The New York Herald Newspaper, December 4, 1867, Page 4

we Of funding the mpidiy mature abligations of the gow. ‘Heconsarily create | was never more THE NATIONAL FINANCES. lamest bea trnicring the spove santard is am indtspousable ta trade betwen Bever more comunenced, Wiie (oe lacie commerce jons; the | dtstem te ae Drought about I th great @ te iu! ‘ it wos bigbly imyorcat a Sf eames enone cnt sais ber, ‘wide range | value, and to ite reture ‘as is its power, and | comes abundant by an Fy andl of the race in civiliza- | tion, of its volume, The thee Feivement, there are himits beyond which iis | true, especially as veume cagdot Le extended withoute diminution of its | prices are tive wefuiners A certain amount is roquired for fuciiitar- | changes, ‘ts to'demand at ing eachanges = Stagnioing = The = 2 mae © wees crops as wed emoast req ive! caceot course accurate! jeter em reasonable prices within: Mined, but Lhe excess or deficiency of money af coun- | but to withhold them port of Hugh McCullech, Secretary of the Treasury. pain might crciling Mare, peeelpnte the @easter eich | try iealsars prety accurately indicated by the condi- | of prices can be established, ee eee peed pif $0, 1888, Oi iosny anvictpared ane ‘Tous the condition of | won of its wdvery and teeta.” In all counteies there is | the country come forward In conformity with law, the cecretary of the Treasury | tio ¢ teed 086 86 Meek Money Needed as will encourage enterp:ise, | at such prices as, white the producer ts fairly remu- has tho honor to submit to Congress this bis regular | 0! the »eor< #'¥@ @eplopment to Isbor, end furmish the moans | merated, will Increase consumption and exports; let |@nnaal repor be ares 8 . oe a bear. a & ready exchange of property, and no more. capitalists be easured that progress towarda a stable The fuances of the United States, notwithstanding | \. Kc on we ty Be ry to }- 4 ret by tbe heserer the amount im eirelation exceeds | basis is to be uninterrupted, and money, now convidered last two | the amocnt required for these purposes the fact will sarod, Wil Bs. found to be abundant, The actuul logiti- yrars tls policy bas been ettactiy, but carfally por | become apperret Dy a decline of tudustry, an advance | mate business of the count 48 not Jarger than {t was ae soe vet ef my a & tends ~ ah epeculation. spurt 1a 1800, whee rey bund amare = and wae ory to Sere eal thie a @p irrédeemable curr nc) nol am) laut medium, an Jorty of the people, tnee the Gret day of september, | becomes the ard of value by being aden Teual when an sddition of ‘ater millions eae have made | Legitimate business has not suffered by the curtaitment | examination Lyin ped industrial con. 1963, the Lemporery loans, the cordPenies of tedebied- | trader, ¢ being the cuesteling medium of the | it excessive. Throughout a considerable portion of | which bas taken place within the last two years, nor | dition of Great Britaip the leading countries of the continued depreciation of the currency, are in a much more satisfactory condition tham they were when the Secretary had the honor to make to Co: last annual report. Since the first day of Nov reas Lis aber, - ss 4, | Bees, and the OVO Per Cent notes bave all been peid | wor from one eouptry 1 obedience | tho best grain growing sections of the United | Will it permanently suffer by such a contraction, pru- | Europe The result of bis iuvestigations wil! be trans, 1806, $493,090,263 34 of imterest-bearing notes, certifl: | (wiih the exception Of einali amounts of coed ot pre: w oa ies of trade, @hich po decoming | States there bao Dian, a the past year, great com- | dently enfor as may bo necessary to bring ie preck | mitted to Congress at an carly day. In bis report tbe eates of indebiedness and of temporary loans have | sented for payment, the compound manent goves bare | anywhere for any considerable period, excessive {a | plaint ot ascarciiy of money, and yet no single article gain into circulation, What b Comrniagiower will discums te subject of government ex Deon paid or converted into bonds; ard the public debt, | beet reduced from 2RT,C24,160 te §TI8T,000 | amount; when thut law # not interfered with by leg's's. | Of agricultural product, except wool, was to be sold | quires is as abie currency, What enterprise demands ie eony gla the question of tne abate Weducting theret so Treasury, which ig. | (311,500,000 having been takew ap with three per exes | tion (he evils Of am excoeivecurrmey are correcied by | there for which there was not a purchaser at more than | the assurauce that it shall not be balked of its just re | ment Of taxes, the imdestrial condition avd ree lucting therefrom the cash in the Treasury, Certiloates); the even ond threeterth mois from | the law itil, Am increase of money beyond what !s | remunerating, if not exorbitant prices. There was no | Wards by an unreliable measure of value, It is fre pa Lee fab KT labor and of to bo applied to Its payment, bas beon reduced | $850,000,000 to $557,078,800; the Untied fuer notes, | beeded fw the purpose above mamed, according lo all | lack of money in these sections, but a lack of products | quently urged by those who admit that tho currency is | raw maierial at Dome and ‘toe revision of the tm $50,805,555 12, During the samo period decided im- | 1oluding fractional ew ) from $609,005,814 to | experienen, mob only icfates prices, bat dimivishes | to exchange for ft. The hard times comp'aned of | redundant, that the country is not now im | ternal revenne Doth 8 respects administration mt \tmessed in the general eco- | £257: 571,477—while the cash ‘in the Treasury Wes been | inbor: ana ool, as mconsquence, flows from were the consequence of short feud nob of de. | & condition to bear further contraction; | that | and speciti. nt Se Rs a On aaeees provement. has also been witness Iho policy of com. | {8created from $98,218,055 to $189.0" Set, wed the | ry im Which the enone exits tosome other wire iabor | ficient circulation, ‘To the farmer who bad little to sell | its erowth will soon render contraction unnecessary; | tariff to revenue and domestic . This report, aud Momical condition of tue country. i, hi por to the | {2nded debt has deem ihorensed §65). 