Mr. Hugh M'Cullooh, who on the 4th inst. succeeded Mr.
Fes- senden as Secretary to the Treasury, is shown by the Times cor- respondent at New York to hold sound views enough on currency matters, and to have recently expressed the strongest and most satisfactory views as to the delusive prosperity caused by a war expenditure and paper money. As he has been approved by the Senate and seems to be viewed with satisfaction by the House of Representatives, it is scarcely credible that he should be what he is asserted to be, a sound economist, in other words, a free- trader. He succeeds a man who congratulated the country on the falling of in the Customs' revenues due to a prohibitive tariff, on the ground that the country would reap a more than proportionate benefit ! If he be really what he is said to be, though he will not of course attempt to run directly counter to the wild protectionist spirit which has seized hold of the shrewd North, he will direct all his efforts to simplify the tariff, and abolish the numberless minute vexatious duties which only hamper trade, to reduce many, and perhaps raise a few. And if he do this, his accession to office will not be a less momentous gain for the North than the accession of General Sherman to the command once held by General Buell.
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