The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1865-04-19
CADIZ OHIO WEDNESDAY, APRIL 49, 1885,


The Einances-Intere Cor
FeSpOndenCe on Financial AE-
fairs-Letter from Secretary
McCuiIOch-The National Re-
sources.
The following correspondence, the publ
cation of which has been authorized by the
Secretary Of the Treasury, will be read with
interest:
DEAR SIR:-Frcm the ucmcnt of your
entrance on the performance OF the duties OF
your present office, newspaper correspon-
dents have been most profIse in furnishing
information as to the policy you bad deter
mined TO adopt, and all of it has been of a
character well calculated for producing in
the public mind the alarm that now SO obvi-
ously exists. At one moment We have been
assured that you had arranged to bring
about extcnsive importations of gold, and
that in the meantime large quantities were
to be held in reserve, with q view to check
ing any upward movtments in its price,
At another, that grCenbackS Were being
gradually withdrawn from the circulation,
and that you were entirely confident in your
ability soon to reduce the premium to TWEEN
ty, even 1t not TO ten per cent. Ia one thing
nearly all have been well disposed to unite,
and that has been that an early resumption
was the cardinal point in your system of pol
cy, and that it was to be sought at whatev-
or cost to the capitalists or the workingmen
of the country. Nothing, certainly, could
have been devised that would have been bet
ter calculated for producing the almost uni
versal panic Of the fortnight through which
we have just now passed.
For the first time in our history, the Gov
ernncnt has made itself partner in the
profits of all our mills, mines, furnaces, tan
nerlcs and workshops. AS these have in
creased in number and in size, and as their
owners ha proftcd, the internal revenue has
steadily grown until it has reached the ex-
traordinary amount of nearly a million dol
lars per day In the direction of further
increase, and in that dirCctio alone, resump-
ton might be found. Now, however, we
were required to move in one in which at
every step we should meet with factories
that had been closed, furniceS that had gene
out of blast, mines that had been abandoned
capitalists and laborrrs who had been inyol-
ved in one common ruin, and thus deprived
Of all power to contribute to the public rev.
enuc.
That way, as was clearly seen, led to re
pudlaton, and not to resumption. That it
should be i'll that direction you would have
us move seemed almost incredible, and yet,
SO positive and 20 persistent had been the
assertions Of the sclt:appointing rltn.u!ga-
TOYS OF your decisions, that it seemed scarce
ly to be doubted that they have been accur-
atcly expressed. Can it, then, be regarded
as aitordlng cause ior surprise that alarm
had become almost lIDiVcrSaiI AS IL seems
10 me- me- IL can NOT.
1hat thefe h"d cen no reai ground lor
IT, nave new ana WIN great pleasure,
lear, rninrH Il1}ih ;o} Eeur en- mSSa pIul G,N you
i:'at tLat rlt;,a ,to "li r,o,.;u o,tat1 ;"e
"U. ,'', %h '1,i'alo M 'eSup''on was .ne l"',o
st""lJ tn,nd "n'li' sae ',t, lo'" Snp "'' ~ pd
t,;,n thn;r Y,;it Er ,no,n,,"nt ~ ,bo .n'na
l,rnct;nn "t I', m.U,. Jon,nJ ,Lnt III
.hnrld I~. ~" v""i IetI La th"t h"U ,In I'
','rnah thnrotn lLnrId aJ .o ~ 20 r,"anni
"p,n u". nHa, "U ,G" no n'",tc ~, ~ a"u""t
"S v ~ ",'ov' ,1ju' ,"uSiA "''i VI ii'Uir T sne"'
~ ''I ,,,If u: atUi %"JI paISp'i'S @ '"0 c'' u
Nnt ri. w ,,!,, >"u, n,,,,or to b,stor =
o,, I "I" n tt !" "a'f '''"t: a. ~ t''..e" ~
S"" no .% INV ro ~ gu. W. 'rip" ,;'5 III. tLa
a,;nn .;~t; as HlEn ',',,' u I, ,'io
.,'u ''. 1',.ul''i'' I 'u'uinE ~ !"ui ~ iIu"
SON inr 90 " tbo % ,J III a~t ,u 'G, on F nf 'I tho
'"' ~, ~ WIFE, '"e ,"p'u :''l' io'' VI VIZ
a etct ,"a f 'Ii araIT >! 81 M .ans i' seSemi
the Treasury must lie dppcl dent mainly ON
the internal revenue. Won would GLADLY CO.
opcratc in the effort tn oltain Fl om Congress-
such med fcations in the tariff as might he
needed for enabling any of the p,eat nation
nj industries 10 comply with the demands of
the Treasury without trench;ng unon those
nrofts TO which. alone. could the naticn cy-
er look for such extension Of theron .ratious
as was needed for kecriue the sunllv m to
the demand of constantly growing nonulo-
ton. and giving to the talmcr a lurer and
better market ior all his nroducts
Such, nv dear sir. orr ~ think tbe
views that YOU Yesterday exrresscd ComIJ
thew he pcneraiIv heard thev wonld ns
think. greatly oujct the public mind, As
they can not 20 be heard, would if not he
well that they should SO be read? All are
anxious for liebt, and NIL would nm sure
be grateful for that which YOU so ,cadily
could give.
Excuse this t,esrass on your attention
and leli,ye me. nv dear sir, Yours ver,,
truly HENRYC. GAREY.
Hon. II. McCu luch. Secretary nf the
Treasury.
PulLApEIpr1A. March q, 1868.
-
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ob;u = h;s mno", or ehtn G G Ge.erhinc aeinl'e,y
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