Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-10-16
rHE national FINANCES.
Policy or Secretary TcCuIIOch-His
speech at fort wayne-A Return to
Specie ments-COntracfiOn the
only Means.
Special Dispatch to the Cincinnati Gazette
CHICAGO, Oct. IL

CHICAGO, Oct l2
| send you that par. OF Hon. Hugh Nc
Culloch's speech at the banquet given to him at
Fort Wayne, last evening, which relates TO the
6nances
You know that did not seek, as / did not
expect. to be Secretary of the Treasury. To
this fact | attribute to great degree the good
feeling and indulgence that have been NANTES
ted toward me in the very trying and responsible
position which occupy. ] accepted the Office
of Secretary of the Treasury with great distrust
of my ability to meet the public expectation, but
with q sincere desire to do so, and to conduct
the affairs OF this great department, to aid
in restoring the credit Of the Government, which
has been damaged by the greatness Of the public
debt, aud the uncertainty in regard to the dura-
ton, il not the result of the war, and in bringing
up the obligations of the Government to the spe-
Gle standard.
/ am not one of those who seem to repudiats
coin as a measure OF value, and to make Sc
cured paper currency the standard. On the con-
trary, belong to that class of persons who, re-
gsrding an exclusive metallic currency as an i'm
practicable thing among enterprising and com
mercial people, nevertheless look upon an ire
deemable currency as an evil which circu mstan-
ces may for time render a necessity, but which
is never 10 be sustained as q policy. By the
common consent Of the nations, gold and silver
are the only true measures OF value. They are
the Necessary regulators Of trade. | have my
self no more doubt that these metals were pre-
pared by the Almighty for this very purpose than
l have that iron and coal were prepared for the
purposes in which they are being used. favor
well secured convertible paper currency No
other to any extent be proper substitute
for coin OF course il is not expected that thee
shall be dollar in coin in reserve for every
dollar OF paper in circulation. This is not
necessary For all ordinary home transactions
paper currency is sufficient, but there are
constantly occurring periods when the business
between countries, and in the United States be
tween its different sections must be settled in
coin. These balances are Insignificant in amount
in comparison with the transactions out OF which
they arise, and when vicious system OF credit
does not too long postpone settlements. they are
arranged without disturbing the movements Of
coin. Whenever specie is needed for this pur-
pose, or for any other purpose, the paper cur
rency OF the country should be convertible into
il, and circulation not so convertible will not
be, sud ought rot 10 be, long tolerated by the
people The present incouvertible currency Of
the United States was . necessity of the war,
but now tLat the war has ceased, and the Gov
eminent ought not to be longer a borrower, this
currency should be brought up 10 the specie
standard: and see no way OF doing this bur BY
Withdrawing portion OF il from circulation. l
have no faith in a prosperity which is the effect
of depreciated currency, nor can see any safe
path for to tread but that which leads TO specie
payment. rs ssa.
The extreme high prices which now prevail in
the United States are Al unerring indication shat
the business OF the country is in an unhealthy
condition. We are measuring values by false
standard, We have circulating medium alto.
gether larger than Is needed for legitimate bust
ness. The excess is used in speculatious The
United States are to-day the best market in the
world for foreigners to sell in. and among the
poorest to buy iD. The consequence is that
Europe IL selling more than she buys Of Us, in
GLIDING securities, which ought not TO 60
abroad; and there Is debt rolling up sgainst US
that must be settled 10 part, at least, with cein
The longer the imitation continues, the more diff
hcult will IL be for us TO get back TO the solid
ground ofspecie payment, 10 which We must re-
turn sooner or later
II Congress shall early in the approaching
session authorize the funding of the legal ten
ders, and the work of reduction is conn euced
and csfssd on resolutely, but carefully and pra
IDENTIFY we shalt reach il probably without seri
Gus embarrassment to legitimate business. III
not, We shall have brief period OF hollow and
seductive prosperity, resulting in vide spread
bankruptcy and disaster.
There are other objections 10 the present inRa-
ton. Ii is, fear, corrupting the public morals;
Il 10 converting the business Of the country into
gambling, and seriously diminishing the labor of
The country This Is always the effect OF exees
sive circulation. The kind Of gambling which it |
produces IS not confined to the stock aud pro-
luce bolrds where the very terms which are
Used by the operators indicate the nature Of the
transactions, but 10 Is spreading through our