Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-04-14

The secretary of the treasury has written a
letter in reply to Henry @. CAREY. of Phils-
delphia, from which We make the following ex-
tracts
Treasury DEPARTMENT April 4, 1865
DEAR SIR: Your favor of the 9th ult would
hive received an earlier reply but for pressing
official duties. have now only time to remark
briefly that | am no, responsible for what the
newspapers NAV have said about the financial
policy shall adopt as secretary of the treasury.
You seem to be apprebensiye that tue return
10 specie pa ynents is TO be effected by a contrac
ton of government issues; and you say that, Gin
one thing all have been disposed 10 unite. and
tbs, was that an early resumption was the cardi-
nal point of my policy, and that ii was to be
sought at whatever cost 10 the capitalists and
working men of the country"
resumption OF specie payment is with me a
cardinal point because | believe that the
specie basis is the only safe and healthy one for
business; and because / am clearly OF the opin-
ion that the interests of capitalists and working
men will be promoted by a return TO t.; but no
policy could be more unwse than that which
should attempt to accomplish it by such cur
tailment of the currency az would PROSTATE or
injuriously affect those great interests upon the
prosperity of which the government depends for
it's revenue, and which cannot be broken down or
severely depressed withou; depriving labor of its
proper reward
The history OF Wall street. within the last ten
days, sustains the correctness of the opinion
which in another position have frequently ex
pressed, that the high price of gold was 10 be at
tributed in part at least to other influences than
the expansion of the CURRENCY. and seems TO in
dicate that the paper circulation Of the country
which has been issued secured by the govern
msnt. oven while its volume is being increased,
may appreciate nearly 70 the specie standard.
As the draws q close, and the restora-
ton of the union is no longer doubtful. gold and
currency Approximate rapidly to each other in
their market value, and. of course. all those ar
ticles which were made TO follow the former in
its ascent must sympathize with il in its decline.
This cannot be prevented by any action of the
treasury. even il the interests of the country re-
quired it, 1t might have been better for the
country and the people that the decline of coin
should have been moro gradual than has been
the case for the week two past. but il Is better
that il should have come down as il has than
that il should not have declined at all.
IL is understood. believe, among those whose
habits Of personal Indulgence lead them into pro
tracted excuses. that " SOLDERING of rapidly is
a dangerous experiment; but dangerous as it may
be. il is preferable to continued intoIication.
Ii does not follow. however that because gold
has declined from 50 TO 10, and speedily
decline still further, prices generally will fall to
the same extent nor do | believe that any per
msuent decline which is likely to occur, will
PROSTATE the great interests Of the country. On
the contrary | am Of opinion tha, when the spe-
Gle standard il restored, or nearly reached the
assurance which this state OF things will create
that the business of the country is 10 be
ed on a frmer basis-Eill divert capital from
speculation, and stimulate. instead of PROSTATE.
productive industry.
The close Of the war will remove the govern.
ment. in good degree. from the market. both
business Of the country is being accommodated
to the new order of things, there will be, TO a
considerable extent, stagnaton and embsrrass
ment; but as hostilllies are now likely to termi-
nate before speculation has resulted in large in
divdual Indebtedness, the transition is likely 20
be effected without the disasters which so many
have spprehended.
The liabilities of the people are so small, the
circulating medium is so ample and SO we'll Sc
cured. the resources of the nation are 20 vast,
and our political future is 50 brilliant, that the
embarrassments which change in the business
OF the country must bring about will be but tenn
porary, and the indications are now decided that
by the time reconstruction is fairly commenced
enterprise will be Quickened into new lfe snd
With its integrity established the only drawback
upon the national prosperity. and the only stain
upon the national escutcheOn removed the great
republic will move forward ssain on is career Of
prosperity and homer. scarcely staggered by such
a struggle With gigantic rebellion IS would
have broken any other nation into fragments
What recommendations ! shall m-ke TO con
gress upon the ,ariff question am DOT now pre-
psrej 10 say. / expect to be able to indorse the
bill that shsll be prepared hy the commission
and shall be disappointed if this bill does not har-
monte our foreign and internal duties, and pro
duce q revenue which shall be sufficient 10 meet
the interes; on the public debt. and gradually re-
duce the principal. without being oppressive to
the people
In conclusion. permit ne 10 say that see 10
cause for Encouragement IN TIE present or pros
pective condition OF the country Our national
debt il large but national resources are sufi-
Gent TO carry il without embarrassment. While
il would be foolish TO call il national blessing.
il msy be so managed not TO be national cal
amity, and in the worst view tina, can be taken Of
u. u Is small matter 10 comparison With the in
esiinaole vslne of the union, in the maintenance
OF which il has been created
an. very truly, yours.
II McCrIioca
Herr! z. Carey. Eco, Philadelphi.. Pa.