054,500, While | l* mere eet¥e and prices are lower; to flow back again | and much to bay, an increase of the eirculation would | that bustaess, if left to itself will monty increase to | that of the Commissioner of |) Revenue, whied tracting the currency, aiihoigh not onforcsd to the | this bas been accomplished there tas beew he Commer | when the low by one country and theain by another | bave been an injury; acurtaiiment of ita benoit, And | fuch an extent asto require the three hundred and eee ek ecen el lesen eo Beeded to relieve ee re ee eee ae neclai | SIAL CrWRS, and (ouimde Of the Seutera Staten, wuich | Produee the naturel resolie upon industry end produc. | yet, by men in such olroumstancea the policy of con- | elghty-olzht millions of United States notes and frac- | the excise from some of its most burdensome — Bion of credi ‘cOntive. eed hag | &@ Still greatly suderng from the elects of the war sud | UO. TLUR, Coo M mot eply the regulator of commer’, | traction bas mot with a condemnation second only to | tional currency, and the three huodred mile severe gresier eMatonsy te the eduioistration of ay ely . {ho Unseitied sae of Kher indastnal interest« aed po | bet the greet stimulator of industry and cnterprise. | that which it bas received at the hands of speculators | lions of bank notes. now outatanding, | for bo found to be so able and as to make no little yg italy dy Uihcal affairs; no considerabve financial enbartatement, The same @ay be seid of aconvernble peper currency, | in stocks, Next to the stock board of the commercial | 18 proper and meedful accommodation. Nothing unpecessary, as before for the secre. ereercee Tad, eet lt wae, diverted Aaa 1a bis last report ine Secretary remarked that “Aller | Which by bemg coaveruble will not for avy con-idera- | metropolis, the opposition to the policy of contraction | can be more fallacious than thie unfortunately popular to do more than to (0 the attention Seat CORDIC (Oe oe Dave’ beta’ canal: aaa Scaroful survey of the Whole bald he was of the pia. | Die perio’ be excernire: bat it is rarely if ever true of | hasbeen most decided in those sections whore, by rea- | ides. An irredeemable curroncy is. @ financial disease | of aac (eee relat cond tad8 | ion that specie payments might be femmed, aed Ooght | @H ineemver'inle curreucy, Which i Mecessarily jocal, | eou of short crops, the people have been less prosperous | Which retards growth instead of encouraging it; which While the,amount of revenue to be raised by internal erally jnxc ne in = $ hee comanees - Lge to be resumed, a4 early as the first day of July, 1s68, | and would oot be Vkeiy te be incowvertibie if It were | than heretofore. Untortunaiely, in the same sec- stimulates speculation, but diminishes labor. A thy peter ak TET maay Danea se bas Beamline) mee ss huh hilo be indulged the Lope that ‘would be the | Be! e@xcemewe, and by being excessive and inconvertibie | tons the harvest bas been again unsatisfactory, | growth Is to be scoured by the removal of the disease, ia character of future legislation, aed such the ¢ adrwon of | le Geetenting ead weceram value, The only possibile | aud the demand, not only for a cessation | aad no’ by postponing the proper treatment of it in the bos patio pf» Hoa! of the Secraiatt. 1s the 8 ‘ane | our productive industry that (bis most desirable eveat | eXoeption bo bie rae woul ab Kimnation | of contraction, at for an increase of paper | expectation that the vigorous constitution of the patient ‘the. syetom cial ad ce peers A ph cali Are » nf ; Properly | might be brought about at ® still earlier day,” ‘These | Of (he emoont im circulation to what might be abrolutely | money, may thus be more pressing than ever. This | Wil! eventually overcome it. aleo evideas fhe tine tho war was Ghee ge nite | anticipations of theysecretary may not be folly reap | reared im (he payment and disburvement of the public | demand, no matter from what quarter it comes or by | || The next subject to be considered, im connection with de more officient: eanuty af Sle nie, We, Sar ae One e al zed. The gtain crops wf 1808 were berely eutereat ter | Fevences. No tuatter what lous ‘oenacted io give | What interest sus:ained,-shouid, in the opinion of the | the permanent resumption of specie payments, is the ‘otter de. ween the clot day ox Maton: Tank tee’ 4a ‘aaerar home Sosemplace. | The expe: ses of the War Depare creak oad roiee vt on i os gureney must, Secretary, be, tnfexibiy sesiated by Ca reas, To cA rom Lipt at§ sa. Dubllo ah, tion aes a the past yope ) Ss 2 on mont, by reason of Iodwe vostilities and tl nah une i ~” stated, aleaye a ree jal money for urpose oO! ~ ‘United States was $2,866,065,017 84 of the following | Tent'of miliary goveramente im. the rT a Sherency. "Tue wttompt to give werne to paper prommes | giving. rellet tothe ‘country, would be to ogier tho | and rigorously enferced; eoanomy. in the public expon> Fovenue oflicer to collect the taxes epow magne he Boe 1,100,361,241 | BS¥® Breatly excesded the estimates, The government | by making thew lawful money i not A with the | Cause tm order to cure the disease, {Yo stay the procoss | ditures; and a ition of the obligation of Seegort te ++ $1,100, 3429 | 285 beeu defrauded of & large part of the revenue uj United States The experimeut Das been tried by other | of contraction-this year will but prepare the way for au | ernment to pay its {n ecoordance with the and oot ‘Temporary toa 2 S40 420 | distilled Nquors, and the condisioa of the South Dauion®, end generally with the same injurious if not | incr°ase of circulation the next, Whouover tho policy | sauding under which they were issued, es to the Ree ee 52,452 328 | boon disturoed aud upsatislagtory. ‘Tuese facts, and the | @wasirous rewulte Inderd, with tare exceptions, natious | of reducing the paper olrcolation of tho country, with | The remarks of the Socretary in this report by ang) the Fullcoat'Dearise wane oo 171,790,000 | appronension creased im Europe, abd to some extent at | that hove commenced the direct insue of paper money | the view of a return to specie payments, shall be'aban- | Subject of the public revenues must necessarily be brief that there eas or ee + 526,812,500 | home, by the uwsierances of some of our pub- | have continued to tseue 1 wall prevented by ite utter | donod, it is to be led that the demand for an | nd general, Fortunately the accompanying reports of which has; Suspended or unpaid r 114,256,548 | tio ‘men’ upon the ew ‘of finance ‘and | Worthlessness, There may be no er that this will | increase will be we, ‘and that the country will | the Commissioners of the Revenve are so full and ex- manufacterers Valles ces notes (legal ter 433,160,509 | taxation, that the fy * tm migus. not | de tree of the Untied Stare; ‘there will | plunge into benkeseteg. ‘he specie standard must bo | baustive as to render any elaborate discussion of this | and dollars pet ractional currency... 24,204, bo walntained, may the lume when | siways be ground for epprebeusion as long as an | sooner or laier restored, Whether this shail be accom- | great subject on his part unm i it Postpone ecessary. specie payments shall be resumed, Bot, notwithstaed- | irredecmabie and depreciated curreney ss mot regarded as | plisued by elevating the currency by lessening its vol- | Tho power to tax is one of the most important powers 2,423,437.002 | ing these um ed embur ts mach prelimi sh ovine Ovii to be tolnrated ouly long ae way bo | ume, or after lessening tte value by increasing its vol. | exorcised by governmenta.. To tax wisely, 60 as to raise depend Cash in tho Treasury... .ss.e0.00. 