Nashville union and American. [volume] (Nashville, Tenn.) 1853-1862, 1860-01-17
Rsport Of The secretarr Of The Treasurr

Report OF the Secretary OF the Treasury
The report Of the Secretary of the Treasury. be-
sides a clear view Of the national finances. with
pTaiseworthy brevity contains views as to our COM
mercial policy that must commend themselves to the
candid of all parties Such Is the strain of remark
TO the benefit Of widening the specie basis of our
currency. The report presents this vital subject
forcibly, and urges the policy Of gradually sub
shutting specie to great extent for the present
paper circulation" 1t may be said that this is an
old and even a trite recommendation; but old it
is it still needs to be presented anew; andits friends
must continue to urge it by arguments until it
is adopted. At present in spite Of the conclusive
ness Of the reasoning by which the policy is recon-
mended, many of the States have for the past years
fearfuly added to the paper currency The only
States that have entered at all into the practical
work Of restraining such a circulation. those
which have followed New York in requiring col
lateral security from banks for paper issues. and
also keeping this security restictcd to a narrow
range of securities.
The figures of the Secretary prove the wanton-
ness of the assertion. which was caught up and re
peated by even Senator CEurENDEN, that the annual
expenditures of the Government had grown to be
hundred millions The tables Of the Secretary
ment for lS5S-9:-
Civil foreign intercourse, and miscellaneous TBS $50 "a
Service Of Interior Department. indians and Pen
service Of var nerar.ment q s53ss5 Rs
Service Of Navy DEPARTING l4,726lO q
s655i6256 -
This is a good way from a hundred miliions but
if the country should ever be cursed with the rule
Of a party which has brought financial profigacy
into many of the States, only one session Of Con
gress would be necessary to bring up the cxpcnji
ture to the sum uuscrupuUusly named by Mr.
CRUTENDEN.
The tables Of the report present an annual deficit
in the treasury; but Mr. Conn remarks, the idea of
increasing the public debt TO meet the ordinary c-
penses of the government should not he entertained
for moment" Nor need there, on the other hand
be any fear Of waiting until the business of the
country fairly adjusts itself TO the present tariff be-
fore proposing an alteration in the duties. OF the
two evils, plcth0ric treasury and temporary
scant supply, the latter, under system is by far
the less; and if there be reasonable belief that OK
listing modes Of revenue bid fair to meet soon the
current demands II is better to wait for ii :han to
cause such interference in the business OF the coun-
try as a new tariff invariably does The Secretary
RELYING on the recuperatiyc energies of commerce.
of Congress. which is very dubious expects to get
along without any other legislation than would be
required to extend the law as TO the redemption of
treasury notes
Secretary CoBB we believe. takes "a correct view
of the present state of business. when he remarks
that the figures do not exhibit unhealthy state of
trade: OF supply tine indications that Che late imports
exceeded the wants of the country and its ability to
nav for them. The difference is very marked be-
tween the foreign trade ROW and what it was two
vears 400. or IN 1851. Then foreign houses made |
heavy consirnncnts 10 New York on speculation, /
and Goods were thus forced upon the country; but
royy the innovations are made by American houses
and British manufacturers are not shipping on |
sreculation. Indeed they are now working, as the |
term is only 10 order; for the demand for goods in
British markets has been ahead Of the supply. This
fact alone indicates sound condition of trade. and
also warrants belief that it VIII rather increase
than diminish; for the tendency invariably is to an
over-trade and that has not yet commenced. When |
the vast productive power Of the British mills sue
ceeds in Cutting every market then foreign houses
again will renew their speculative consignmcuts.
Iut the first effect Of these viii be to increase the
revenue. Hence we believe the Secretary TO be
warranted in the osnion that the receipts for the
,svt wear will at least come up to the figure Of his
estimates.
The seoretary's Report is sound and truly Demo
,rati6 state paper Il falls into none Of the eN-
-l,,lo.7 baresies about commerce. In treating the
&c subject it considers it in the twofod aspect
If its function Of a circulating medium and as an
,,ticIa Of merchandise; in commerce 1t evidently