Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1865-12-12
RArEs oF ADvERTIsINe.
REPORT OF THE SECRETARY OF THE


REPORT OF THE SECRETARY OF TH
TREASURY.
TREASURY DEPARTMENT. WAsHrNsraN.
ueceInber 4th. lsIll-
n conformity with law, the ~ecretal-
uf the Treasury has the honor % submit
10 Congress his annual report.
Next in Importance 30 the great ques
Uons involved in the restoration of tn,
Federal authority over the Southern
States, and the re-establishmeut Of civi
government therein under the Constitu
tion, are the financial questions embra
cling
The Currency,
The Public Debt, and
The Revenue:
all Of which demanI the early and care
fill attention Of Congress.
IMPORTANCE or T4E sURJECT.
I'm presenting these important subjects
with their various connections, the See
retary b painfully conscious Of his own
inability properly 10 discuss them, diff
cult a. they are and involving a. they 10
the national honor and the pecmiary in
tcet-~t- of thirty million Of people He
VIII, hoWaVer, offer as clearly and deli
uiJeiy as he can his own views iurelaIiln
70 them. not doubling that Congress viii
sustain and carry out. 10y appropriate leg
islation. those that are approved by their
superior wisdom, and reject those which
are regarded as either smV7acucable or
unsound.
The fact that means have been raised
without foreign loans, 10 meet the eX-
penses Of a prOtracted and very costly
war, ls evidence not only Of the great re-
sources Of the country, but of the wisdom
of Congress in passing the necessary laws,
and Of the distinguished ability Of the im-
mediate predecessors OF the present sec
rerarv ia administering them. IL y
hardly necessary o. suggest, however,
that the legislation which was proper
and wise during the progress Of hOsuliUies
may not be- appropriate or even JuSLtia-
ule in a time OF peace.
ANCIAI LEGISLATION.
The right Of Congress, AT all times to
borrow money and 70 issue obligations
for loans IN such form as may be cOHve-
uieuI. h. uuqugSJlOnahie but their au-
tLoritv % issue obligations for a circuia-
ting medium As money, and TO make
tbe.,. obligations 8 legal tender can only 7
De found in the uuwritteu law which
sanctions whatever the representative .
of the people, whose duty IL Is to main
fafu the Government against Its enemies,
may consider in a great emergency ne
ce5Sarv 10 De done. The present legal
tender acts were war measures, ami
while the repeal of those provisions
which made the United States notes law
hll money Is not now recommended, the
Secretary is Of the opinion that they
ought not TO remain lu force one day
longer than shall be necessary 10 euai le
the people % prepare ior return 10 the
CONSTITUTIONAL currency. II h not sup
f,s-ld rhst it was the intention Of Con-
gre-s. ly these acts, % Introduce stan
5srH Of value, in times of peace, lower
than the coin standard, much less 90 per-
7.aruate he discredit which must attach
ID a great nation which dishonOrs It's own
obligations by unnecessarily keeping m
an irredeemable paper cur
--u.-v. ID has not, IN past times, been
rarariIed as the province OF Congress 20
fsTfilzll the people directly with money
I'D amy form. Their authority la 20 coin
money and fix the value thereof; . and
iuasmuch ar a mixed currency, consist
inc Of paper and specie, has been found
10 Is. a commercial necessity, II would
sem also 10 be their duty TO provide, as
has been done by the National Currency
Act. that this paper currency should be
secured hevOnd any reasonable contn-
gancv. To 20 beyond this, however, and
issue Government obligations, making
them bv statute a legal tender for all
debts. public and private, Is not believed
In Dee. under ordinary circumstances,
within the scope Of their duties or consti-
tuti0ual powers.
Tbe reasons which are sometimes
l1rged in favor Of United States notes as a
currency are, the saving %
interest and their perfect safety and unl-
form value.
.frrrTrONg To UNITED STATES NoIE>-
-Tb,. ,fjtrrions 10 such policy are, that
tb+. usper circulation Of the country
.bouid be flexible, increasing or de-
creasiug according % the requirements ol .
Taerifiueara business, while, n furnished hN +.
the Government, ID would De quite likely
"a d. Governed by the necessities OF The i
Treasury OF the interests OF parties rathef .
ff,.u ~. demands of commerce and .
trsfe. Besides, a permanent Govern
,,,ant currency Would be greatly m The 4
way OF public economy anu Mouid give .
10 the party in possession OF lle NoNefli-
meut q power which Lnefe mlghS De .
strong temptations 70 lHe Tor olher liui-
po-a- than the public gOod-keepng tne I
question Of the currency constantly De-
f1r.. t4s. people as political question, .
ril.,n which lev things would De- more iH- .
furious 10 business.