56,481,024 | werk bas beoa done, ana there Is awk te the apinion of | pecamary to retice t elubeut Gerangemont of lo. | ume, it 18 for Congress to dotorming. That this question | larg9 revenues without opprossing industry, is one of lonesty le promptly and ‘Total $2,306,055 the Secreiary, any insuperable dithoulty in the way of | gi<imete vavtaers. Treouy ribe and depreciated law. | will be determined promptly ana wisely the Secretary | the most difficult duties ever devolved upon the law ‘country a specie stand~ ney Teeabie demoralizing decepiiou, | is Dot mii aoubt, progress making power, Taxation can never bo otherwise than sede ol ses oc oan SEDER yr fe vera ba made in the right dlseation staan tie it pene eck burdensome, and it becomes especially so wheu subject | fluence, if not to con’ there is sitll in the United States a plethora of paper | tofrequent changes, It in, therefore, of groat import- | skill in evading the requiremen' laws a by @mieramg the pubbo mind wite disnon- | moucy, If this is nov so, iow happens it | ance that revenve | should be siadle. By this it is | among the least di Hi if The resources of the Treasury consisted of the in the public depositories in different parts of th: ‘try wrounting, a8 above stated, to $56,491,92 ard, It may nov be safe to Ox the exact time, bat, wilh favorable crops nex! year and with no jegisiacion wnla- yorable (Oo CovITaCL.OU at Uais sesdon, 1t Ought not to be Feventes from internal taxes aud cusioms duties, and | {om Oke - reeraedey od Obligations. The prices of moet kinda that coin & premium of some forty | not meant that they should. be unchanceabie, but that | The Secretary is tax the suthority to’ tasue-donas, notes acd’ certiOcates, Betyea ber oud the tt of January, OF atthe carseat the | red ouleations | The Pre of mor: hinds af Drovers | Wat coin commande, @ premium of some, {ory | Wile from time (etme, they may ba modiied te meet |e collected, but he dean tes bestate to say thet oven Wf Undor the following acts to tho following amounis:— ’ | forced resumption. Wheu the conatey ie tm a condh. | War, bub this advance mas mainly (he feeult of the in- | high tariff bas powerless to prevent | the clanging condition of the country, the prinoiples | the meter which has been we ge ay op Act of February 25, 1862, bonds. + $4,023,600 | tion to maintain specie payments they will be resored | Crease of the c.rcolating medium, and in reality uly in- cessive importations? that capiiatista hesitate in re- | upon which they are based should bo so wise and just as | brought into general use eb is fe Act of March 3, 1864, bonds........ ; 27,229,000 | asa necessary consequence, To such a conditiun of na- | dicated ite deprecation, The purchasing power of the to the uses to which they shall put their surplug | to.give to them permanency of character, Perhaps as | pected from it, the collecti tox with ‘Act of Juno 80, 1864, bonds, 7.30 or compound tional prospcrily as wilt ineare e permanent Festoration | woeey in ¢ rcutadom was @iminwhed tm tbe ratio (nat ie ’ specuiative avd uncertain? | mach mischief hns resulted from the ireqaent changes | thoroughnoss will be impossible unless higher stand- interest not. maki ve yhscyseeake saphechs A Annee Certificates for temporary loans, act June 30, of the specie staudard ihe following measures aro, in | volume © that ie mercased, Ihe farmer, for example, re that expenses of living are driving thousands into crime | in the tarilt laws of the United States as from their de- | ard of qualification for revenue officors than now tue opinion of the Secretary, important, if not indis- | Cfi¥ed $9.8 bushel for the wheal, bus, exoeps for the psy. | and ng excusable, while honorable men | fects, From the time when the first tariff was framed in | shall be established. The views of the Revenue it 1864....... wesseessssesecessees « oe 07,546,471 | ponsabdie:— mest of debe, these toree dollars were of o> more | of Nmited means are indignaptiy and justly complaining | 1789 up tothe last session of Congress the tariff has | missioners on this point are worthy of especial consitera- ‘United States notes for payment of temporary inst—] . value to hm than ene colar was before Suspension | that they cannot ‘on incomes that formerly gavo | been e fruitful subject of discussion, and at no period | tion. loans, act July 11, 1802,.---..+..., 16,890,451: | teroee beating botea sod Ceretineoy: contnection of the | of epecte pagaentn, The come Seen adiee tenes | seen tesooeme tupport# Sfoney may ‘be ‘inactive, | bas the policy of ihe goverument in rogard to customs | ‘The necessliy of economy in the publio expenditures Fractional currency, act June $0, 1564...... 25,745,905 | paper currency. Of propery and of lavor, The advance, except eo far | bui tt is not evarce, inactivity is in fact the result of | duties been regarded as definitely seitied. There has | tn the present financial condition Ak wy country is 60 Act of March 3, 1865, bonds or Interost bear- Second—The maintenance of the public faith in regard | a5 1 Was the result of en increased demand, was unosrtain value With a circulation that 1s to-day been @ constant struggle between the advocates and | apparent that no onquentions from Secretary are MDG DOLE. 0... eeeeeeeeeeensneceeeeeee e+ e1090,687,200 | to the funded debt, appar bt oaly ab] unreal The same te sustain- | @ discount of thirty percent, and which may by a chance | opponents of protection and free trade, the ascondancy | needed vo impress it upon tho attention of Congress, Tidrd—Tbe restoration of the Southern States to their | lug prices ai the prevoat time, aad ood ope we Of policy be Imcreased to rixty por cent within the next | generally being with the protectionista, The tariffs of Making a total of....... Certificates of indebdedness, pi \@ year from date, or earlier, at the option of the government, bearing interest ut the rate of six per cent per annum, might be Assued to an indefinite amount, but only to public cred- tors desirous of receiving them in satisfaciion of audited nd settled demands against ihe United States. of Richmond and the ee 816, of 1824, He Raye ol oper relations to the federal governmen’. 80 as long && the cause oxiets; the re. with what safety can men engage in enterprises | 1} of 1824, 1828, 1842 and 1861 were all abghly Pat this opinion be correct, the question of permanent | #'ting from protective character, itrore of 1883 and 1846 reduced specie payments, involving as it does the prosperity of | positive aod the duties largely and looked in- the direction of free | necessary expenditures, Public economy the country, underies ibe great questions of currency, | Wealth or trade, Soevenly, however, have parties been divided, ray Tare virtue, aud It isa singular truth taxation and reconstruction which are now engaging tbs | depreciation that although protective jaws have gexcraliy been in | which are must deeply in debt uud whose al attention of the people, and cannot fail to receive the | the Paper ty force, ah ne ported from 4¥60- to- the present day have |’ thetvions, to Be host Peadents Siaeages, Se is earnest and deliberaie alteution of Congress. In view | doubled daring the meat year aud the o rity | there will bea stimulus given to importers and manufacturers bad any reasonable | nations where the least economy is > of the paramount importance of this great question the | should be likewie doutied, would st be i that | Whoch will bawish ail complaints of. scarcity of money. | a*sursnces that existing tariff laws might not be sud- | truth, ao interesting and instructive to the peeple Secretary deems it to be Lis duty bitelly to discuss the | the real value of proyerty would If, then, it be admitiod that weed mad ciroulation is | deoly aod materially