The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-10-15
SPECIE PAYMENTS.
Full report Of Secretary MeCulIosh's SpeetS
Respecting Our Finances.

Respecting Our Finances.
The following . Che portion Of tho Hon Hugh McCul
lochs speech delivered at the banquet gvon to him
Fort Wayne, Ind. on Wednesday evening last, which
You know that did not seck as did not expect 70
DO Secretary Of the Treasury To this fact attribute TO
great degree the good feeling and indulgence that
have been manifested toward In the very trying and
WIZ great assss e of %s
sire TO So and conduct the aArs Of this great do
parmen Is TO aid in restoring the credit Of the gov
the public debt the uncertainty in regard 10 the du
ration not 70 tho result OF tho war; and In bringing up
the oosAons Of the government 70 the specie standard
am not one OF those who 10 repudate coin a.
rsncy the standard On the contrary belong 70 tina.
currency impracticable thing among enterprisng
and commercial people, nevertheless look upon ire
for time render necessity, but which is never 70 30
sustained a. policy BY the common consent OF the
nations gold and silver are tho only true measures Of
have myself doubt that these metals pre-
pared By the Almighty for this very purpose than
which taoy are being used we'll secured
verbc paper currency No other can TO any extent
that there shall be- dollar in coin in reserve
sos ssss sper i. 1n
| there constantly occurring periods when the
balances between countries, and In the United States
between It's different sections must be settled in coin
These balances Insignificant in in comparison
with the transactions out of which they arise and when
vicious system Of credit does hot too long postpone set
Elements, they arranged without disturbing the
movements OF COIN Whenever specie Is needed for this
or for any other purpose the paper currency Of
ton not 80 convertible will not be, and ought not TO be,
long tolerated by the people The present nconverble
but now that the has ceased ard the government
ought not to be longer a borrower, this currency
should be brought up to the specie Standard and see
way Of doing this but by Withdrawing portion of IL
from circulation. have faith in prosperity which
Is the effect Of deprecated currency can see any
safe path for US 10 tread but that which leads to specie
payment. =
The extreme high prices which now prevail in the
United States unerring indication that the business
OF the country is In an unhealthy condition. We are
measuring values by false standard We have a cir
culang medium altogether larger than il needed for
legitimate business The used in spcculaons
The United States are to-day the bos market in the
world for foreigners to sell in and among the poorest to
buy in The consequence is that Europe selling
more than she buys of u.s. including securities which
ought not to go abroad and there is debt rolling up
against us that must be settled in part at least with
coin The longer the initiation continues the dti-
cult will be for to get back to the solid ground Of
specie payment to which we must return or later
II Congress shall early in the approaching
thorze the funding Of the legal tenders and the work Of
reduction is commenced and carried rcsontely but
carefully and prudenty, shall reach probably with
out serious embarrassment 10 legitimate business If
not snail have brief period of hollow and seductive
prosperity, resulting in widespread bankruptcy and
disaster.
There are other objections to the present imitation II
is fear corrupting the public morals II Is converting
the business Of the country into gambling and seriously
diminishing the labor Of the country This is always the
effect Of excessive circulation. The kind OF gambling
which produces il not confined 10 the stock and pro-
ducc boards where the terms which used bv the
operators indicate the nature OF the transactions but
is spreading through towns and into the rural dis
trics Men apparently getting rich, while morality
anguishes and the productive industry Of the country
is being diminished Good morals In business and safe,
persevering industry if not at discount, considered
too old fogysh for the present times But feel that
this IL not the occasion for croakng and perhaps ought
TO apologize for the train OF remarks into which have
been led: but feel anxious about the present imitation
and its effects upon tho business and morals Of the
try am hopefa that by wise legislation shall escape
q financial collapse, and am confident that grand
future is before the United States. hopeful that
the currency may be brought up the specie standard
without those financial troubles which have in all cOun-
tries followed protracted and expensive wars.
BY the experience Of the last four years led to
the conclusion that people have latent power that
always manests itself when required, and is equal to
any emergency. have faith that-as have, to the
asonslnen of the world, raised immense armies, larger
apprehend than any single nation brought into the
field and met the enormous expenses OF the without
borrowing from other nations-we shall also be able,
without financial crisis TO fund our surplus currency
aud interest bearing notes bring back business TO specie
standard and place the credit Of the country on the most
satisfactory bass II we do this we shall accomplish
what the soundcst thinkers in Europe have considered
mpossbility, and what other people but the free
and enterprsng people Of the United states occupying
the grandest country in the world, could accomplish
But should be disappointed in these hopeful expec
atons should no early check be put upon the issues Of
speculation be still further stimulated and the result
thereof be extensive bankruptcy depression and hard
times the grand destiny Of this country and this govern
ment will not be affected.
The United States occupy the best portion OF the
perate zone Of continent stretching out its 10
Europe on the one side and Asia the other and pro-
dncing all articles for the subsistence and COM
fort OF tho If cotton I've king, he IL thank God
enthroned again. II bread be king, where should his
capital be but in this great Valley OF the Mississippi This
nation has within itself everything that IL needed 10
make il the greatest among the family OF nations Coal
tneXlQuStibc
ply; mountains and valleys rich enough IN gold and sill
to furnish the world for all time with what may be
needed Tor circulation and other uses copper and lead
and other minerals in no less abundance; soil OF Won
derfu fertility climate sslubrions and diversified and
above all republican institutions, and energetic and
cultivated people We have, IL true difficult questions
growing out OF the yet 10 be settled but have
abiding confidence that they will be settled they
up for settlement, In such manner as will strengthen
the Union and add TO our national renown.
The labor question at the South Is one OF those ques
tons; but there be outside interference will not
apprcdcnd be very diiicult On the contrary,
Il is queiikely TO be- a self adjusting The planter
needs tho labor OF his former slaves and the high price
which Southern products will command for years 10
viii enable him 10 pay literally for H. The col
orcd people viii soon oarn that freedom from slavery
does not mean freedom from work. The interests
OF the two will not long be aniagonistic The
whites will need the labor Of the blacks, and the
blacks will need employment There Is as much dan
ger TO be apprehended from the unwngness OF the
latter TO labor for support as from an indsposition
To pay fair wages Like all other economical qoes
tons IL will be settled by the necessities and interests of
the parties Fortunately for the solution OF this ques
ton and the well being Of laborng men generally, CAPT
tai Ii not supreme In the United states II does not as
In most other countries hold labor under It's control and
dole out to II ist such remuneration only as viii make
most Labor power , THIS u.s. free sc county, M
industrious men, and dictates terms 70 capital There IL
part Of the world where labor Is more needed than in
the Southern States. Nowhere will u soon command
better prices. THIS labor question at the South will,
doubt not be satisfactorily arranged IN due time for the
best interests Of all concerned