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'Culloch, 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 been borne by the people, but while as-
serting the undoubted ability of the country to meet 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.

lle 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 arc 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 over 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 make Republicanism illustrious
among the nations by establishing the fact that the secu-
rities of a Republican Government are the safest of all so-
curities, and that the people who impose taxes upon them-
selves are the most jealous of their national credit.
. _

" I do not, however, disguise the fact that great finan-
cial difficulties are still to be overcome ; that our present
irg values by
Prosperity is rather apparent than real, that we are measur-
atoblaelleutlrrieednacugy,
a false standard, that we are, in fact, exposed
ewrs‘hichtdcih attend an inflated and irredeem-
able
national wealth—_and
labour the true source
extra-
vagance, which lead intbvearittly
stimulates speculation and
to thriftlessness and demo-
tmry becomes again really
prairnispsaettnu.s thlleesfperceie standard
produceust be restored, prices
betwee of the country re-
duced,in-
industry stimulated, the
creased, the balance of trade between the
llUnited States
and other nations cease to be against great in-
terests of the country cared for and protected by
impartial legislation, and all sections of the Yee': iseyand
brought again into harmonious and practical relationsntrb°
with the general Government.
" That the country will be again thus really prosperous
is as certain as anything in the future. That it should be
so at an early day, and that too without a financial crisis,
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 aro entrusted with the
management of the public revenue."

There has again been a large amount of business trans-
acted in the London Market for American Securities, but
quotations have not boon quite maintained, owing to
numerous sales to realise profits made on the recent ad-
vance. United States 520 13onde have fluctuated between
71k and 73, they close 74 to for money, and for the new
account 74 to 1, with an apparently renewed disposition
to buy.

Illinois Central Shares have been tolerably steady, the
final quotation being 781 to 79. While Erias on a cessa-
tion of buying fur export to New York have given way
nearly 82, but cluse firmer at 45 to 451. Tho 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 WEEK.—United States
6 per Cent. 5.20 Bonds, 1882: Thursday, 731 21 3 21 ;
Friday, 721 1 ;
Saturday, 721 42 1; Monday, 721 2 1;
Tuesday, 72 11 2I 4; Wednesday,
711 12 4. Virginia
5 penis Cent. Sterling Bonds : Thursday,
Virsinia 6 —.
per Cent. Dollar Bonds: Thursday,
Friday, —; Tuesday, —; Wednesday, 45. Atlan.
wad Gt. Wow. (N. IC.Sect.) 16t 1:54. 188(