altered, That the offect of these | United States at the present time, is largely att measures regarded by him to be necexaary for an eariy | if the paper currency should, penod, excessive, the question arises why ehould not the con- | Chavges—actual and apprebended—bas been highly in- | to the well known facts that the contracting and wise disposition of ic, even at the rish of @ repeti- | be reduced Bfty per cent, and prices of property show traction be applied to. the notes of tbe national bank: try cannot bo eonanets that it bas | public debts is unavoidably ded with im, tion of what be has said in previous communications to | decline corrcepondingly, would follow that the real | instead of the United Siates notes, and thus a larg elicnies thie xen disses OF tt Megeiey [Eps ck eae CSppeee eee oe ae a i i * b soon to be terminated, Provision must be made for the payment of the army at ‘We earliest practicable moment, Li The exigency wes great, and the prospect of raisin; ? yaive of prop roy would thas decine? Im the one case | faving of Interest to the government be effected? This | of the United States to adapt their business ‘with or possessing governing power bave once enjoyed the money required vo meat the presen! and prospective | re teacuree regarded by him as important, st not | the valve ol te, currency would be reduced iw propor: | question has eiready tven answered toferentialiy, but | the policy of the goverament, whatever it may be. | whe luxury of ‘using or expending frosly the demands upon tbe ireasury, uncer the laws then exist- | indispensable for nacional prosperity, ond, ag '® con- | tion to itt increwe im amount In the other the cur. ie %nupertance Fequires thas ¢ gball receive more definite | The frequent changes of the tari laws are moneys under their control (and this, is always the ing, was sufticioutly discouraxing to create solicitude | gequence, for a permannt resumption, are:— rency Would be increased tu val0e a8 it wea diminished | Cousiieratiou, tributable to the fact that in none of them | caso during the progress of expensive wars), proper and anxiety in the mind of a recretary lite experienced vrit—The funding oF payment of tho balance of in. | in nmount, The increase or decresse of prices would, if | Prior to 1863 the banking institutions of the country, | has revonue been the principal object. There has n economy — is ‘ards exceedingly difficult te in public affairs, upon whom the responsibility of main- | torest bearing notes, aud a continued contraction of the | 20 counteracting Causes intervened, be the watural re | with the exception of the Bank of the United States, | been in the United States a strictly revenue tariff, be enforced, Thus, national debis chronie taining the credit of the nation bed been unexpectedly devolved. There was no time to try experiments or to correct errors, if any had veen committed, in the kind Of securities which had been put upon’ the market, Creditors were importunate, tho unpaid requisitions in the depariment were largely in excoas of the cash in were Created the Blates, and were sub; to Stat consequently there has been no stability in the tariff d eflorts to reduce them are rarely successiul Tue ~4 leetiedens: nee laws, Up to 1861 the revenues from customs, under | debts of nations the most heavily burdened, instead of Bo control. The Pood roale of aa adopted, abu “ pornente Pagid bemg gene i eater — beet ling = a create bee o expenses @ government eretore the.| cess of ral extinction same SE ne sa et uo interference eutls thats by Con. | quesion, now so loterveting, was hardly « prominent | practised now (hat wan practised’ before thelr debts came paper currency. Full of the Increase or Getrense of the weasere of valve, By the act of March 2, 1867, the Secretary was thor. | lic rea! values remained onchanged, ized and directed to fesue tliree per cent loan ceruia- “lho United States notes were made @ legal tender and cates to the amount of $60,000 000, for the purpose of | law‘ul inoney beanuse i was thought that this character redeeming and retiring compound interest noios; and | Ws becesary to secure thelr currency, ose M4 iol ti tow ret debater of Coasrss apon the awn courts adverse to the con- | one. In the present finanoral condition of the coantry | into ,existence. It is of the last imporiance that the the Treasury, tho vouchers iseued to contractors for the | the amount ef B11,560,000, in, sederapticn ot the notes | bs Botieed that thove who alrocated thelt ime jostled ere wpprebended. large revenues are ind:speasabio; and, in adjusting the | debt of the United States sioaid not, like thet of most ‘neceseary supplies of the army and navy were being | pecoming due in October and December. The notes stil | themselves on the groand of weosstty, Noone whe | Seem after tue commencement of the war it became | present tariff, the question of revenue must necessarily | other nations, be perpotuated by habits formed di fold at from teu to twenty por cent discount—tndicating | outstanding will be either iaken up with certificates or | S)oke in tavor of the measure favored it wpon principle, eysvem of imtermal taxaiion mu-t bo the question of paramount importance. : the period of its creation, It is large, but fortunately by their depreciation bow uncertain was the prospect of | paid at ms rity.” The ‘seven and three-tentne notes | oF Lositated Lo Oxprems bis apprebeusions that evil con- support of the government and the | | When the government was snbstantially free from | has not yet become chronic. It was incurred under the in early payment—while nearly a million of men were soon to be discharged from service, who could not be Mastered out until the means to pay the large balances Guo them were provided. ‘There was no alternative but to raise money by popular subscription to government securities of a character the most acceptable to the poo- ple, who bad subscrioed so hiberaily to previous loans, considerable amount of the teven thirty notes had recently been disposed of satisfactorily by the de- partment, and tad proved to be the most popular security ever offered to the people, the Secretary dotcr- mined to rely upon them (although on the part of gov- ernment they wero in many respects objectionable), and, in order to insure speedy subscriptions, to piace within the reach of atl wio might bo willing to invest in them, In every city and town and village of the toyal and at some points in ine cisloyal, Siates subscriptions wero solicited. The press, with 113 immense poweg and Without distinction of party, seconded the offorts of the v Gebt, and the public expenditures were smail, as was | pressure of a war #0 vast and so momentous that being payabie in iawful money or convertibie at the | #equences might romult from i But the gover option of the holcers into five-twenty bonds, will bo | Fa* ID peril, ihe emergency WAS PORN, meonesliy paid or converted according to the torms of the con- | Seemed to sanction tract, Foriunately, al! the interest; boaring notes are to | finance, if pot from be paid or converted within eleven months, and they | &% ‘uconvortible curroney became the lawful money of need not thorefore be regarded as a serious impediment