eight hours per day on unhealthy cushioned 
 chairs, for the miserable compensation of $3,000 or $4,000 per year, and 
 who the Secretary so much commiserates that he advises Congress to in¬ 
 crease their salaries, for it must not be forgotten they are obliged to receive 
 pay in the highly depreciated Government money—would make a calcu- 
 
31 
 
 lation and exhibits, showing how much [the gentlemen who raise corn 
 for fifteen or thirty cents per bushel, and live in log cabins, get for the 
 interest of their capital invested and their daily labor, it would be inter¬ 
 esting information. We do not wish to know about the great and rich 
 farmers who live a hundred miles apart, but of the hundreds of thousands 
 of those who own forty, eighty, or one hundred and sixty acres each. 
 
 The price of corn should never be less than seventy five cents per 
 bushel in the markets of the West, or one dollar in New York. This 
 price.would enable the small farmers of the West and South to live in 
 comfortable houses and dress in suitable clothing, instead of cabins and 
 in rags, and save hundreds of thousands of lives that are now annually 
 sacrificed by avarice and vicious legislation, from fevers and death 
 caused by want and exposure. f 
 
 Mr. Secretary, suppose the Fenians should succeed in their attempt 
 to involve the United States in war with England, and there should 
 be another revolution in the South, assisted by Napoleon, and the 
 premium of gold go up from 147 to 247, and providing our ports were 
 not blockaded—which is a very improbable supposition—would not the 
 price of corn, in consequence of the increased premium—100 per cent, 
 or more—be increased very nearly the same amount ? And would not the 
 railroads leading from the West to the Atlantic ports be crushed beneath 
 millions and tens of millions of bushels of grain, that will now remain 
 at home and be wasted? And would not the farmers of the West, 
 East, North, and South, exert themselves, and use more capital and 
 labor in raising the crop of 1866, if corn was one dollar, or one dol¬ 
 lar and a half per bushel, than they will if it is only fifteen or forty 
 cents, even if they were to receive no better pay than the “ miserable, 
 greasy Greenbacks ?” They certainly would, unless human|nature has 
 been greatly changed, and that very recently. And does this not prove 
 if increase of supply has the effect to decrease prices, that a full supply 
 of money—paper money—which stimulates industry and increases 
 productiveness and w*ealth, at the same time prevents prices from be¬ 
 coming unduly “ inflated.” 
 
 When the premium of gold ranged above 200, the commercial marine 
 on our Lakes, the boats on the Erie Canal, even every old schooner and 
 scow, were brought into requisition and/ully employed, the railroads put 
 every locomotive and car they had, or could purchase, to work, and the 
 coffers of the State (see Reports of Tolls received on the New York 
 State Canals) were filled, and the railroad companies, which were bankrupt 
 before, became solvent and paid large dividends. 
 
 Ah ! says the Destructionist, this was only a “ shamthey did not 
 
32 
 
 receive any more real money— gold —than formerly, and therefore it is 
 a “ delusion.” But that which the farmer received would purchase land 
 for his sons and build houses and barns. The commission merchant was 
 well paid ; the railroad companies and the State were satisfied ; the ship¬ 
 pers and insurance men grumbled and grew rioh^and the country received 
 just as much gold as if there had been no 'premium^ Mr. McCulloch’s 
 statement to the contrary notwithstanding. No; we acknowledge we 
 are mistaken for once. The country received more than double— more 
 than treble —the amount of gold, or its equivalent in goods, which it 
 would have received if gold had been only par, for the grain would have 
 remained in stacks and rotted, or have been used for fuel as formerly. In 
 fact, the premium was a present to the classes spoken of, especially to 
 the producer, for it operated, paradoxical as it may seem, by placing, in 
 effect, the prairie farmer in the immediate vicinity of the English markets, 
 and delivered his grain and pork, &c., on the dock at Liverpool without 
 charge. The Secretary says, “ The high rate of exchange enables Eu¬ 
 rope to purchase at exceedingly low prices.” We believe this to be a 
 grave mistake. The Europeans, all through the time of the war, and at 
 present^ are paying more in gold for cotton, pork, &;c., than they ever 
 paid before the suspension of specie payments. Every shipping mer¬ 
 chant will substantiate this; and if the Treasury Department had been 
 wise (and taken advantage of the tnarkets as the farmers did), and shipped 
 two-thirds of all the Government cotton to England and France, it could 
 have sold it for treble the amount in gold it has since received for it, 
 and could have received treble the amount of the premium on the sale 
 of the gold or exchange. 
 
 But “ Theory'''^ prevailed over common sense, and the cotton was left 
 on storage, eating itself up ; but no matter if several hundred mil¬ 
 lions of dollars were sunk, it went into the pockets of the friends of 
 the Administration, who can prove, in a twinkling, the Government can¬ 
 not make “ something from nothing;” and as this is pre-eminently the age 
 of “puffs” for blindness and stupidity, it is probably all correct, and if 
 we do collapse, paper money will be eternally cursed as the cause of the 
 disaster, when its only real effect has been to elevate men to high official 
 stations who have not the discrimination to perceive that they owe to it 
 all the character as financiei’s they possess, and who have not sufficient 
 discernment to perceive if they allow its character to be blasted theirs 
 will be involved. 
 
 Does the high premium on gold increase imports? This is charged 
 as one of the evils inflicted upon the country by the use of the Treasury 
 Notes. Mr. McCulloch says: “ It reduces exports and increases im- 
 
33 
 
 ports.” And the great leader of protection in New York says he is 
 amazed” that “any should believe” a “wretched currency” was an 
 impediment to excessive importations. 
 
 We can conceive of only one theory by which these assertions can be 
 maintained. If you make a man or country so poor as to be without 
 funds, they would not be likely to purchase largely. 
 
 In the same paragraph Mr. McCulloch is constrained to say—for to 
 entirely deny it would be a too flagrant outrage on the intelligence of 
 the country—that for a time it did “ diminish the importations of foreign 
 articles.” What time was this? Why, when the premium on gold was 
 high —at the time gold ranged from 240 to 285—orders for goods 
 from abroad almost entirely ceased ; but there was a great rush of ex¬ 
 portations, and the exchanges was of course regulated; for the weights 
 on a scale are not more certain to vary than are the balances of 
 commerce—they vary just in proportion as profit can be made. 
 
 A very able article was recently published in the New York Tribune^ 
 from a correspondent in Troy, on the Iron Interest. The following is an 
 extract, and is a clear and concise statement of the effects of a “ National 
 Currency”: 
 
 “ Every week’s statement of imports contains a large amount of 
 railroad and merchant iron, and, as the result of this, we have the satis¬ 
 faction of recording that for three months of this year all the rolling 
 mills of this city were idle, and for at least six months two-thirds of the 
 furnaces of the entire country were out of blast. 
 
 “When gold was at a premium of from 150 to 190 the cost of man¬ 
 ufacture in the items of coal, ore, wnges, &c., was no more than it is at 
 present, with gold at 45 to 48 per cent, premium. The former rate was 
 a barrier to excessive importation, and amounted to a productive tariff 
 on our own manufactures. 
 
