, 1865-12-15
..rha cri,rraii,Eu aneshor. !. q.

II
ION the Pacific coast we have set OF twaa-
disrs Who see IN the adoption Of paper eur
rsncy a remedy for hard times, and a sure way
u general prosperity Tie failure to develop
our quartz claims with ilghtaiDs rupiditys and
il fact sfsry evil under which we labor, is at
tibuted to the refusal of,our, people to adSPs
tie greenback currency ip all matters Of trade,
Staring in this prejudice, ahd'inaueneed Possi-i
bE hy the shallow ptetext that refusal to
atoptthe currency carried with 1t an oder Of
dtloysitys the washington Territory Lsgisla-
ture refused to pass specific contract law, and
thus placed it in the power Of dishonest knayes
to swindle their coa6diug creditors. AN Ore
gon Legislature, with more wisdom, passed a
law that virtually relieves the people Of that
State from the evils of deprecated currency,
but even there crazy zealots are found to adyo-
cate the repeal of the specific contract law, and
with it open the way to the practice Of rascality.
For the benefit of this class of agitAtors, as also
the Solons OF Washington Territory, now in ses-
sion at Olympia, we append the following ex-
tract from speech lately delivered BY Seere-
tary McCulloch on the subject of the National
finances On reading his remarks, it will be
seen that the chief of the Government finances
regards an inconvertible currency as a curse to
be got rid of at the earliest possible moment,
rather than a blessing to be cherished and ex-
tended as some of our addle-headed fuancers
on the Pacific coaqt would have US belieye The
Secretary says;
Iaccepted the Office of Secretary of the Treas
ury with great distrust of my ability to meet the
public expectation, but with sincere desire to
do SO, and to conduct the affairs of this great
Department so as to aid in restoring the credit
of the Government which has been damaged by
the greatness Of the public debt, and the unecr-
taintv In regard to the duration, if not to the
result of the war, and in bringing up the Obli-
cations of the Government to the specie stand
ard. l am not one of those who seem to repu-
diate coin as measure of value, and to make
a secured paper currency the standard. On the
contrary, belong to that class Of persons who,
regarding an exclusive metallic currency sb an
impra cticable thing among enterprising and
commercial people, nevertheless look upon an
irredeemabe currency as an evil which circum-
stances may for time render necessary, but
which is never to be sustained as policy. BY
the common consent of the nations, gold aud
silver are the only true measures of Valne. They
are the necessary regulators Of trade. have
myself no more doubt that these metals were
prepared by the Almighty for this very purpose
than have that iron and coal were prepared
for the purposes in which they are being used.
80 I'D WheRCTer specie is needed
for this purpose, the paper currency Of the cOun
try should be convertible into it, and a circUla-
tion not so convertible will not be, and ought
not to be long tolerated by the people. The
PRESENT incony yertble currency OF the United
States was a necessity of war; but now that the
war has ceased and the Government ought not
to be a borrower, this currency shQpld be brought
up to A specific standard, and | see no way Of
dbiugit but by withdrawiBEa portion. Of it from
ciPeujation. Ihage no faith in a prosperity
which was the effect Of a deprecated currency,
nor can Isee any safe path to tread butthht
which leads to specie payment The extreme
high pFices which now prevail in the United
States IS an unesring Indication that the busi-
ness Of the country is in an 4nhealthy condition.
We are measuring values by false standard.
we have circulating medium ialt0gethet Jaeger
than is needed for egi;imate business The ex-
cess is used in speculations. The longer the
fifaton contnues the more difficult win it be
.or US to get back TO the solid ground of specie
payment, to which we must return sooner or
later If Congress shall, early in the approach
Jog session nuthoFiEe the funding Of legal ten
ders, and the work of a reduction is commenced
and carried on resoluttiy, but carefulIyand pru-
IDENTIFY, we shall reach it probably without ser-
ous embarrassment TO legitimate business. Ii
not, we shallhave a brief period Of hollow and
seductive prosperity, resulting n Widespread
bankruptcy and disaster, There are other OBJ
jcctions t6 the present imitation. 1t il; fear,
rortuptiugabe public morals it is converting
the bAsiness Of the country into gambling, and
seriously diminishing the labor Of the Country.
This is always the eiectOfezcessiTe GireUlFtsn.
The kind Of gambling which it produces is not
coufped tothe Stock and Produce Boards; where
the very terms which are usedeby tbe operafOrs
indicate the nature of the transactions, but it is
spreading through towns and into the rural dis
'trictsg Men are apparently getting rich while
morality languishes and the productive industry
of the country is being diminished Good NOR
ais, In business, and safe. perseyeriug industry,
if not at Il discount are considered too old fogy-
sh for the preseut times. But I feel that this is
not the occasion for eroaking, and perhaps
ought to apologize for the train Of remarks into
(which have been led but | feel Anxious about
the present imitation and its effect upon the bust
ness and morals OF the country am hopeful
that by wise legislation we shall escape 6aan-
cial collapse; and am confident that grand.
future is before the United States. | am hope
fnl that the currency may be brought 10 the
specie standard without those financial troubles
which have, IN all countries followed protracted
aud expensive wars. D l.r.s.-G sr.T
QuT IL THE CoLD.-The, telegraph informs us