White the action of Congress, ip setivor- to @ revurn to the true standard of value, As to the re- ere Hotes, areMed ReOeENAFY 9 the Gomption of these notes, and the manner in which th ibtediy approved by # large major iy should be redeemed, there cannot of coure bo muel Peopia, there can now, tu the hight of experenes, difference of opinion. It is in regard to a erntraction of | be question tial the epprebensans of these who the currency, and upon which of the two kinds of cur» cemnliy were well founded. rency—Uniied States notes or the notes of the national 4a ten ier, the amount 1D banks—contraction stould be brought to bear, that ould got bave bere excessive, and the difference of sentiment seems to exist, t would dovltions have teen hundreds of Tu his report to Congress, under date of the 4th of Decemb: the Secretary presented, as fally and jews upon tho sub. | circulation, cessity of action for the | really more deprec ta Feturn (o specio payments, | BEY. Dit berause « its oredit, and that ths would to ‘8 patioval currency of usiform the case before the rebellion, a revenue tariff, properly | economy was, in a large degree, lost sight of in the abe solvency. To meet this necessity (Un! adjusted to the public necessities, would have beon 4 | sorbing publicinterest which itexcited. It is un thee roraried es only a temporary | tow tarif. But now, when a heavy debt and liberal ex- | formidable in ag but. the experiences of the istional Banking cyetem was created, | peaditures create a necessity for large revenues, acon- | two years, during which, under the most un! giderable portion of which must, for some years tocome, | circumstances, it hag beea Jergely aiminshed, must be derived trom customs, it is difficult to perceive how, | satisfy the lerst sanguine that the reduction of it can be without excessive importations, a striciiy revenue | continued, and (iat, even with diminished taxation, It terif can fail to be a high one, It may | can be totally extingui hed within the present centary thus torn out that the necossities of the government | if a rigid economy, which, perhaps, could not be may give incidentally to American mauufacturers the tued daring the war, aud,’ unfortunately, pe Ss they are supposed to require gene ag eg not been practised since, is hereafter faith- @ effect, jegiakution—always odious and generally vnreliable—in | fully enforced in ali brancnes. of the: public serviow No wich onject was avowed | their bobalf, Inasniuct as lerce and permanont revo- | Exiravagance in the administration of the government’ iy And no such offect was antict. | Bucs cannot be realized unless jaws are 80 framed as not | has not become so fixed a8 to be beyond correction, pated by the Danks, Wuh that sprit of patriowem | to bear heavily upon industrial pursuits, a tariff which, | Tuere 1s no substantial diiticulty in the.way of public Which Gas 40 Morked AClaraciorimtc of the people of | harmonizing witb internai taxes, should year by year | economy now, but there may be a fow years hence, Is he Nort ing the war, the stockholders of the Stare | vield the larzest revenues would undoubtedly prove to | ig not proper, perhaps, for the Secreiary of the Seton 9 ks relinguixbed, at the reques of the goverpmeni, tho least prejudicial to national growlb and pros- | ty advise in regard to the precise mauuer in whick z P The ; s + re < ity. A high tariff, by redacing importationa, or by | economy shall be enforced, but he venturos to Bu energetic and skilful ngent who bad charge of the loan, sonted by him were approved by the | manifest. By bel we 2: eal’ Ge nee tae | eee portant’ branc! That t ihe. caries’ pI — The national banks gave efficient aid by liberal subscrif= | frouse of Representatives on the 8th et December, | the loxwiized m cumncction wih the new banks | Oppressing important branches of trade and industry |} gest:—That the army, at ihe t aienggrn ns tions, while thousands of persons in humble lite and | 1865, by the adoption of the following resolution, by the | Cious metais—which, as a ox eed under the law, became eMeent ads in nego. | Which are subject to internal duties, might prove tole | ment, be reduced to tie minimum required to garrison | demoveuzed tnt con verted tno articles = | by statato a legal tender, they were of course popular cordially concurs in thi ws "| Gf the Treasury ie relation We the rectory | With thove who bad debie t pey or property to soll; ‘ ‘carly 4 | Costing nothing, aud yet seemingly adding to the value Tesumption of specie pavmente as the business interests of | of property, iying the means for speculation and the country will permit; and we herevy pledge co-operative | for creating ap artificial and a delasive proaperdty, i is accion to this end as speedily as practicable, an evidence of the wiscom of Geugress thal the Among the views thus emphatically endorsed were | iste was rtopped before (he notes bad become faa Limited means hesitaved n t to commit their substance to the honor and good faith of the government, Before the end of July the Joan, exceeding five hundred millions, was subs and paid for, and the secretary wa 4 with the proceeds, to- gether with the receipts from customs and internal revenues, and the use to a Imiied extent of eome of the other means at his theing the public loans avd sustaining the public credit, | 48 unfavorable to revonue a: low one, and equaly un- | foris and preserve the peace on the froutiers and along To sll banking systems wonder which ereuiating potes | 61 ted to the public necessities The present tariff, | the lines of ibe Pacific roads; that the expouses of the eve ieeved there are grove objections, und if there were | although a high one, has not proved to be protective, | navy be reduced as tar as can be done consstenuy Rowe jo exetence in the United States the Secretary | while, for the past two years, it bas been highiy produc. | with the protection of our commerce and the mainter+ Would hesiia'e to recommend or to endorse even the | tive cf revenue; but Its failure to project thove intereats | ance of our repuiation as a maritime power; that ree most perfect that has been devised, The question now | for whose benefit it was in great measare framed, and the | trencyment bo introduced iuio all brapehes of the civil te be cousidered, however, is not whether banks of issue | large revenui hich have been derived from it, co not | gorvice; that there be no payments of damages whied Shou'a be created, but whether the nation banking Mehea t to be in any just sence a revenue tariff. It has | were the unavoidable ivcitents of war; that there be docisive vote of 144 to 6— 1, every requisition upon the Treasury, | the foliowing:— ously depreciated, and the business of the count Syatem should be susteined. To the preseat condition | felled to give to American manufacturers ihe protec- | no additional grants to railroads ani no coi Sud overy matured mt uil obligation. AS evidence |” ‘The rht of Congreas, at atl times, to borrow money and | Involved ia inexiriow'le dificuliion Bui, aichough | of tue countty and in view of the relations that the na- | tlon it was miended to alford, and it hae yieldod much | donations of auy character Uuicas, 19 