 “ It is not difficult to perceive that if gold should continue its down¬ 
 ward course, without affecting the value of commodities, and conse¬ 
 quently, the cost of production, the advantage is all in favor of the for¬ 
 eign manufacturer, and we may prepare for such a commercial crisis and 
 revulsion as this country has never experienced.” 
 
 He continues: 
 
 We are told “The extraordinarv demands of our Government for 
 
 4 / 
 
 iron and its manufactures, sent up prices rapidly. Then our manufac¬ 
 turers were making money fast, and might be considered fit subjects to 
 be plundered. But now, with the rate of exchange permitting the im¬ 
 portation of foreign iron, at a price at which the home manufacture can¬ 
 not be made, the case is reversed.” 
 
 This is only plain common sense. It is pleasant to meet with such 
 a fair statement in these times when theories are substituted for facts. 
 
 3 
 
34 
 
 If the effects of a tariff are not for the time being, or for the first few 
 years, to increase the price of articles or goods to^the amount of the 
 puty imposed, then truth cannot be established by observation. And 
 if the premium on gold does not have precisely the same effect, then 
 the merchants of New York should be indicted for obtaining money 
 under false pretenses. 
 
 A person who will deny this, it seems to us, ought to be a free-trader 
 from principle, and can easily be made to believe that two sets of facto¬ 
 ries, or two towns of factories, on each side of the Atlantic, will increase 
 the price of manufactured articles, whilst running only one-half of the 
 number in one country would decrease prices. 
 
 A MYSTERY SOLVED. 
 
 A great number of people, who have read and been taught that war 
 was waste, pestilence and famine, have been greatly perplexed why our 
 country was an exception. The reason was obvious : Other wars have 
 been prosecuted on a gold basis, and as no nation has sufficient specie to 
 pay the enormous sums required, governments have used nearly all the 
 money in the nation and depended on borrowing the balance. Our nation, 
 thanks to the exigencies of the times, was compelled to resort to paper 
 money —to coin several hundred millions. It coined sufficient for the 
 uses of the army, and partly sufficient for the requirements of trade, 
 exchange, <k:c. This is the interpretation of the enigma, and strange 
 our rulers do not see that this money, which has saved everything that 
 is dear to the nation, do not acknowledge this and still use it to develop, 
 the great interests of the country instead of driving our people to 
 Europe to borrow funds to complete our great systems of internal im¬ 
 provements so much required. 
 
 The following is from a foreign correspondent of the New York Com¬ 
 mercial Advertiser, and is only a sample of how our country is being 
 flooded with foreign goods and drained of valuable securities which will 
 remain abroad, and virtually subjugate our people to the capitalists of 
 England. It is the destructive policy of our Government in not 
 furnishing the people with Treasury Notes that causes this. If the 
 Government had continued the issue of money until money was as cheap 
 or cheaper here than it is in. England, the twenty millions of dollars or 
 the bonds for twenty millions of dollars, and other hundred millions of 
 dollars which are constantly leaving the country would have remained at 
 home, enriching our own people, and the Government saving the interest 
 and the principal. The correspondent says: 
 
4 
 
 35 
 
 “ At the same time the specie arrivals from New York, notwithstand¬ 
 ing our enormous consignment thither of manufactured goods, have 
 lately been comparatively small—a circumstance which may, perhaps, 
 be attributed to the fact of the Erie Railroad Company having obtained, 
 in October last, a London subscription for £800,000 debentures, against 
 which they have since been drawing. 
 
 “ The concluding debentures, amounting to £2,771,600 of the Atlantic 
 and Great Western Railway Company, have been produced this morn¬ 
 ing for subscription, and are likely to be all taken. The opinion here 
 with regard to the entire undertaking is very favorable, and would, per¬ 
 haps, have been still more so if the attempts to sound its praise on both 
 sides of the Atlantic had been less indiscriminate.” 
 
 It will be perceived it is not proposed to send gold here in exchange 
 for these bonds—only enormous amounts of goods. McCulloch says it 
 is the excessive issues that is doing this, which we deny ; but it is the 
 very system he is advocating, and which will, if anything can, destroy the 
 country. 
 
 THE SECRETARY ASSISTING IMPORTERS- 
 
 It seems odd to read Mr. McCulloch’s platitudes about a redundant 
 currency stimulating imports and preventing exports, &c., when it ig 
 notorious his policy of keeping the price of gold down by constantly 
 selling gold and bearing the market directly stimulates imports. This 
 is the most dangerous (as it is almost an omnipotent power) that was 
 ever conferred upon or wielded by a single individual. The Secretary 
 is constantly furnishing the importers—about the only men who re¬ 
 quire gold—with millions of gold at 144 to 147, when, if he did 
 not sell in six months, gold would rise to 200 or 220 and check importa¬ 
 tions, and make a price for our grain, pork, &;c., and would send it to 
 Europe in vast quantities. But the interests of the great capitalists and 
 importers are fostered at the expense of the nation. 
 
 If a Government agent was suspected of attempting to reduce the 
 price of Government property previous to a sale, or selling it for less than 
 its market value, he would be very properly sent to Point Lookout, to 
 be boarded at the expense of the Government; but the Secretary, as 
 soon as there is a rise of gold one or two per cent., comes down on 
 the market with a million or two and sends it back again. 
 
 It would be interesting to know how many millions of dollars the 
 Government has lost by the difference in the premium, and how many 
 tens of millions our importations have been -increased by selling gold to 
 importers at 147, when, without interference, it would have risen to 200 
 and over; and how many tens of millions of dollars our exports. 
 
36 
 
 M'ould have been increased. Let Congress rescind this dangerous power, 
 and gold would go up, and American produce of all descriptions would 
 flow in continual streams to Europe, South America, the West Indies, 
 &c. If the Government has coin to sell, why not sell it at the top of 
 the market, and pocket the proceeds, rather than assist the great specula¬ 
 tors in foreign goods to fill the country with goods we cannot pay for 
 except with gold-bearing Government Bonds; the reduced price of gold 
 prevents the shipments of tobacco, grain, pork, lumber, &c., and of cotton 
 to the loss to Government of about two-thirds of the amount it would 
 bring in Treasury Notes if the market was not tampered. This is 
 the reason why the importers and capitalists howl at the least advance 
 in the price of gold, and frighten the country out of its propriety, and 
 make the people believe if gold is not reduced to par, the country will 
 be ruined. 
 
 This is just as consistent as is the talk of a redundant currency, 
 of excessive issues, inflations, &c., when good notes are selling at 
 two per cent, per month. 
 
 The Chicago Tribune of Tuesday, Dec. 13, says : 
 
 “The money market opens this week more stringent. The National 
 Banks, from this date to the close of the year, will have to contract their 
 discount lines, so as to make a “fair show ” in their quarterly reports on 
 the first of January. The effect of this policy was felt to-day in mone¬ 
 tary circles, and none but those who were clearly entitled to discounts 
 were accommodated. 
 
