The Sun.
London, England, 1866-09-15 00:00:00

UNITED STATES FINANCE.

The following interesting extract from a letter of the
Hon. Hugh M'Culloeh, Secretary of the United States
Treasury appeared in The American Railroad Journal of
the 25th August. Mr. M'Culloch alludes with some de-
gree of pride, which is, we think, very natural to the willing-
ness.with which, so far, the pecuniary burdens consequent
on the war have boon borne by the people, but while as-
serting the undoubted ability of the country to moot all
its obligations, he does not hesitate to bring prominently
to view all the difficulties surrounding their financial po-
sition, and to remind his fellow countrymen of the
obstacles to be surmounted before a return of specie pay-
ments can be accomplished, a measure absolutely necessary
for the future prosperity of the United States.

Ho says —" Although it was hoped that ore this the cur-
rency of the country would have been brought nearer to
the specie standard, I am sure the people have cause for
congratulation that our finances are in so healthy a condi-
tion as they are.

" Since March, 1865, the war has been brought to a suc-
cessful conclusion ; immense armies have been disbanded ;
every soldier has been paid before being mustered out of
the service ; all maturing obligations of the Government
have been satisfactorily provided for, while the national
debt is nearly $250,000,000 less than it was estimated it
would be at the present time, and the reduction of it has
averaged for the past year more than $10,000,000 per
month. If no other nation ever rolled up a debt so rapidly,
none certainly ever commenced the reduction of its debt
so soon after its creation. If our currency is depreciated,
we have so far escaped the financial trouble that usually
occur among nations at the close of expensive wars, and
which there was reason to apprehend would happen to us
at the termination of the great war in which we have been
engaged. If the business of the country is conducted
upon a changing and uncertain basis, it has been subject

to no severe revulsions. If our taxes are heavy, our re
sources are almost unlimited, while the disposition of the
people, to bear cheerfully their burdens is a surprise even
to those who have the greatest confidence in the honour
and good faith of a free people. In my opinion, the people
of the United States are to mako Republicanism illustrious
among the nations by establishing the fact that the soca-
of a Republican Government are the safest of all se-
curities, and that the people who impose. taxes upon them-
selves aro the most jealous of their national credit.
" I do not, however,sta tisguise the fact that great finan-
cialprosperity is rather apparent than
overcome ; that our present
kg values by a false standard,
athaaltn.
difficulties aro
real, that we are measur-
,bo7inefiaartee,di nauf fact, ti,rer
irredeem-
able all the dangers which. attend
—the true source
able currency, which diminishes
speculationatote'sthruifrtless anda demo-
of national wealth—and stimulates
really
and extra-
vagance, which lead invariably
demo-
ralisation. Before the country becomes
prosperous the specie standard must be restored, pricesn
re-
duced, industry stimulated, the produce
creased, the balance of trade between the United States
and other nations cease to be against us—all the great in-
terests of the country cared for and protected by wise and
impartial legislation, and all sections of the country be
brought again into harmonious and practical relations
with the general Government.
again thus really prosperous
"That the country will be
is as certain as anything in the future. That it should be
so at an early day, and that too without a financial
it is only necessary that there should be proper legislation
by Congress, economy in the public expenditures, and
fidelity on the part of those who are entrusted with the
management of the public revenue."

There has again been a large amount of business trans-
acted in tho London Market for American Securities, but
t
quotations have not been quite maintained, owing
numerous sales to realise profits made on the recent ad-
vance. United States 5-20 Bonds have fluctuated between
711 and 73, they close 72} to 1 for money, and for the new
account 721 to I, with an apparently renewed disposition
to buy.
Illinois Central Shares have boon tolerably steady, the
final quotation being 781 to 79. While Eries on a cessa-
tion of buying for export to New York have given way
nearly $2, but close firmer at 45 to 451. The rapid ad-
vance in Atlantic and Great Western Certificates of De-
benture has brought. in a few sellers .to secure profits, and
the price has declined to 65 to 67. Further large invest-
ments in the Consolidated Bonds caused an advance.to 51,
but from this figure there has been a slight reaction ; they
close steady at 49 to 50.
OFFICIAL TRANSACTIONS FOR THE WtEK.—United States
6 per Cent. 5.20 Bonds, 1882: Thursday, 73 24 3 2-g ;
Friday, 724 ; Saturday, 724 42 1; Monday, 72,1 24:
Tuesday, 72 It 2 1 ; Wednesday, 711 12 4. Virginia
5 per Cent. Sterling Bonds : Thursday, —.
virginia 6 per Cent. Dollar Bonds: Thursday,
Friday, Tuesday,
Wednesday, 45. Atlan.
And (ittn. (N. X. bed.) 11st 111 rt. Beads, igBt
Wo —;