connection with of th to iwsue obi) gations for loans in suea torm as may be eonvee | We ixsue of these poles Was limited, and we thus es | tonal banks soetain to the roment (ignoring in this | larger revenues than.were anticipated, because the high | ghe appropriation, a special tax shail be lovied for thelr necessity that existed for prompt action in the f vhis loon, and the straits to which the ed, it will be remembered by those ‘ally the monthly statements of the tyough during the month of April ‘upwards of one lund millions of dollars bad been received from ths sales of seven-thirty noter, the un+ Paid requisitions, at its close, had imcreased to $120,470,000, while the cash (coimand currency) in all the public depositories amounted only to $16,835,800. If few men entrusted with the management of the finances of a great nation were ever in a position so q and trying as was that ofthe Secrotary of the United States Treasury in the months of April and May, 1895, none esriaiuly were ever go happily and promptly relieved. The Secrolary refers to this period of bis administration of the department with pleasure, Decause the success of this toan was to him not only a furprise and a relief, but because it indicated the re- sources Of the covuiry and gave him the needed courage for the performance of tho great work that was before him. Botwoen the first days of April and September, 1865, the Secretary used lis authority to issue securities as compection the qrestion gerd faith), the Becretary ae won the Yorn ip havo perenne pay mout, has ho diifieutty im coming to Ube concmsion that they | importations. It does not follow, because it is producing Shula be sustained. They are ro imterwoven with aq | large revenues now, that it will’continue tod) so whea ay en Baek nig rt ge i hramcties of buphors and are #0 directly connected wiih | buseneae and the currency shall be restored to a esithy | Guale Tevenue laws, nor upon economy tm, the adininis. the credit of the government, that they could | conditioa. Tho timo will soon come when the United | Socervance o! ‘@nuaniin pA gree an a an 4 not be destroyed without precipitating upon the | States will cease to be the most favorable country to sell letter.. In faot, without this ther ill ry ther ef. country fuapcial troubles which it %* now in ne | ib, and when it must pay for what it parchases, not in | oie) eninleteedan (Yerba gob 4 neither ie condition % mee, At some more propitious | its bonds, but in its own productions, In order that the | ooo nditure, Noth Dor cabsebaee clvenay wal perio’ when the Union shall bave beou fully restored, | present tariff should be a revenus tariff, important pune tiden iheigieteat, be Bren ut ae — end ali the Su shall have atiained that pebsiantial | mod: fications will be necessary, which cannot be inelli- Bot pay at’ ecateeian “gs r ae nm ri —_ Prospertiy which their great resources nnd ihe energy of | gently made until business ceascs to be eubject to de- | HPI re contraction; ae Pmanye gos vor | Chee their people must sooner or Inver secure ior them, it may | rangement by an irredeomable currency, The Seoretary | sarijy yigiates thie understanding, it.will soon be unable, perbaps be wise for Coneress to consider whether the | dors not, therefore, recommend a complote re’ trom this Fury eflecs of itn ong eigeytin' batioval basking aysiem may not be dispensed with, | tho tarifat tho preseus session; but there are some tre eet. ad voeepedennees etiaele te lela ‘The present is not a favorable time to convider thie | features of it, and some matters connecied with it, by ita inability 10 college How mach of the demoralie question, Tho condition of our polities! and insncial | which require early attention. sation Which existe in the revenues serviée of the United fattaares is too critiond to jpasttly any action thai would com. Tho experience of the Department discloses many dis- | 2 {a atteeibutable 10 the failure of the govern nr pel the natowal banks, or any considerable number of | advantages attendant upon the collection of duties on pore te die anvatrdion oe ae oe them, to call im their loans snd put their bouds upon | imports when the rates are high and estimated on an een ee Peace tae iran age mn it herad the market for the of providing the means of | ad valorem basis, For the collection of such datier, appropriate Prepnprcee See ad like th sy bis topes retiring their ciroul Conservative legisiation is ery more or less Complicated is necessary for the for the year 1865 the Secreta the fou now indixpeneable, The public mind te too sensitive, | verification abroad of invoices of importations and for I r3 hetae . v nigwes owing. Dusiness ie too unatesdy and the political future is too | the examination and appraisement of morchandise on | #0suage lu regard ae jnesponabie; but their authority to issue obliga- | caped the disasiers whieh would hare over- curcuiaiing medium as money, and to make these | whelmed the country without @ach limitation, it ose in eyed mt! sender. can Ma Dag etal fre Rn. | hardly be doubled that the resort to them was & mis a. rp Nese foriune, Tf this means of rang money bad not been dee een eonruckes | adopted, bomis would have undoudediy beea sold a ® i logal tender acis were | heavy discount, but tue fect Mat they were thus e: peat of those provisions | without debasing the currency, would have indu notes lawfui money ta not | greater economy in the use of the proceeds, while the discount on the bords woud scarcely have exceeded the actual depreciation of the nutes below the com standard { AS long a3 notes could be issued and bonds conid be sold ‘The reas: ich are sometimes urged in fayorof United | at a premium or at pat, for what (he state made Srates nora naw yermanent currency are the saring of | money, there was a Constabt tempiasion to liberal Hf mot Interest and thelr perfect safety and onitorm valns. Unnecessary, expenaitures. Had the specie standard y are that the paver circu: | deen maintained und bonds been sold at a discount for quirements’ of logit | real money, there would bave been an economy im all ness, while, irnished by (he government, it would be | the branches of the pablic service which anfortapalety quite likey to Le guverned by the necessities of the Treasury | was bot witnessed, and the country would have enea; luterests of porties rather than the demands of com. | the evile resulting froma disregard of the great inter. and trade, Besides, a permanent goverameat cur. | nat onal law, which BO ca’ion ean violate with impanity, y Mule be greatly tu tho was or gubiio economy and | the one that makes gold and silver the only true meas or whiou It night be unter strung vernment a | ore of value, ‘The fnancial evils under which the coun- er purposes thau the publi¢ good—keepiug the que-tion | try bas been suffering for some years negotiation 0! ‘Treasury was red ¢ pre while the re; » United ended, thi reraain repeal of the | past, to sy if ae the currency constantly before the people ase political | nothing of the dangers which loom up in the future, | uncertain to warren any financial experiments, For- arrival in this country. In every instance a come | | The maintenance of public faith is a national Deveadtins Bonds Sunder the act of February 25, 1862.. $4,022,000 extion tian which few things would be more injurious to are, lan great dogroe, 10 be traced to the direct issues by | tanately Bone are requred. The national banking sys- gies Is required Leiween tho Invoice esti rh fee ey ng ig ge besser Seas units the ott of dace 20 1004,,... 