 “ The rate of discount is unchanged. The banks are loaning their 
 customers at ten per cent, per annum ; but the private bankers generally 
 charge twelve to twenty per cent. There is a good supply of second- 
 class paper on the market, and it sells on the street at two per cent, per 
 month, and we hear of transactions at even higher rates. The supply of 
 Eastern Exchange is still very light, and the market remains firm at par, 
 buying, and 110 premium, selling. One or two of the banks paid as 
 high as 110 premium for round lots. The general produce markets 
 to day were firm.” 
 
 But this is cheaper than in the gold marts of the Pacific coast. In 
 that paradise for bullionists, the rate is -from three to five per cent, 
 per month, it is not surprising the bankers in the gold and silver 
 regions are all hard-money men, and detest the Greenbacks, 
 
 ' THE NEW YORK COMMERCIAL ADVERTISER. 
 
 The Commercial criticised our previous pamphlet, “ Our National 
 Finances, No. 10,” in a series of very ably-written articles. We regret 
 we have space only to refer to them, without the pleasure of answering 
 their arguments. The Commercial is more candid and fair than is usual 
 with bullionists, or some bullionists who admit Government can per- 
 
37 
 
 mit a certain amount of paper money to be issued. It does not deny 
 our indisputable, logical conclusion—if a Government attempts to do a 
 thing it should do it well. If it professes to furnish money for its sub¬ 
 jects, it is bound to furnish them a full supply to make purchases, regu¬ 
 late exchanges, &;c., for we contend the Government is just as derelict of 
 of duty if it does not make a sufficient quantity for all necessary 
 purposes as it would be to send an army into the field only one-half 
 equipped or officered, or a seventy-four frigate to sea with only half a 
 dozen guns instead of her full complement. 
 
 The Commercial says: 
 
 “ The fact is there never has been a delegation of power to Govern¬ 
 ments which has produced a greater amount of evil to humanity than 
 the power to coin money. * * * It has been the source of innumer¬ 
 able erroneous theories, which have been attempted to be put in force by 
 means of erroneous and and injurious legislation, to the immense injury 
 of humanity. Governments should no more be intrusted with coining 
 or regulating money than with shoes or bread.” 
 
 “ This is either true or false doctrine. Let Mr. McCulloch take the 
 bull by the horns. Statesmen should never fear to grapple with truths. 
 The first editorial on the discussion commenced thus: 
 
 “We have no doubt that many of our readers frequently think we 
 are absurdly devoted to abstract principles—^that we needlessly stickle 
 for them, when to disregard them would be beneficial to the community. 
 
 “ Now, if we advocate principles so persistently, if we religiously 
 adhere to them in matters of little moment as well as in matters of im¬ 
 portance, it is because we are thoroughly convinced that principles have 
 no exceptions ; because we feel certain that recourse to a wrong principle 
 cantilever be productive of good, nor adherence to a correct principle 
 productive of evil. The fact is, men have faith in the benefits to be de¬ 
 rived from a disregard of principles, merely because they, generally, 
 only look at the first effects of a measure instead of following out these 
 first effects until they become causes of new effects. Then the evils of 
 disregarding principles become but too apparent.” 
 
 To which we very briefly answer. Money, as we understand it, is 
 a thing or things, not a principle or principles—a device of expediency, 
 the use of a given quantity of metal, or a bill of credit fashioned into a 
 convenient form, to be used as 'policy dictates to facilitate the exchange 
 of commodities, &c. 
 
 If a principle can be made or founded upon it, which we doubt, it 
 seems to us the question would be of the purity of the metal, and the quan¬ 
 tity to be used; whether it should consist of the best and purest; whether 
 the Government should make the gold standard that from Russia? 
 
38 
 
 
 Brazil, Mexico, or that mined on the Pacific coast, or how many carats 
 fine, &c. ; whether it should it be like our silver, which the Canadians say 
 is bogus and refuse to exchange their goods and wares for it unless at 
 a discount. Principle is involved in the use of money ; but that is en¬ 
 tirely another and an independent question. As we have stated, we 
 do not understand first principles^'' when applied to money as ex¬ 
 pounded by innumerable writers who call themselves Political Econo¬ 
 mists. In the doctrine of Free Trade, principles are involved. 
 
 We are in favor of a Tariff Protection simply from policy, or sel¬ 
 fishness, if you please. Correct principles make the entire human 
 family brothers in the strife for wealth, happiness and existence. 
 
 The grand principle of Universal Brotherhood is one of the great 
 foundation stones of the Christian religion, plainly and beautifully illus¬ 
 trated in the teachings and parables of our Saviour. And we expect to 
 be an out and out Free Trader as soon as the Commercial Advertiser 
 recommends all of the abstract principles as taught in the New Testi- 
 ment. When the Commercial urges the principles of Peace as promul¬ 
 gated by the Peace Society, or, like the Apostles, who “ held all things 
 in common,” or when it gets down to the abstract principle of righteous¬ 
 ness, and teaches the doctrine that no grain shall be destroyed and con¬ 
 verted into poison by the still—which tremendously increases the price 
 of food a thousand-fold more than paper money ever did—then we will 
 begin to think its teachings are entitled to some consideration. 
 
 Government money, in fact, decreases the price by increasing the quan¬ 
 tity, which is contrary to the statements of Mr. McCulloch, but is a 
 Aruth founded upon plain, simple facts and common sense. It is capital 
 loaned at the extortionate rate of six or seven percent, to the distilleries 
 that rob the poor of bread. 
 
 When the Commercial becomes so liberal (we will not ask it to 
 denounce high rates of interest, for that would reduce its subscription 
 lists) that, when its editors are asked to go a mile, “ they will go with him 
 twain ; ” when we see this, and witness the armies and navies of the 
 great powers disbanding and disarming preparatory to a free and friendly 
 intercourse, we will advocate, or would, if we were alive, the abstract 
 principles of free trade as described in the beautiful sentences of Bright, 
 Mill, Spencer, Cobden & Co. 
 
 But at present, when England allows pirates to be fitted out 
 in her ports, to rob and burn our unarmed ships—some of which 
 were engaged in conveying food to her starving poor, the contributions 
 of American philanthropists—and when France, finding our Eepublican 
 Union in a fierce death-struggle, slips in and garrotes our nearest 
 neighbor—the young Republic of Mexico—so that she can use her ports 
 
39 
 
 'for a base of supplies; when her navy, which was hovering on our South¬ 
 ern coast, all ready, when Lee destroys the American army before Phil¬ 
 adelphia, to sail up the Mississippi and gobble up New Orleans;— 
 whilst the friends of Napoleon and Jeff. Davis in New York mur¬ 
 der and burn the “ niggers ” and the “ bloody abolitionists,” prepar¬ 
 atory to making Manhattan Island the capital of a new empire an^ the 
 seat of a new dynasty, that would receive its inspirations from the Holy 
 City—yes, until we observe a better temper and more friendly disposi¬ 
 tion, we shall object to the opening of our ports to receive the products 
 of the pauper labor of Europe and allow it to come into competition 
 with that of our manufacturers, artisans, and mechanics. If there was 
 no other objection, the difference in the value of money, or the interest 
 on money, would of itself be of sufficient importance to justify a tariff. 
 For these reasons, and a thousand others we could offer, we are in favor 
 of protection, although by so doing we yiolate the abstractions and first 
 principles of the Protectionists. 
 
