Evansville daily journal. (Evansville, Ind.) 1863-1866, 1865-04-13

that the business of the country 10 10 be
transacted on frmeF basis--Will divers
capital from speculation, and stimulate,
instead of prosGrate, productive industry.
The close Of the war willremove the
Government, in good degree, from the
market. both as borroser and 9 pur-
chaseFy and while the business Of the
county is being accommodated TO the
new order Of things, there will be. TO .
considerable extent, stagnation and en-
barrassment; bat as hostilities are nov
likely TO terminate before speculation
has resulted in large individual indebt-
edness, this transition 10 likely to be
effected without the disasters which so
many have apprehended. "a
The liabilities Of the people are so
small, the circulating medium ia 50 am-
pie and so well secured, the resources Of
the nation are so vast, and our political
future is so brilliant, that the embaf-
easements which change in the bust
ness Of the country must bring about
viii be but temporary. and the indica
tons are now decided that, by the time.
reconstruction is fairly commenced, en-
terprise will be quickened into new
life; and, with its integrity established,
the only drawback upon the national
prosperity, and the ohly stain upon the
national escutcheon, removed, the great
Republic will move forward again on itA
career Of prosperity and honor, scarcely
staggered by such q struggle with q
gigantic rebellion as would have broken
any other nation into fragmenta
You will perceive By the statement OF
the condition OF the Treasury on the lst
instant, that the Government circula-
tiou has not been diminished. Whether,
or 10 what extent, this calculation will
be reduced depends upon ctrcum stances
that cannot now be clearly foreseen
/ have been, and still am, Of the opinion
that it must be cnrtailed before return
TO specie payments can be effected; but
it cannot be denied that the course of
the market for the past month has been
such as to justify reconsideration Of
the opinions which have been so gensr-s
ally entertained in regard TO the infa-
tion of the currency. The increased de-
mand for money, which 10 the result of
the diminution Of individual credits,
may not have been fully estimated; aud
it may turn ont that no considerable re-
ductioh OF paper circulation win be
needed for the restoration Of the specie
basis. At all events, the Government
will have ne interest in retiring. its d.
rect issues, ii the desired object can be
obtained within reasonable time with
out it.
70 That any valuable interests are to be
permanently injured BY o return to
specie payments 10 hardly credible; and
l cannot but think that your appreh en-
sions of disaster 70 the manufacturing
interests Of PennaylyAnia, 40 the resu I
Of it, are without reasonable foundation.
The general tariff policy Is, l appre-
hend, settled BY our national debt The
discussion of il, therefore, at the present
time 10 unnecessary. That the present
tariff needs revision is undoubtedly truo
This revision il will receive by. the COM
mission which is TO DO appointed TO re-
wise the revenue laws, from which an
tieipats the best results. The necessi-
ties of the Government viii give to our
manufacturing interests all the protec-
ton they win require to shield them
from destructive foreign competition;
and before the close of the present I'd
ministration / confidently expect TO see
these interests more prosperous than
they ever have been. What recommen-
dations shall make to Congress- upon
the tariff question am not now pre-
pared to say. / expect to be able to
endorse the bill that shall be prepared /
by the commission, and shall be disap-
pointed if this bill does not harmonize
our foreign and internal duties, and
produce revenue which shall be suffi-
cient to meet the interest on the public
debt, and gradually reduce the principal,
without being oppressive to the people.
In conclusion, permit me to say that
l see no cause for encouragement in the
present or prospective condition of the
country. Our national resources are
sufficient to carry it without embarrass
u1eut. While it would be foolish TO call
it national blessing, it may be so man
aged as not to be national calamity;
and in the worst view that can be taken
oft, il 10 q small matter in comparison
with the inestitnable value Of the Union,
in the maintenance of which it has been
created. am, very truly, yoprs,
agrti Sy--.R .sr e. McCULLocH.
HENRY c. CAREY, Esq, i. N.
Philadelphia, Pc. ~ ..--r.