The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1865-11-10
duce them TO scrub ont their filthy
streets and tenement houses.
The Currency.
SPEECH OF SECRETARY McCUL-
IOCH.

SPEECH OF SECRETARY McCOL-
LOCH.
The Cincinnati Gascitc publishes a
speech by Mr.. McCulloch, Secretary
OF the Treasury, which was delivered
at Fort Wayne, in which he gives his
views on the National finances;
He said he was not one OF those
who seem to make Il secure paper
currency the standard On the con-
trary, he belonged to that class OF
persons, who, regarding an exclusive
~ metallic currency as an Impractical
Die thing among an enterPnsln8 ana
commercial people, nevertheless look
upon a redecmablo currency rs an
evil which circumstances may Tor
time render necessary. but winch
never is TO be sustained as II policy
BY the common consent OF the nation
gold and silver are the only true
measures of value They are the nee
essary regulators of trade He IA
vorod a wcllsecured 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 in paper IN circulation. This Is
not necessary. For all ordinary home
transactions paper currency IS sui
6cient, but there are constantly oc-
curing periods when the balance be-
tween countries and in the United
States between its different sections
must be settled IN coin. These bal
ances are insignificant in amount IN
comparison with the transactions out
of which they arise, and when Vi
cious system of credit does not too
long postpone settlements Of com.
/ Whenever specie Is needed for this
purpose, or for any other purpose the
paper currency OF the country should
be convertible into it, and a circula-
ticn not 50 convertible Will not be and
ought not be tolerated by the people
The present inconyertible currency OF
the United States was a necessity oil
the war The Government ought not
to be borrowers. This currency
should be brought up to the specie
standard, and he saw no way of doing
it but by Withdrawing a portion of il
from circulation. He had no faith il
prosperity which was the effect o
deprecated currency, nor could h'
see any safe path to tread but tina
which leads to specie payment. The
extreme high prices now prevailing
Indicate that the business of the coun
try is in an unhealthy condition. VI
are measuring value by false stan
dard. We have a circulating medium
altogether larger than Is needed 70
legitimate business. The excess
used in speculation. The Unite,
States o.day is the est market in tn
world for foreigners to sell In an,
: among the poorest to buy. The con
sequence is Europe Is selling Us NOR
than she buys Of us, including our Sc
curities which ought not to sc abroad
and there is debt rolling up agains
us which must be settled i'll part, a
: least, with coin. The longer the IN
hation continues, the more ditlicll
, viii 1t be for us tp get back to speci
payment, to which we must return
sooner or later. If Congress sha
early in the approaching session au
, thorize the funding of legal tender
and the work of reduction is com
menced and carefully aud prudent
carried on, we shall reach it, probabh
without serious embarrassment to il
climate business, If not, we sha
! have brief period of seductive pros
8 perity resulting in widespread banl
. ruptcy and disaster He spoke of th
& evil tendencies of the present inhatio
on public morals, converting the bus
ness of the country into gambling an
! seriously diminishing the labor of til
. country. Men were comparativel
a getting rich while morality Linguistic
and the productive industry Of I'll
country is being demolished. He W,
. hopeful by wise legislation we sha
escape financial collapse. and tn.
the currency may be brought to
- specie standard without those fnal
!, cial troubles which have in all coul
: tries followed protracted and expel
= siye wars.