 In this connection we should like to discuss the Fenians, or Fenian- 
 ism—for evidently we have got a new ism —but have only time to say, 
 it is very satisfactory and pleasing to contemplate.. If our Government 
 breaks down from the. too free use of the Legal Tender Notes, we have a 
 new one-^President. Senate, Congress, and an army of 300,000 men all 
 drilled and equiped, already prepared to act, in case of necessity. As 
 Mrs. Toodles says in the play, when she purchased a coffin, “ It is 
 a very handy thing to have in the house.” 
 
 No, Messrs. Editors and Mr, McCulloch, the people of America are 
 not likely to go back first ’principles as propounded by you, although 
 the millenium is not so far off as the Secretary seems to suppose, and 
 pay their taxes in colts, oxen, and hoop-skirts, as they did in former 
 times. 
 
 For the benefit of those who have not fully examined the workings 
 of the system, we give an extract from history to show how nicely it 
 worked, and what our citizens must expect, providing McCulloch’s policy 
 is put into effect. Rollins, in his ancient history, quotes Strabo, the his¬ 
 torian, who relates that the Satrap of Armenia sent regularly every year 
 to the King of Persia, his master, 20,000 young colts, in the form of rev 
 enue. He concludes thus : 
 
 “ By what has been alread}^ said on this subject, we see that the 
 kings of Persia did not exact all their taxes and impositions in money, 
 but were content to levy only a part of them in money, and take the 
 rest in such products and commodities as the several provinces afforded ; 
 which is a proof of the' great wisdom, moderation, and humanity of the 
 
40 
 
 # 
 
 Persian government. Without doubt, it had been observed how difficult 
 it often is for the people, especially in countries at a distance from com¬ 
 merce, to convert their goods into money, without suffering great losses ; 
 whereas nothing can tend so much to the rendering of taxes easy, and to 
 shelter the people from vexation, trouble, and expense, as taking in pay¬ 
 ment from each country such fruits and commodities as that country 
 produces; by which means the contribution becomes easy, natural, and 
 equitable. 
 
 “ There were likewise certain cantons assigned and set apart for main¬ 
 taining the queen’s toilet and wardrobe; one for her girdle, another for 
 her veil, and so on for the rest of her vestments ; and these districts, 
 which were of a great extent since one of them contained as much ground 
 as a man could walk over in a day; took their names from their particu¬ 
 lar use, or part of the garments to which they were appropriated; and 
 were accordingly called—one the Queen’s Girdle, another the Queen’s^ 
 Veil, and so on. In Plato’s time, the same custom continued among the 
 Persians. 
 
 “ The way in which kings gave pensions in those days to such persons 
 as they had a mind to gratify, was exactly like what I have observed 
 concerning the queens. We read that the king of Persia assigned the 
 revenue of four cities to Themistocles; one of which was to supply him 
 with wine, another with bread, the third with meats for his table, and the 
 fourth with his clothes and furniture. Before that time, Cyrus had acted 
 in the same manner with Pytharchus of Cyzicus, for whom he had a paiv 
 ticular consideration, and to whom he gave the revenues of seven cities. 
 In following times we find many instances of a like nature.” 
 
 SOME ADVICE AND AN OFFER FOR JOHN BULL. 
 
 If John Bull is anxious 'perfect free trade with the United States, 
 let him call a convention and adopt a free constitution and a republican 
 form of government, and, if he will repent and promise to behave, we 
 will allow him and protegh —Nova Scotia, Canada, Ireland and'Scot¬ 
 land—to come under the shelter of the wings of our Eagle ; and there 
 shall be emblazoned on the ample folds of our resplendent banner of 
 Light, Liberty and Progress, four additional stars ; and they may revolve 
 around the glorious orbit of our free Constitution until the King of 
 Kings comes. Jonathan will insure him peace, prosperity, and tran¬ 
 quillity, and put the Fenians to bed and asleep, and serve an injunc¬ 
 tion on Johnny Crapeau, which will make him as quiet as a kitten; or, 
 if he gets pugnacious, Uncle Sam, who is the father of us all, will take 
 England for a navj'-yard and build and fit out a sufficient number of iron¬ 
 clads and steam-rams to whip all the nations that shall have the impu¬ 
 dence or imprudence to interfere. Then Jonathan will swap his due 
 bills—now due, that he holds for claims for the robberies and arsons 
 committed by British pirates—for the old navy of England, and enter into 
 a written stipulation that it shall not cost as much to sustain and rum 
 
41 
 
 their State Governments as it now does to maintain the Queen’s babies 
 and a fat Bishop. This is a great bargain ; and Mr. Bull had better ac¬ 
 cept the offer—it’s the only chance he will get to have free trade with 
 the Great Republican Union. 
 
 THE PRICE OF FOOD IN ENGLAND. 
 
 Every intelligent person is aware that the cost of bread, bacon, beef, 
 butter, cheese, lard, cfec., has increased within the past few months from 
 twenty-five to fifty per cent, in Great Britain. It appears that prices are 
 being or have become '•inflated'''’ over the water as well as in this 
 country. We shall probably soon learn that the Bank of England has in¬ 
 creased the rate of interest to break the market for agricultural produce 
 —for nothing so disturbs the nabobs and aristocratic capitalists as an in¬ 
 crease in the price of the products of the farm. They have a great sym¬ 
 pathy for the poor and a particular love for the laborers. It is strange it 
 never occurs to them to increase the wages of the workmen, or if it does it 
 frightens the capitalists, who are well aware, if England would continue to 
 supply the world with manufiictured articles, she must undersell it, and 
 to accomplish this much desired object, she must, of necessity, keep her 
 mechanics and artisans to work at starvation prices. 
 
 Perhaps the Bank and capitalists of England can forever keep the work¬ 
 men of Great Britain steady and moral by this beneficent and philanthropic 
 course. 
 
 This is exactly what the hard-pan theorists, led by Mr. McCulloch, are 
 striving to do in the United States. We trust that our artisans and 
 mechanics will not much longer be deceived by such deceptive arguments; 
 • and remember, that when the prices of farm produce rule high, all 
 branches of mechanical trade flourish exceedingly. This is why the 
 workingmen of the United States are at the present time fully employed 
 at good prices. 
 
 When the farmers are well paid for their produce, they build houses, 
 barns, sheds, &c.; they purchase carriages, harness, reapers and mowing- 
 machines, extra and better tools, furniture, stoves, hats, caps, clothing, 
 boots, shoes, food, &c. This is just what they are doing at the present 
 time. This is the reason why our mechanics are better paid, fed and 
 clothed ,than ever before, and are more prosperous than those of any other 
 country; and this is the reason why the capitalists complain, for the interest 
 of their money will not purchase as much as formerly, and this frightens 
 Mr. McCulloch, who imagines the country is sickly and feverish. But this 
 is what convinces us that it is perfectly vigorous and healthy. 
 
