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

We print this morning ~ extract
from q speech, delivered in Fort Wayne
TO his old friends and neighbors, by the
Secretary Of the Treasury. The occa.
sion was a banquet, given to him as SIN
indication Of the estimation ia which he
is held by those with whom be has long
been acquainted, ard their hearty sp-
proval Of his course in managing The.
financial affairs Of the country. The
speech is valuable to the people in all
parts of the country, is that it may be
regarded as an indication of the future
policy Of the Secretary in reducing the
National debt and bringing back the cur.
rsncy TO q healthy condition. He
thinks this may be done without imam
cial disaster, If prudence 10 exercised
and Congress will cooperate with him
in the great work He recognizes the
difficulties that lie in the way Of con-
traction, but the necessity OF a reduc-
lion Of the volume Of currency now in
circulation is 30 apparent that rick must
be run to secure the desirable result.
The Secretary has, already, embarked in
this lsudable undertaking, 1by funding
fifty millions Of intersst.bearing notes
He declares that IL the coming Congress
will only make provision for funding Che
legal-tenders, and the work Of reduction
is commenced and carried on resolutely,
We shall reach specie foundation with
out serious embarrassment TO Legitimate
business - A}
1t is now apparent to all that the prs
sent high prices are most oppressive and
must be reduced. IL is equally appa-
rent that this cannot bo successfully
done, so long as there Is so much money
ia circulation If these high priees are
the result Of two much irredsemable
money, the contraction of the latter will
reduce the former. Secretary McCul-
loeb affirms that the best way to reduce
the currency, 10 by calling in the Gov.
eminent issues and putting them in
bonds drawing interest in specie. He
does not say 40, but II 10 presumable that
he would not authorize the establish.
ment Of any more National Banks, with
aeurrency circulation based OF these
new bonds. We're ;lat done, the object
aimed At in converting the legal tenders
into bonds would Be defeated. The peo.
pie would feel that they had besn de-
ceiyed, for, generally speaking, they
prefer the Government issue 70 that OF
the National Banks. Confidence IN the.
integrity and skill Of the head Of the
Treasury Department would be destroy
ed The widest spsculations gould be
undertaken. Stock gambling in its mott
Objectionable forms would be resorted
10. The purity and morality Of the pso-
pie will be undermined Anew years Of
giddy success and apparent prosperity
would ensue, to be followed By fnan-
cial storm that would PROSTATE and blast
the entire commercial interests and so.
oial happiness OF the people.
II is especially desirable that Con-
gress cooperate with Secretary McCul.
ieeh In his great Undertaking. We
must reduce the present Inflammation
that has seized upon every branch Of
trade, or modification and death will
inevitably take place. The disease has
already gone too long unchecked. Gan
grene Is manifesting itself in more
places than one. The public morals are
fearfully endangered. Oil, stock and
gold speculations have resulted in en-
richlng 80 many that wealth without
work" seems to have been adopted as
the motto of all classes and conditions
Ingenuity itself is put to the rack to dis
close new schemes for making money
without labor. Christian integrity 10
sacrificed as an offering TO propitiate
uammon Any power that wiz deshrons
the idol and commit it to the flames,
should be hailed with satisfaction, for II
would inevitably bring with 1t the sweet
enjoyment Of home, the contentment
that springs from q quiet conscience,
and the bread that is favored with toll
II Secretary McCulloch is the 6nan-
cial missionary that is to bring ebont
such result, through the potency Of his
present practical preaching, he win be
established in the hearts of thepeople
second only to the noble man Who led
no through the wild wilderness of rebel.
lion rsf &@ N 81