8,000'000 | PAIS sererore the Seoretary of tha opinion chat she | ie gOFeFaMeNt of th inconvertibie eurrency whit he ncoomplianed ail that was anticipated by enoral.yalue in cho prino'pal markets of the coun. | Ctcriag im which the chest and laos powerful ure UoSer Compound interest notes, act June 20, 1864. 24,978,390 . <4 ogee legal attributes of money, and rf furni-bed a | try whence'’a commodity is exported. The difficulty of | the necessity of borrowing. Tbe milennial days, when ca. ~4 sa eindiicey ve ado ajo: Upon the demoralizing influences of an inconvertibie sm ign market value, especially m | tions shall beat their sworis into plouyhshares aud tnete 64,096,984 | Oasiy the legiiitnate business oF ths co the forel; Certificates for temporary loans, act June 30, a eae (eae ant CaeaE a | tare gee nance Saeve ao, SOREN are. 1864. nes ‘try, upon the pros- | government currency It is not necessary to enlarge. cases where we Sate or . re, rac! \é 2,000, 6: perity of which depend the welfare of the people and the | They are forced upon our attestion vy J day's ob affords tempting opportunities for succeas- | sccording existing {ndications, far in the fu'ure, Bee ney ‘notes, March 3, te 20118200 Fevenraes which are neco-sary for the malnienauce. of carvan, ‘and we cannot be tiled Suthers we would, SPieaertdlcasics, and the bigh rates cf duty offer in. | 80d de‘aulting nations inay maiutain a nominaily inde ta for evasion more than commensurate with | SUUctistance; but tt will be by reason of the. ul national credit, aud unjust to the holders of tho notes, he is t the act —— of inion that pot on: visions, bi the risk ol detection, * a b dynes yogtnd Papa ee ‘owers, io dette Bish of augrein, 180%;' trio ental Seetrordnes | sch or sce taa Wee meee voce Hee eT ae eee aetna ee aieseed 1a | Roane egeata, Hed N not bees aaopesd Gate banks | . dtnce the ‘pesmage of the tariff act of March 2, 1861, percentile inthis contin, comme tee Groat ll i Sey ow B ooo ceea betta ‘of them is bei It ia Bot | would bare continued, as long as they wore tolerated, to | the rates of duty which from 1846 to that ‘wore | respects, without a well establehed Hoancial: ereite the highest point, was made up of the following | them should be commenced without delay, and carefully | dollars, and not one 'm is being #0 -} rf tt and persistently continued until all are retired. to be expected that a people will be Donest than | furnish the country with bavk nova In most of the | exclumvely ad vairem have on many articles been ford be uataithful to Fa by iebt,.. $1,109, 568,101 The rapidity with which the government notes can be | the government under which they live, and while the | States banks were not required to stocks for the The symern of specific ates appesta te hove 50 Seer 08S indi jed_ debt 1109, 568, Yithdrawn will depend on ‘the ability of the Becretary '0 | government of the United States refuses to pay its notes | security of their motes, abd in those ‘where seceri- ‘much faction jealers and to he pesple Sr abs riyal Slates reanporely leas dispose of necurition, |The induences of funding upon ii | according to thelr tenor, oF at least as it fails to | ty wae there was no imait to the amount of | officers of the customs for the case with which the crament, the. late “rebellion Phen wind ee money market wil, eufle.entiy prevent thelr too rapld with; | Toake proper effort to do eo, 1s easseanapiinanen O ss | Wace sack sans we ‘nod iy ho | gnaractor and quantity of merchandise tmperied can be eon a Sugonas Sth grest nation, 90" ra Five per cent legal tender not meovemmeat towards 0 cobtrastion of the currency {a not only Peo hendmcig meme y eevee cata . Naito Sa of —— be ie ce a nm mn Sa he, sent in ee ane ory py oel ery See te [one gg ve Compound huterest legal tender BO ee tics nine teen aaiiae ths ean te inee | cao Py bey Rg eae ene poeaeeny er Hiatt ‘Hut the public faith of wie United Siatea has higher cone Gunes Brie sean Goa such a pollcy must necéssartiy be to make money searceand | credit upon Congreee and the distinguished gentlemen | liability of sioetbalden yoverey decapive, Who can | Without recommending an exclusive adoption of specide | {he iat-reate othe people, but upon iheleintegriy nad Pie Unkod States notes (leg: to diminish ihe prosperity of the coontsy, Bt in a Lips ery then as he ‘a the ‘the extent of injury whch the people and | dutiee the Secretary would tor t! bode oy a begrit i pce nre la dekee A pmabiiahed fact, which, has pot escaped the attention of ail | Tt commanded the adimiration of intelligess and tm-| the goveroiment would have sustained f Siate ineia- of Congress whether ‘ibe syetem might ‘not with in their eucoesef ul struggle for undivided. and mee wv! . | (by reason of an advance of prices) with the supply, and | partial men at home and abroad. In. thae | tons, withowt other restrictions than were enforced extended to all commodities on which the duty J@ nationality. It is not a debt imposed upon unwilling Total that this demapd i pot ently most when | plainly of the lezal tender motes, the by lawa, ad bose permitted during the war to accu- ‘8 large proportion to the vaine, or of which the | Subjects by despotic sutho-ity, but one incurred by the peo . +++ $2,845,007,028 | {TS itme of currency in the largest and Infatton bas | the fore, bo understood as Todbiging te toe language of the ‘al ‘suspended specie paymenia, and | foreign market price is subject to great fluctuations, or Bis eee ‘he preservation of their government pane ++1__ 88,218,085 | reached the culminating point. Mouey being an unprome | criticiem, His object is neliher to criticise mor to Mlerety been relieved trom, be faraiting | ws from other cause wih, dieu tacertained, The | {7ethter vein rege ck, ong ke ane been leagaed moi Farereanert | sue attcle to hold, very .