42 ’ 
 
 V 
 
 A NEW BOOK REQUIRED. 
 
 The Protectionists and Political Economists have ransacked the world 
 for books and statistics on political economy. Our Government dis¬ 
 patched several gentlemen, learned in the science^ to Europe, to study 
 and make inquiries upon the subject. Mr. Lanier reported to the Presi¬ 
 dent and Secretary that the bankers and capitalists of the Continent thought 
 it was highly important and very desirable that the United States Gov¬ 
 ernment should resume specie payments at once. This information was 
 scarcely worth the considerable expense of the mission. It did not, in 
 our estimation, require much trouble or expense to gain this knowledge, 
 for it was highly probable that men who had their safes full of United 
 States Bonds, purchased at 40, 50, and 60 cents on the dollar, would 
 think it very desirable to have them lifted to par as soon as possible. If 
 the Government had dispatched a practical man to Nevada, Colorado, 
 or New Mexico, to inquire the profit of mining gold, and set Dr. Elder, 
 or one or two of the statisticians in the Treasury Office, to calculate 
 how much gold 1,000 or 10,000 stamp-mills would produce, and make 
 the inquiry of Mr. Lanier, or some one of its agents in New York, Bos¬ 
 ton or Philadelphia, if machinery could be purchased with Greenbacks— 
 this, it seems to us, would have been more judicious and wise than to 
 send men mousing about the old worn-out, effete^ and tottering thrones 
 and governments of Europe to obtain information how to govern the 
 United States. This would be better than rehashing the opinions and 
 deductions of theoretical abstractionists, however musical they make their 
 sentences, and who prove very nearly, as does Mr. McCulloch, that the 
 more money you have the less you possess. He must have been 
 dreaming that we were living again under Locofoco rule, in the days of 
 “Red Dog” and “Wild Cat,” when a traveler, every twenty miles, was 
 required to stop at a broker’s and get his money shaved. The bills 
 coined by the United States Government are a very different sort of 
 thing. 
 
 A great many of these men can prove their theories and dogmas to 
 perfection, as does Mr. McCulloch. And Wendell Phillips, in his oration 
 the “ South Victorious,'"’ demonstrates the thing plain enough, and thou¬ 
 sands applaud the orator as they do Mr. McCulloch; but when they 
 come out of their trance they see the South bleeding,,helpless, naked and 
 conquered, her cherished institution—Divine institution—for which she 
 staked all upon, extinguished, and she herself compelled to give it the 
 last kick;—although they see this, yet he, and many of his intelligent 
 hearers, declare that the South is victorious notwithstanding.* 
 
 What the nation requires is not fancy sketches or abstractions, 
 but substantial realities and facts. These men will gravely look you 
 
43 
 
 square in the face, and tell you that our mechanics are sufiering terribly 
 
 from the evds oi . “ mancked currency, as one of our patriolc editors 
 cieclarfis it, is • onrl +1 __ _ 1 . ... 
 
 c ares it is; and yet these very mechanics can, if they choose, go to 
 a 1 Street and sell the Treasury Notes which they received for their 
 week s wages, and obtain more gold for them, by twenty-five per cent. 
 
 than they ever received for a week’s work in their lives. And so on to 
 the end of the chapter. 
 
 '^ord-weavers do not consider that a system 
 which will satisfy the Old World, will not answer for the New World. 
 
 ey forget that we inhabit a earth, if hot the new one in which 
 _all things are to he made new at some time ; that we are isolated by 
 l^housands of miles of ocean from the old nations, and that we require 
 i, new laws and new systems, and must be governed by a policy which is 
 ^in chaiacter with our vast continent; that this stupendous theatre 
 requires new properties and every description of scenery, and we are 
 lequire o produce new, startling, and unimaginable results. 
 
 Sir Morton Peto, when he returned to England the other day 
 addressed the young men of his country, and told them, if they wished 
 to become competent for extended business, they must visit the United 
 fetates. This was good advice from a practical man. 
 
 If the “powers that be,” at Washington, would study our Declara¬ 
 tion of Independence and the Constitution, and seriously endeavor to 
 comprehend them, and especially those passages that read “ all men are 
 born free and equal,” and that Congress has power to coin money and reg¬ 
 ulate the value thereof, and foreign coin, there would be no necessity 
 or going or sending to Europe to ask advice how to make our money 
 *or what value we should place on theirs. The “Fathers” evidently 
 supposed that this was to be an independent nation. 
 
 If Mr. McCulloch would study Ameriea, as Mr. Colfax has been 
 mg, he would find it a more interesting and useful book than all the 
 musty volumes in the libraries of the old world. He would order his 
 statisticians to weigh the gold and silver and nickle (leaving the copper ' 
 out) in our stupendous mountains ; the depths, lengths, and breadths of 
 ,0 r wondeiful lakes; and weigh and measure the coal and oil, and esti¬ 
 mate the number of tons and gallons there is in the country; and deter- 
 bine the number of bushels of grain, and the number of cattle, horses 
 pheep and hogs, there are in the deposits of nitrogen, hydrogen, and 
 •1 mates, &c., that lay upon the surface of our mighty, endless, and mag- 
 bficent prairies—to determine, if possible, if the United States has not 
 iufhcient capital; providing there is sufficient wisdom in our legislators 
 jo frame a system or institution that can issue bills for circulation that 
 |rill be respectable. The present Treasury Notes, according to the 
 
44 
 
 Ughest authorities, are a “ fraud,” a “ bubble,” a “ delusion. 
 
 55 
 
 a 
 
 a 
 
 de- 
 
 higtiest auinoribitis, j 
 
 bauched, and excessive, inflated, miserable, sham — and are not do - 
 
 Then let a Commission of those highly respectable gentlemen who 
 are employed to devise the best means of raising the revenue inform 
 the people how many steamships and vessels are required to properly p ow 
 our immense lakes and splendid rivers, and how many human hands our 
 250 000 steam-engines represent; and whether, under the presen cir 
 oum’stances, it would not be just as well, until the War Debt is paid, to 
 dispense with Congress altogether, as Mr. McCulloch seems to imagine 
 their services are required only to sign the bills, which could be quite 
 as well done by some one of his Commissioners, as by three hundreo^ 
 
 Congressmen. 
 
 PRESIDENT JOHNSON ON THE FINANCES, &c. 
 
 The President, in his Message, lectures Congress and the people in 
 
 this wise 
 
 
 5 VY lOO • 
 
 “ We must aim at nothing less than the complete effacement of t e 
 financial evils that necessarily followed a state of civil war. 
 
 “ It is our first duty to prepare in earnest for our recovery from 
 ever-increasing evils of an irredeemable currency, without a sudden 
 
 revulsion, and yet without untimely procrastination. ^ 
 
 “ We may, each one of us, counsel our active and enteiprisi g 
 countiwmen to be constantly on their guard, to liquidate debts contracted 
 muCT currency, and, by conducting business as nearly as possible 
 on a^sy'^^^^Im of paymeL or shor! credits to hold themselves pre¬ 
 
 pared to return to tlm standard of gold and silver. To aid our fellow- 
 citizens in the prudent management of their monetary affairs, the duty 
 devoTveron us’^to diminish by law the amount of paper money now in 
 
 circulation.” 
 
