Evansville daily journal. (Evansville, Ind.) 1863-1866, 1865-10-16

kA# WHY HN8A4AM4
pBs lgamaNf 500 ----0nG 1850
Especial dispatch To the olnelunaa Gazette
. CHICAGO, Got. Al send you that
part of Hon. Hugh Mgoalioehs speech
at the banquet given him Al Fort Wayne,
last evening, which relates to the
financesi NU v
You know that i did not seek, as did
not expect, 10 be Secretary Of the Urea
sury TO this fact attribute TO great
degree, the good feeling aud indulgence
that have been manifested toward me in
the very trying end responsible position
which occupy. Iarcepted the Office Of
Secretary OF the Treasury With great
distrustF Of my ability 70 meet The public
expectation, but with sincere desire 10
do 30, and TO conduct the affairs Of this
great department so. as TO aid in restor.
ing the credit Of the Government, which
has been damaged by the greatness of
the public debt, and the uncertainty In
regard to the duration, il not to the result
Of the war, aud in bringing up the OBJ i
cations Of the Government TO the specie
STANDARD. - en.4k afers.
Ian, Qt.ppe or fhose who seem to re-.
pdaiAtS COD AZ nj measure q Of value, and
TO make y secured paper currency the
standard On the contrary, belong to
that classsof persons who, regarding an
exclusive meEalie currency as an i'm
praeticablea thing among enterprising
and COMMERCIAL people, Eeyeriheless
look npon an irredeemahIes currency as
an evil, which circumstances may for a
time render q necessity, but. which is
never TO be. sustained as policy. / By
the common consent of the nations. gold
and silver are The only true measures of
value. They are the necessary regula.
tors Of tradeg j havs myself no more
doubt that these metals were prepared
Hslthe AImighty for this very purpose
than I have that iron and coal were pre-
pared Cor the purposes in (which they
are being used D favor a well secured
convertible paper ,curreney%s No other
can 10 any extent be a proper substitute
for coin. OF course it is not expected
that there shall be dollar in coin in re-
rvefof every dollar Of paper in circu-
lation. This is not necessary. For all
ordinary home transactions paper car
rency i sufficient, .6ut there are con-
stantiy occurring periods when the bal
Auoes between countries and in the
United States between ats different sec.
tons must be settled in coin. These
balances are Insignificant in amounf in
comparison with the tran SECTIONS ont Of
which they arise, aud when a vicious
system of creditdcea not too LONG nost.
pone settlements, they are arranred
without disturbing the movements Of
CON- - -sRst
Whenever specie is needed for this
purpose, or for any other purpose, the
paper currency of the country should be
l.ccnvertible into it, and acifaaiAaion not
90 convertible villa not be, aud ought not
to be long tolerated by the PEG lie. The
present inconEertibls currency of the
United Seates was q necessity OF the
war, but nov that, The war has ceased
and the Government ought not to be
longer " borrower, this currency should
be brought up to the. specie. standard;
and see no wsy@of doing this but by
withdrawingT portion of Il from circ1-
lstion- / have no faith in prosperity
which 10 the effect Of n deprecated err
rsf I, nor can II see any safe nah for us
to tread but that which leads TO specie
payment go. % .
/ Tie extreme high prices which now
prevail in the United States are an un-
erring Indication that the business of the
country 10 i'm nm unhealthy condition.
we are measuring values BY false stand.
ard. We have q circulating medium
altogether larger than il needed for le-
climate business The excess IL used