~ is withhold eo at on an demn what bas been done, but to expres his Of solventy, tne or snoueally Bpecral Commissioner of the Revenue will in his report | those who have been battling for ite matgtenance. Aa it ie Huees obligations, it will ‘be’ ws eee rey Siher hakdck roduction of It Feduoek, prices, wad as prices | conviction of the danger of & or would have stood 08 a lerei with those the resuit of hls investigations ‘as to the extent Save Voluutntly evarred tee tne cobenel peed ie Conia eerily wit, De Roticed, $084, 188,069 | trier Guced tue demand for t falle uf mo that Faradosteal | tion of what experlenge has shown to Leta «| were manages Sly ad onan.” Whit. the latter | Yo which, he ‘ad valorem rave of the prearnt tari can | lb cheerful bors bythe people, whe wil nt peels United Beetes not bi £429,1¢0,500 | 4 It may seem, 3 diminution of the currency may in fact single but important taller, safortanate a ‘would bave found it 4 bee weir Pye) wibia advantageously converted into corresponding specific ge pears too wu ts - ‘ Ms Increase the supply of ft, provent reasonable timits, stimuiated, aa they would have } og inited States regard Goeapouan Inboress arr oak ee | Net need, tuere be any apprehension that wceduetion Of | no seston thos there 0 tll on onsen oF to issue freely, by the necessities of the seats | “Sar commercial relations with Sata and her colonies | the public debs? Ai is aot that it auall be paid socords ear ee ee seat i ect is tie erent wourve of nasionel | im the United States, and that the legal Setee are | tho tncreasing demand for menor, which Ws sisare. the ogy Of sa'thas) tained bo" toede ith Osta ead | tbe eebecribers to a fea sacha tame: So scosmpuees PR coc gadbesdeeseuses ve +++ $984, 138,069 | Wealth, and industry ini ariably deciues on an intlated cur- | an obstacie, and, Pa lg gee in @ mest con | result Foy my a a Se here > hale tas toures cf meth ‘solicited and obtained? And can th ry Avery large portion ef which were ia ciroulasi rie e deaths i ee ‘ ee = ane a seen Se tae youred yy -. -y = distrust | Porto ay and Nave, aivah tas’ Ub froquect ai been nim regard to the nature of this ne Joans h cussing thie subject ab considerable length, | |, Uh OpDreona that. an tho credit sysiom ban been, very | beaking vis Untied aed eocored cxrcatusion, | Bie sce above cited “wore designed as retattatory | Was it not that, while the Intorest-beariag notes tevaee yet Giecaceeee or hy Sa ae See comaey. ‘ander 4 onan ‘‘ndlations of “the woven much curtailed since 1861, and ere and ie henner provisiona, by ‘the State | measures to induce by a sors of evens ry ——— € ie pe eg ty saolea . — Fea 4 Sen, a interest, The per cent notes were payable in —_ money, | the Secretary concludes bis remarks as follow for : auly tare poner Pay hee hy -! * 32 we gy go Cg ead by re | cot Wes nes thesbe. Snderstanding of the “ad in ove and two years, from December 1, ee ms Every consideration, therefore, that has been = thas ti ot yyy oe 4 fun ent ‘other reasces At $F bo be ous. Sew failed to whe of desired effect, but their | which passed the loan bills and of anette toes heopseee Soron all Okosentng due ve. 3 rie Py Se bonnes ¢ COUNET rested United ‘States, but that, on the contrary, by Ay te | tained watil © beter system shall be devived, or the | operation on the contrary pe nished the money? Did any Teon.the 108 day of June 1 and the 16th day of | on bie taste, or, if credit could be kept foun belag ui Toquited to move the Crepe, sucousege, cotenemen ane 19 1B @ CoLd ioe to depense with banks of issue ys Re hn el a es of t Peo ree ‘occas r trade. evidence correctness connection ‘Spanish ‘been to | sions of these CMiaaipeeaicks cele seas 1a, tm about equat | {8iten thineubject But such tenor the feet. Business te | S\aeconialon, reference, a made to the ‘tightness of ‘arguments in favor of compelling the banks te | drive ef Cuban and Porto Rican trade | issned tn fiona, In August, 1867, and dune ‘and July, 1808, | fain” reat ny, ona Pe eft crease ne | the money market” in the commercial cities ead the | retire Ubeir Boles and yisiding the field to the poten of | from ethers where the same policy does | paid, wh We lirrdal thoney, on’ coacectnte up mametieg, ab tne | Gehcsity af ertvontine a Seanad ty of money im the agricultural districta, the goverament, are based wien the ‘that if | mot prevail, asingte ho bonds, Gredita Will not remain as they are. ‘The tide will either To- It is undoubtedly true that the effect of a curtailment | three hundred miliions of U Seales were eum The system thus brings no benefit te | the seven id mature at vari- | cede or advance, and it recede the Ceepe meee mre been to ee ee po LO a pA ovens, eg Rg Sanvte, ea ween ugust, 1865, mand , it no meant notes circulation, nd the second aay of May, "seacoast Sounterect the, ori. Bat such means bave inter. | some eighteen millions of poten sn a Fre the part of their foreign mpd 5 vened. In all the cities and towns throughout the cove would be ne therefore, TOR eT reg perro oy Daring the month of September, 1865, the army hav- ba 1g been reduced nearly to a peace footing, It became | heartily responded to by the people. By the act of om © grevehy to the Sena, That i MiB, 18eh, the Sccrotaty waa" actherized’ to receive | bete:torgely Taken ihe’ Tlace ef bauk, notes, Note Tomaashysuces by ee Dotpuralr ef toe Cormeen Topeet Ths ect ot thou” woe not cuctale he | A the Soci was au to 1 oP ‘attention effect have been men castes Would be uMlclent’ to, pay al. the ispenees af ‘Treasury notes and other obligations of the government, | fiftieth of the business of the lane os depen abel he tw mm... Cy o 1 veriows canoes tke government and the interest on the public debt, eo | Whether bearing interest or not, in exchange for bonds, | tramaacted by the actual use of money, ae 3 S a} arty Mr. a0, and Ga a in. | shope, and aa kerwurd the torte ot », Reorolary were, se with ¥ Mesigee carsis’ Verne: Salen neven, Dot mete what ts irae in regard to Ue business of the chief 4 Cc b é Pee expennce of pest fitoen youre han fully Justt- had seven and thi jurned from borrow! to 1) ~ . United States notes in cifeuletton, there were ‘oeariy i ge of the oS, eat sesoatens nes = tateret oo toe Cortes yy soto . Tee a feterest of the United States, to a great | be redeemed $1,800,000,000 of debts in the form of interest bearing | than $4,000,000 in any th, This 80, Permanent reserve, tbe wats asn tobe degree the war, has not revived during the | in a carrenc; Soles temporary Joan, wed ceritcatas of indebiedneny, | it Oxed a limit fo the amount of holes which should ave ¢ _s penyens lpyane abe with vere in. | reliable ostisnate? of which were maturing dally, and ail tment of the pay Poi Dag ten = | Cd ‘whet bes ‘moved te active, products ‘are being trane- | or Coed men! 's irmed estab~ ‘tries in foreign vessels. See. | trembilog Habed it, To thi jaithough, for reasons which aod , oa] 7 it not ed, tata te him to beJoaicloos, the rege wronthiy the Cones Place ie aot i - taat report, win Snequalied feclluies obuaine been enccees, to hi mant be converted into bonds or pa on has not always been made) the action of the for the boeretary to on ‘poms tb the and. with acknowledged skill In ship- | cause— before the 16ib 5 Byrne 1868, ha: fection to the suhutitetion Py ue bohaieg. thousands of miles of seacoast, indented | money on bonds red passed through a Wat unexampled in its ex; ry Guving of totasens vous ort wah the tm the inh surplas pro- | eramont after fve Rt SPS tt veaiiteee of propert ar at isan ne ofthe duce Their treneportalion «large 1m. | value of which mi ; of property e i a8 8 i Ee % 3 : ‘ + 4 retiated curreucy ‘cost of living bad advanced correspondingly with tho increase of the circulating medium; men, estimating oir means by a false standard of Vaiue, had become * reckless and extra in their oxpenditares and | | | H ait if F i i i i : He i bat fi fi a fi tf a 7D He : 4 of bh of val ‘Asa medrum Mt facilitates exchanges, and by | reaction or over production of Tsun’ para pnmenaes | St etna acs at | Eh tthe ne : Srnabies ht wares sie Vivatanmnnaes thes the work Droduction stimulated (a to "We increase. Tt Caphaligw gumiios and tlata, qountrten, ~ osauemily we ‘oeasina to bea | character,