The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1864-11-23
The Report Of the Secretary Of the
Treasur,.

100 great length 10 ne adfnttru int our COLUMNS
but the great Importance ot the financial measures
proposed induces 10 copy that pouios Of the Ise-
post 10 which they sre Discussed, which 10 as fol-
isws:
The currency demands the immediate
aud the gravsst csas,dsratisn at Congress. |
Unless uniform end staple value can be
given 10 the treasury mates. the Efforts TO
carry on the war through their instrumen-
uliiy must Of aecessity be abandoned.
Acquiescence in its deplorable dsprscia-
ton Is 10 court the ruin 10 which il leads.
Oae hundred and thirty kye dollars in cur
rrncy, the price obtained Tor eae hundred
dollan in six per cent. bonds, j. equal TO
six dsiiars unlv in specie; and 10 sell the
bonds at this rate 10 IN reality TO dispose ol
them at ninety -four per cent. discount; or,
IN other words. TO give a bond Tor one hun
dred dalIsrs in consideration Of the loan oi
s,r dollars.
There is not man of property in the
country whs would not prefer any fair
measure Of tsIs,ion. rather than procure
temporary aud trracherous prosperity by
the sale d mortgages on his estate at this
rsinous rate.
The depreciation Of the currency. pro.
ceediny from redundancy, and the want nt
csuhdrnce IN rs ult,mate redemptioa, can
aniy be corrected by measures that shall
both diminish in ysiume and sustain the
lublic confidence.
The measures adopted BY Congress q
reduce the currency. did not combine thess
,sssst,ai elemsuts &c success. Those whs
had taken the cid nrtss. relying on the
gsos faith Of the GoverRmeni. on finding
ihem suddeuly, deprived Of ene.third 0
their nominal value, becane alarnfed sns
received the new natrs sndet strsag ap
prrhensions of a repetition Of the measure
At the time. tso. that the surrency nc
l,r.si ided for q circulation exceeding lou
hsndred million oi dnllsrs IL eircumserib
"a .ad reduced the demand for the notes
i. w making The four per cent hcsds recsi'
asIe in the payment sf taxes. by the hr'
asy Of August. $4,000. 900 Of the ne'
notes had already been i.sued. and le'
than 100000, 900 ssihcvd for the psymen
OF tarss collected al that date. Depreci'
,ios eymruenced at once. aud proceeded !
.. rapid = rate, that bs The 6rst day Of O'
,-asr gold cas- selling al .~eaiy-h's DO
lsrs far one.
TIE necessity af providing 9 speedy au
~IScientfem.dy Tor ihi, condition sf thin;
]. obvious. The bonds have TO be sold Z
this c,nency the taxes must be coliee,e
IN Ii. aud hence all the means OF the q
,rrnmsut inr the purchase Of supplies W
consist nf this nejium. Admitting N
Tie amount which may be raised from the
..srces 10 noainally equal 10 the rstima
expenditures. there IL yet no seeuri
,a,nst ,uch further decline IN the val
notes as will dis,ppsint prss.n, calcul
q :. and add enormously TO the accum
q =, 81 the public debt. The time, thet
81 ms to have arrived when Congrs
AXE measures 10 restore aud sosta
,hc ..Irency, or make provisions Tor
h.nofasls rrienpptIhn, or resort to the Y
al specie aud bauA notes. The ad 'ptlen
the last Alternative, " u feared, wot
produce great cmbafrassncnt 10 the CO
,puniiy. aud the impossibility OF ob,aini
y adequate supply Of specie aud ba
,,rs Tor the wants Of The goserum'
~uid c,esw the necessity for stem
niversal imprr.smrnts. followed by
ilculsblc suffering aud distress.
81 That the government must be suppl
in sufficient means to carey on The
Il are agreed. Our ene,ny oilers Us
arms short of unconditional surrender
U ie, liberty ssd property. and no choice
H tps, eyeBif Ne were disposed tohesit'
'ach we are not, but To eanlinue the Y
Ne adoption. thersture. Of . perman
deficient system of6nasce sisdisper
u 70 the full development and unrestfs
use Of our resources. The return
sis payment being for the present