. E,tff the great and iusuperaDle O1jec-
+i,1 AS already stated, % the direct issue ]
sr notes by the Government, as a i5OiicF,
J. ~. fact that the Government Of the !
T-ri+,.H ,-f4ffs Is one 0f limited and defined .
,.,.,r..r- and that the authority ID issue .
,,g.f.. Yss money l. neither expressly gwen ]
fo C'oua.rtss by the Constitution nor 4
fairIv ID be inferred, except ~ "a measure
OF necessity Ia a greatnnuoHal eAigeiicy- I
Ng consideration OF "a mere pecuhAaI4 I
character should induce an exercise DS Z
Congre-- Of powers not clearly eoitteht-
Mated hv the instrument upon MHlcn {
l.Ir political fabric was established. I
M. fs0verumeHt. in the great con- /
- which has been recently closed, mas I
r,,f s,uqbt 10 increase its own power, nor I
=, interfere with the righiiui powers Oh /
ne -tsfes. The questions decided Dg I
rI,.s war are. that the Union is Md-7so'u- .
FT.. tbat whatever D. essentially ol . i-eu Z
d. ID must be removed, that the FcdeIaa I
af5fItoritv- within lis proper 7pheIti is !
..4..r.s1,,a- and that the validity OF acJa OF I
l..l-..,,,.-- IL moi b be determined by Tie ]
-fsfe- Inn bv that tribunal which the
....,,.-.I.v character Of the Government
...--i. q necessity. lt Is the cf0WhlhS
.---r,- n he Constitution that this gfeal
War hss been Raged and closed Nisiloul
rl, power, 1f the GvTernment DeAlS su-
Is-gsl-H Oh ii- relations 10 lne States peIiiB
changed.
No LONGER NECESSARY.
Tho f.-Il- of Hited state. notes a. Jaw
Tgl money Was % measure eAledieii'1
Gyub.io-s. and necessary in inc Sis".
emergency iu which ID Was adopted Dut
Tins emergency 40 longer eXisis, Eiid
however desirable may De the saving ol
Interest. and however satisfactory these
... |s.f
these considerations viii not, IL respect
fully So omitted. Justify a departure from
that strict construction OF LIs COnsltu-
t5Ou given 90 it previous % the war Dy
uatriotic men uf all parties. ANA which ls
essential b. tne equal aHd harWOnlous
working UI gur peculiar institutions.
fFbe strength oi the Government has been
,.rov..d by the manner Iu which ii has
asrried on tbe greatest h ar 0t modern
ffr,as. il only remains. for the Niudicu-
si.-.-of its excellence and Jng perfection
ID i,s triumphs, that All powers exercised
- - r.rt.-frgation, but mot expressly
....,.5 nv the Constitution, be re-
7-t.I,.d with ihe r6tuiH Of peace.
ytllfic therefore. the Secretary Is IS The
-, tbaf fhe immediate repeal Of
- Igvsl-teuder sroyisiCns oi ne act re-
- -, t4-oriId be unWls-, as orlis likely
h. sfl,,.f iuiuriOusly the iegitiiu1'" Il,l-
rt.s of he country, upon inc u u =, l'Ili.s
IN which depends the welfare ol 'iie ~, ~
,.Is and fbe revenues which are net
lsry flr die maintenance oi liie ~,
credit. and unjust TO the holaels % III ~
note. he Is Of the opinion ulat HOt .,ia ~
Ibt-. urovisions but the acts also siio,il'. .,l.
L. REGARDED A. only temporary anu ~, ~,
tbe work of retiring the notes VIM. ~ ~
have been issued under them sii9niS ~ -
commenced without delay, and eiifeiulis q
and persistently continued lnln an az
retired.
In speaking Of the legal tender ac's,
reference has only been made 70 tiloss &
which authorized the issue Of LnlUeu
States notes. The interest bearing hoOesf
which are a legal tender for their lace
value, were intended 10 be a security
rather than a circuls ting mediumi ana il
would be neither injurious 10 the puDlle'
nor an act Of bad faith 10 the holders, ior
Congress 10 declare that, after their ma
furjtv. they shall cease 10 be legal ten
der. "a lille such declaration would aiu
tbe Government ia it efforts % retlfe
them. and Is therefore recommended.
The rapidity with which the Govern
uaent notes can be withdrawn viii De
pend upon th,, ability Of the Secretary tS
dispose Of securities. The influences Q
HarsafT