 It was to be hoped that, as the President came up from among the 
 laboring population, he would receive inspiration from them instead o 
 from capital in the hands of capitalists and aristocrats. It is lamentable 
 that, However lowly and poverty-stricken men were in their first estotej 
 most of them (the great and good Lincoln was a glorious exception) 
 upon being exalted by wealth or power, forget their humble bie ren 
 aL pander to the rich and powerful. A reflecting mmd would supposi 
 that the beneficent agent which has, above all others, exalted the natmi 
 and imparted to it such mighty energies-that the whole world hai 
 witnessed it with wonder and amazement—would, at the hands o <mj 
 
 President, have received some notice other than a slur and a le . ' 
 
 should have recollected and acknowledged, if he was aware of the fact 
 and if he is not, he should be, that as great, good, patriotic and wise a 
 was Abraham Lincoln and Andrew Johnson, they never would have bee 
 elected President and Vice-President of the United States in 1864 but fc 
 
46 
 
 the 'power^ energy^ and prosperity imparted to the people^ to the citizens of 
 this country, by the Government Treasury Notes, “ an irredeemable paper 
 moneyy This is so manifest to all intelligent, reflective men that it 
 requires no argument to attest the incontrovertible and perfectly ap¬ 
 parent flict. But for the power of the Legal Tender Treasury Notes, 
 the Constitution and the Union would, at this moment, have been a 
 wreck, and the States separated and afloat on a turbulent sea of 
 anarchy. 
 
 And we would respectfully inquire how can the great planting and 
 the other interests of the South, concerning which the President is so 
 solicitous, and which are completely prostrated and almost annihilated, 
 be conducted ‘"’'for cash and short credits, if the United States money is 
 ^destroyed The South in her palmiest days always required long 
 credits to perfect her crops of cotton, sugar, rice, tobacco, &c. How 
 ^ can the people of the Southern States stand upon their feet again with 
 ‘ a golden sword drawn and ready to slay them the moment they attempt 
 to rise ? 
 
 The President continues: 
 
 u 
 
 Five years ago the bank note circulation of the country amounted 
 to not much more than $200,000,00(r; now the circulation, bank and 
 National, exceeds $700,000,000. The simple statement ojf the fact 
 recommends, more strongly than any words of mine could do, the neces¬ 
 sity of our restraining this expansion.” 
 
 This, in connection with the advice of the Secretary of the Treasury 
 (who probably was its inspiration) to destroy the people’s money—the 
 Legal Tender Treasury Notes—by funding them, and distress the 
 country by increasing the taxes and the value of money and the amount 
 of the interest-bearing bonds $500,000,000, is very much like the old 
 adage of dogs ‘‘ who returned to their vomit.” The idea of returning 
 to the time of “ five years ago,” with men and women starving and 
 begging for work—to the days of public soup-houses erected for the 
 benefit of able-bodied mechanics and workmen. Ask honest, philan¬ 
 thropic John Farmer “ about five years ago.” Let “ five years ago ” be 
 left to the tender mercies of that great historian, the old “ Public Func¬ 
 tionary,” and the men who delight in hard times, hard money, and in¬ 
 terest at twelve per cent, on Government security, and from fifteen to 
 fifty per cent, on good mercantile and manufacturer’s paper. 
 
 Five years ago, forsooth ! 
 
 “ I know thee well. A miserable villain, 
 As dutious to the vices of thy mistress 
 As badness could desire.” 
 
 The President’s remarks on monopolies are excellent, but he shuts his 
 
 if 
 
46 
 
 eyes to the very worst monopoly, the most destructive of all, money^ when 
 restricted by legislation to the coffers of capitalists, who extract the very 
 life blood of the nation, and paralyze the energies of the people. 
 
 One of the most painful duties that can devolve upon a plain and 
 humble citizen is to oppose “ the powers that be and the task is more “ 
 onerous and disagreeable when the opposition is rendered or directed 
 against friends of the like political faith and affinities. We shrink from 
 the responsibility ; but the deep conviction that no less than the life 
 of the nation is at stake, compels “Patriot,” very much against his 
 inclination, “ to cry aloud and spare not.” Editors and politicians speak 
 of National Prosperity and Universal Bankruptcy as a matter of 
 slight consequence. 
 
 On the contrary, we view with horror the scenes and circumstances^"^ 
 connected with bankruptcy—ill-fed, half-clad, cold, and hungry, and an 
 unhoused population begging, fighting, and stealing for existence. ^ 
 
 But the other picture of General Prosperity we delight to contem¬ 
 plate. They are not uulike the extremes of winter and summer—one is 
 sleet, snow, blasts, the ice of desolating winter and war ; the other is 
 like the gentler breezes of summer, wafting the perfumes of flowers and 
 fruits, of verdant fields 5 like the glorious autumn, laden with ripe grain, 
 of plenty and Peace. National happiness should never be the sport of 
 Politicians or Statesmen. 
 
 JAMES GORDON BENNETT’S NOBLE CONDUCT AND EXAMPLE, 
 
 In several of the previous numbers of “ Our National Finances,’ We 
 have, in consequence of the great circulation and influence of the Herald^ 
 made extracts from its columns and commented upon them, and 
 attempted to show the fallacy of the arguments advanced, and opposed 
 the HeraWs policy; therefore “ Patriot,” who is not influenced by party 
 or friends, will not be charged with partiality in making these remarks. 
 Mr. Bennett is a man of great wealth, and has not been noted for liberality, 
 unless it is displayed in residing in a palace on Fifth Avenue, and keeping 
 up a princely establishment on Washington Heights. Of these we do not com¬ 
 plain, for living liberally and spending freely is magnanimous in comparison 
 with hoarding, extortion, shaving notes, currency, stocks, &c.; but of these 
 it is not our intention to speak, for they are private affairs, of which it is not 
 our province to meddle—but of the Herald^s public course, in respect to 
 the National Finances. 
 
