East Saginaw courier. (East Saginaw, Mich.) 1859-18??, 1865-04-19
THE FINANCES.
An Important Letter from Secretary
McCulloch.

4. carey, OF Ihlladelpnla, on the SUD-
iect of return of specie payment.
lie first disclaims responsibility for
what the newspapers may have said
concerning his financial policy. The
only ayowal Of policy he claims to
have made was in a brief address to
the principal officers of the Depart
ment on tho 9th ult., when he said
My chief aim will, Of course, be to
provide the means to discharge the
claims upon the Treasury Depart
ment at tho earliest day practicable,
and to institute measures to bring the
business of the country gradually back
to the specie standard, a departure
from which (although from the time
being a necessity. is no less damag-
ing and demoralizing to the people
than expensive to the Government"
At present only the former of these
objects, he says, is engaging his at
tention, and he is very hopeful that
the sales of 7-30 notes will enable him
to put the Treasury in a condition to
meet all drafts upon it.
The latter seems in train for accom-
plishment through the recent military
successes without the interpostion of
v'rv-. -rrvusuIy UopuruueHI, ana that
too in the face Of a daily increase of
National bank currency.
In regard to fears that have been
entertained Of a resumption by a con-
traction OF Government issues, the
Secretary saws:
a resumption Of specie payments
is withIme cardinal point" because
/ believe 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 it, but no policy could be
more unwise than that which should
attempt to accomplish it by such a
curtailment Of the currency as would
PROSTATE or injuriously affect those
great intorostsNpon the prosperity Of
which the Government depends for
its revenue, and which cannot be
broken down or severely depressed
without depriving labor of its proper
reward"
The history of the past few days in
Wall street, he suggests, indicates
that the high price Of gold is attribut-
able, at least in part, to other causes
than the expansion Of currency, and
as the war draws to a close, he thinks
gold and currency will rapidly APP
proximate to each other in their mar
ket value. A gradual decline of coin
he thinks preferable, but a rapid de-
cline better than none. The close of
the war will necessarily bring some
embarrassment and stagnation, but
individual indebtedness he thinks will
not be large, and the security of the
currency and the vast resources of the
country viii render but temporary
whatever embarrassment does exist.
He concludes as follows:
" You will perceive by the state
ment Of the condition of the Treasury
on the first instant, that the Govern
ment circulation has not been dmin-
ished. Whether or to what extent,
this circulation will be reduced, de-
ponds upon circumstances that cannot
now be clearly foreseen. ! have boon
and still am of the opinion that it
must be curtailed before a return to
specie payment can be effected; but
it cannot be denied that the course of
the market for the past month has
been such as TO justify reconsidera-
ton of the opinions which have been
so generally entertained in relation to
the initiation Of the currency. The in
creased demand for money, which is
the result of the diminution Of indi-
vidual credits, may not have been
fully estimated; and it may turn out
that no considerable reduction Of pa
per circulation will be needed for the
restoration of the specie basis, At all
events, the Government will have no
interest in retiring its direct issues if
the desired object can be obtained
within a reasonable time without it.
"That any valuable interests are to
be permanently injured by return
TO specie payments, is hardly credible,
and L cannot but think that your APP
PROHIBITIONS of disaster to the manu-
featuring interests Of Pennsylvania, as
the result of it, arc without rcasona-
bic foundation.
"The general tariff policy is, I APP
prehend, settled by our national debt.
The discussion Of it, therefore, at the
present time, is unnecessary. That
the present tariff needs revision, is
undoubtedly true. This revision it
will receive 10y tho commission which
is to be appointed to revise the reve-
nue. laws, from whose labors / antiei-
pate the best results.
"Tho necessities OF the Govern
ment will give to our manufacturing
interests all the protection they will
require TO shield them from destruct-
i've foreign competition; and before
the close of the present Administra-
ton | confidently expect to see these
interests more prosperous than they
ever have boon. What recommends
tons shall make to Congress upon
the Tariff question am not now pre-
pared to say. i expect to be able to
endorse tho bill that shall be prepar-
cd by the commission, and shall be
disappointed if this bill does not har-
monte our foreign and internal du-
ties, and produce a revenue which
shall be sufficient TO meet the interest
on the public debt and gradually re-
duce the principal, without being OPP
pressive to to the people.
la conclusion, permit me too say
that 4 see no cause for discourage
ment in the present or prospective
condition of tho country. Our national
uoht ia LARGO Inf our no+;o,o1 ,.oe,o,,,,