North Branch democrat. [volume] (Tunkhannock, Pa.) 1854-1867, 1865-10-25
THE NATIONAL FINANCES.
Secretary Nc CulIoch's Opieion of Them.


The Cincinnati Gazette publishes speech
made BY Secretary McC ullrchas FoF, Wayne,
lndiara, on Wednesday night Of last week,
in which he gives his views on the national
finances. He SAID he was not one Of those
va lue, and to make a. sound paper currency
the standard on the Contrary, he belonged
to that class Of persons who, regarding an
exclusive metallic currency as an inpractica-
ble thing among enterprlsng and commtrc'
people, nevertheless look upon an irredeema-
biz currency as an evil which circumstances
may for time render necessary, but which
is never to be sustained as p"hcy. By the
common consent Of nations, gold and silver
are the only two measures Of value, they ale
the necessary regulators of trade.
He favored a we'll secured convertible pa
per currency. No other can to any extent
be proper substitute for coin. 1t is NOT
expected that there shall be a dollar in coin
in reserve for every dollar of paper IN clrcu-
y
naIy home transactions paper currency is
sufficient y but there are constantly occurring
periods when the balances between coun
tries, and in the United States between the
different sections, must be settled in coln.-
These balances are Insignificant, in compari
Sun with the transactions out Of which they
arise, and when vicious system Of credit
does not to long postpone settlements, they
are orranged without dis turb bing the move
ments OF coin. Whenever specie is needed
for this urpost, or for any other purpose,
the paper currency Of the country shonId be
convertible into it and circulation not SO
convertible will not be, and ought not to be
tolerated by the people.
The. present uncomfortable currency of the
United States was necessity Of war but
now that the war has closed, and the Gov
ernment ought not to be bprruwe,, the
currency should be brought up to a specie
standard and he saw no way of doing it
bnt by Withdrawing portion Of it from cir
culation He had no faith in a prosperity
which was The effect OF deprecated curren-
cy; Nor could be see any safe path to tread
but that which leads to specie payments.-
The extreme high prices now prevailing indi
cate that The business IF the country is in an
unhealthy condition. We are measuring
values by false standard. We have a cr-
cuating modirm altogether larger than is
needed for legitimate business, and the ex.
cess is used in speculation. ... ...
The Unifed States is TO day the best mar
The consequence is that Europeis selling us
more Than he buys Of Us, including our St
curtlie>. which ought not to 60 abroad, and
there Is a debt rolling up against US that
must be settled part at least in coin. The
longer the initiation continues the more diff
cult it will be for us to get back to specie
payments, TO which we must return sooner
or later. If Cun.ress shall, early IN the ap-
preaching session, authorize the funding of
the legal tenders, and the work OF reduction
is commenced, and cheerfuiiy and prudentlv
carried on We shall reach it probably with
out injury and embarrassment . legal bu,
ness. Ii not we shall have brief period oi
seductive prosperity, resulting IN a wide
spread binkruptancy and disaster He spoke
of the evil tendency Of the present imitation
on the public morals, converting the business,
Of the country into gambling aud seriously
diminishing the labor OF the country. We
are apparently getting richer when morality
languIshes and the productive industry Of
the country is being diminished. He was
hopeful that by wiss legislation We will es
cape financial collapse, and the currency
may be brought to the specie standard with
out these financial troubles which have in all
countries followed protracted and extensive