 At the commencement of the rebellion the Herald was all wrong on the 
 financial question *, at present, and for a long period, it is all rights and moie 
 than right—it is nohle^ generous. Mr. Bennett, as is well known, is very 
 wealthv, and is in receipt of a princely income, yet he does not seek, as do 
 
47 
 
 others in very similar circumstances, to add to the purchasing power of his 
 money, by ruining the finances of the nation, that he may have the oppor¬ 
 tunity of purchasing property, paper, labor, (fee., cheap. The Herald uses 
 nearly a million of doHars’ worth of white paper during a single year. 
 Formerly it was eight and nine cents per pound ; at present and for two years 
 it is sixteen and eighteen cents per pound ; here is a difference of nearly, or 
 perhaps quite a half million of dollars'per year. Mr. Bennett wishes to pur¬ 
 chase a site for a new printing establishment, and, instead of using the columns 
 of his paper to depreciate prices by advocating the doctrines of the destruc- 
 tionists, he advocates, in masterly style and unanswerable arguments, 
 that it is the duty of the Government to maintain the vital interests of the 
 nation, and not bankrupt the people that the rich may gouge on the 
 estates of bankrupts. He gave a liberal price for his lots; for fifty-six by one 
 hundred feet he paid six hundred and fifty thousand dollars ; which proves 
 that when the Herald says that New York city is to be the great commercial 
 and financial center of the world, it means what it says; and that he appre¬ 
 ciates the value of property in and near the city. And Mr. Bennett, instead 
 of waiting until Mr. McCulloch and his friends shall have accomplished to 
 fund the Government or the people’s money, and break down the prices of 
 real estate, labor and materials, the Herald informs the public the contracts 
 are signed to immediately erect a magnificent building, and doubtless 
 it will be an ornament to the metropolis. We say this is nohle^ generous 
 conduct in Mr. Bennett, and should and will be appreciated. How diflPerent 
 is this from the course taken' by some of the Herald’’s contemporaries—as¬ 
 sociations and individuals that are accumulating large fortunes, yet are eter¬ 
 nally croaking about the “great calamity,” which is conjured up to frighten 
 timid people, and which has retarded and prevented the building of thousands 
 of houses; and is one of the principal causes which has made houses and 
 stores so scarce, and rents so high. If Mr. McCulloch had taken the advice 
 of the Herald^ he would have been more patriotic, consistent, and states¬ 
 manlike. 
 
 THIS IS THE TRUE PHILOSOPHY. 
 
 / 
 
 After all, this is the only true philosophy for statesmen and capitalists, 
 even, to follow.. Politicians will never be sustained who allow the finances 
 of their country to be ruined, and trade and improvements to be dwarfed— 
 and the only safety for the rich is a standing army or prosperity. The op¬ 
 position have paraded their General Calamity^ and hoped and worked thai 
 he would take possession of the country that they might come in possession 
 of the fat oifices in the gift of the Government. But with every issue of 
 the Legal Tender Treasury Notes, the phantom has farther and farther 
 eced ed. Bufsince the Administration has been converted to the Copper¬ 
 head’s views, there is real danger of poverty and death stalking throughout 
 
48 
 
 the land—not caused by paper money, but by the wicked, shameless, 
 miserable policy of funding it, and making it an expense instead of a 
 saviour, which it has proved itself in the great time of tiouble just passed 
 —an agent that is so {)OWerful in war that during the rebellion it created 
 a powerful navy; equipped two millions of men and placed them in splendid 
 array; erected hundreds of churches and colleges and endowed them 
 liberally ; built thousands of factories and tens of thousands of houses ; it has 
 created thousands and thousands of steam machines, with a thousand hands 
 each ; and raised hun'dreds of thousands from poverty to comparative wealth 
 and happiness. It has done all this and a million of other beneficial acts. 
 Even Mr. McCulloch is obliged to acknowledge so much. Hear him: 
 
 “ Notwithstanding more than $2,000,000,000 of the means of the people 
 of the United States have been thus loaned, no branch of useful industry 
 has suffered by the investment. It is undoubtedly true that, if the wealth 
 which has been invested in United States securities, could have been em¬ 
 ployed in agriculture, in commerce, in mining and manufactures—in open¬ 
 ing farms and the better improvement of those already under cultivation— 
 in building railroads and ships, in working the mines, and in increasing the 
 variety and amount of our manufactures—the nation would have been far 
 in advance of what it now is in material prosperity.” 
 
 The Secretary ought to know, if he does not, that it was imposdble for 
 the people of this country to have loaned two thousand millions of money 
 in the absence of the Treasury Notes, or made these vast improvements, 
 for the country was paralyzed at the commencement of the war for want 
 of a circulating medium, which is the very life blood of a great nation 
 like ours. Thirty-five millions of people cannot be active or accomplish 
 more than to eke out an existence on the beggarly amount of five or ten 
 dollars each. 
 
 And we inquire again, if papier money is so powerful, fruitful and 
 beneficial in war, why not use it in time of peace, to build up our marts 
 and cities, and banish the thoughts of blood and carnage. We solemnly 
 declare to the world that the greate^t^ the cheapest and most beneficent power 
 .on the earth., excepting that of God, is Paper Money. 
 
 A WARNING. 
 
 Union Statesmen: This young, vigorous and glorious Republic has, for 
 more than a quarter of a century, been in chains, forged by the sham- 
 Democracy, set on by the agents of the Rothschilds, working only in the inter¬ 
 ests of foreign manufacturers, capitalists and bankers, assisted by Northern 
 aristocrats and Southern slave oligarchists. When they lost a general 
 election they determined still to rule, and inaugurated a mighty war, and 
 marched for the National Capital, determined to subjugate it. This cruel 
 war sacrificed the lives of a million of brave men and ten thousand 
 
49 
 
 millions of property. They determined to create anarchy and revolution^ 
 and actually commenced a diabolical and bloody riot in the streets of New 
 York, which would, in all probability, have terminated in the massacre 
 ■ of the colored people and prominent Union men, and a permanent disruption 
 of the Union, if General Lee had taken and sacked Philadelphia, as was pro¬ 
 posed and expected he would. This reveals the animus that did and now^ 
 animates the leaders of that party. 
 
 Under the good providence of God, and the moderation and wisdom of 
 Lincoln and Seward ; the energy of Stanton and Welles, supported by a 
 wise and patriotic Congress ; and a brave, generous, and glorious army of 
 citizen soldiers, the Union has been, as by a miracle, preserved. When 
 you reflect and take a retrospect of the great drama, you must confess that 
 paper money has been one of the chief agents that enabled the Government 
 thus to triumph. You know that every enemy of our Union in Europe and 
 America, every disloyal person in the North and South, and every advocate 
 of Free Trade, opposed it, and are to-day the bitter enemies and 
 defamers of the Government money. You are aware that they have con¬ 
 tinually, from the first, denounced it, and predicted it would ruin the 
 country. But these, predictions have, to their shame and chagrin, 
 proven false. 
 
 And you know or ought to know, if you do not, that the great and 
 unusual prosperity that this money has created and maintained, has sus¬ 
 tained the National Finances, and furnished the power to move the tre¬ 
 mendous machinery and paraphernalia-of war, and invigorated the 
 people who have sustained the Government and the Union party. With 
 poverty and bankruptcy and civil calamities attending, would the party 
 in power now hold the reins of Government ? No ! No ! 
 
 Think of the consequences of a failure. Suppose the Destructionists 
 were now in the majority ?—The subject is too fearful to contemplate. 
 And is it not of the utmost importance that the Union party are kept in 
 the ascendant ? Is it not of transcendent importance ? Most certainly it is. 
 How is this to be accomplished ? Only by keeping the country on the 
 high road of prosperity. 
 
 If Congress listens to the advice of the Secretary of the Treasury, 
 the great Union Republican and Liberty Party will certainly be ruined ; and 
 the Union statesmen driven in shame and disgrace from office, and the 
 rivers of blood and treasure shed and lost in the great battle for freedom 
 have been spent in vain. 
 
 Statesmen: Just as certain as you follow the lead of Mr. McCulloch and 
 his friends, the Destructionists, and destroy the People’s money, which is 
 4 
 
50 
 
 
 their life, and increase the interest on money and taxes, as he proposes, and 
 inaugurate low prices for American produce and labor, you invite ruin and 
 bankruptcy, and voluntarily become the medium and cause of the fulfill-, 
 ment of all the miserable prophecies and croakings that the enemies of the 
 Union have dinned in our ears for the past five years ; you destroy the 
 Union 'party^ and doom the Freedmen to a new and improved hell upon 
 earth. This is religiously believed by “ Patriot,” and is the only reason why 
 he so persistently advocates the use of Government paper money. 
 
 Will you change the present active, positive, luonderful prosperity for 
 stupor, paralysis, and death ? Destroy, for the satisfaction of the Abstrac¬ 
 tionists and Destructionists, this, the most highly prosperous nation on the 
 globe, and your own greatness ? If you do, it ^ill be the greatest exhibition 
 of stupidity witnessed in the nineteenth century. It would be nothing less 
 than personal and national suicide for the benefit of 'the moneyed 
 aristocracy. 
 
 If the Union party is to be buried beneath Mr. McCulloch’s mountain 
 of folly, then we must inaugurate ‘‘ The Party of the FutureT 
 
 PATRIOT. 
 
 New York, Dec. 23, 1865. 
 
 « 
 
 THE PARTY OF THE FUTURE. 
 
 PATRIOT PROPOSES A PLANK FOR A PLATFORM. 
 
 Gen. Kilpatrick ^ said, on several recent occasions, that “ the future 
 successful party of the country ” must be “just,” “ patriotic,” and “progres¬ 
 sive ;” a party of “ humanity ” and “ truth.” This is a discerning cast of 
 our political horoscope. Patriot proposes a single plank for their platform, 
 and some words for their banner, and a few suggestions from which to 
 manufacture resolutions. 
 
 * Patriot has much reason to felicitate the gentlemen and himself, who, at Dr. 
 Corey’s Church in 35th Street, in the commencement of the war, presented the 
 then Capt. Kilpatrick with a splendid American flag. We thought we discerned in 
 the Captain the stuff which real soldiers and major-generals are made of, and we 
 have not been disappointed. And the General has the flag still, with every 
 star burning with renewed splendor, and none have done more to add to its glory 
 than the gallant Major-General himself. 
 
 N 
 
51 
 
 The plant we offer is the Declaration of Independence, This is sound 
 stuff, cut out of the great Charter Oak {the Bible') by one Thomas Jeffer¬ 
 son—from the tree whose branches shelter, or will shelter, the Christian 
 nations. The Declaration was taken from the very heart of the New 
 Testament, and will last as long as the ages. 
 
 This w’e propose for the platform of the “Party of the Future.” This 
 single plank is amply sufficient for any party to stand upon, no 
 matter how' many millions it is composed of. For the banner, Patriot 
 proposes these words, to be painted in words of living light— God^ Lib- 
 erty^ Fraternity^ Prosperity^ and Progress. Let this be the flag, the white 
 signal emblem of freedom of and for the world. 
 
 A LITTLE HISTORY AND SOME RAW MATERIAL FOR RESOLUTIONS. 
 
 The Republican, Union and Liberty parties as now composed and 
 working, are rather a pie-bald team.. We confess, however, they have 
 drawm some very heavy loads, and done an immense amount of good 
 work, although old Croesus holds the reins, and old Avarice is postillion, 
 who look back occasionally with much complacency and give a word of 
 cheer to the Hard-Pan Democracy and Destructionists, who are fastened to 
 their chariot-wheels, flat on their backs, and being dragged through the 
 mud, followed by several score of “Bohemians,” mounted on all sorts of 
 nags, who encourage them to “ grin and bear it,” and are shouting “ exces¬ 
 sive,” “ inflated,” “ plethoric,” “ exhausted,” “ sickly,” “ delusive,” “ greasy 
 ' old greenback,”—who, as soon as he returns from robbing all the farmers 
 and mechanics, shall be hanged by Brigadier-General “ Calamity,” General 
 “Bankruptcy,” and Major “Distress.” Patriot don’t believe they can do it, 
 and if they do, the People wdll order General Grant after them, who has 
 the good sense, when he visits New York, to ride with Wilkes and Bonner^ 
 —representatives of one wing of Young America —instead of riding with 
 old Money-bags in his heavy old silver-plate coach, drawn by a pair 
 of long-tailed slow pacers. Grant cannot be deceived by the Destructionists, 
 although they are led by the Secretary of the Treasury, and a .troop 
 of statisticians quartered in the Treasury Building, and ofiScered by a full 
 staff of “ Commissioners ”—he is too practical a mind and man for that. 
 
 Patriot would farther advise the “Party of the Future,” which will 
 probably be called the ^^Progressive Democracy,” if they wish to be¬ 
 come a power on earth : 
 
 First. —To kick the old bullionists and millionaires —who poison “ all 
 the fountains of living waters”—out of their party; the large subscriptions 
 they make merely to run the machine does not pay. 
 
 Second. —To discharge all the old public functionaries, “copper¬ 
 heads” and “ croakers.” 
 
52 
 
 Third ,—Not to worship “The World,'' the “ Flesh'' or the “ Devil," oi 
 any least which'has “ seven horns or ten toes." 
 
 Fourth. —Not to be deceived and suppose New York City is the whole 
 United States, for it is not, as many seem to suppose. 
 
 Fifth .— To form a joint-stock association of $250,000 capital, and 
 publish '‘'■The Progressive Democrat," and obtain the largest suhscri^otion list, 
 as easily can he done, of any paper in the country. 
 
 Sixth .—To acknowledge the great fact, that God reigns upon the Earth, 
 and that His Kingdom is progressive, and that “ the saints, the Progressive 
 Democrats, shall take the Kingdom under the whole Heavens and possess it 
 for ever and ever.” ^ 
 
 Seventh. —That the People and Government shall have the benefit of the 
 issue of one thousand or fifteen hundred millions of the People's money, 
 (United States Treasury Notes,) which will save directly sixty millions of 
 dollars annually, and sixty millions indirectly, by reducing the rate of 
 interest on the Bonds of the Government to three per cent., which is as 
 high a rate as any Government can afford to pay. 
 
 Eighth. —And especially not to ignore the great cardinal doctrine, that 
 man is superior to bonds, stocks, or mortgages, and that they should be 
 heavily taxed for town, county. State and General Government expenses. 
 
 Ninth. —That it is the duty’of the Government to coin sufficient money, 
 either gold, silver, or paper, so that the interest of money shall be cheap, 
 and the price of labor dear. » 
 
 Tenth. —That Humanity, next to' God, must be sacred; that war is 
 waste and murder; and that the nation which wishes peace should be 
 armed to the teeth” with big guns, iron-clads, and Paper^money justice. 
 
 All of which is respectfully dedicated to the “ Party of the Future,” by 
 
 PATRIOT. 
 
 J