The Howard union. (Glasgow, Mo.) 1865-1866, 1865-11-02
THE NATIONAL FINANCES.
Policy Of Secretary McCulloch a Re
turn to Specie Payments Contraction
the Only Means. re4

Cd'uch's speech at the banquet given him
at Fort Wayne, last evening, which relates
TO the finances:
You know that did not seek, rs did |
not expect, TO be Secretary Of the Treasury.
To this fact | attribute 10 a great degree
the good feeling and indulgence tina, have
been manifested towards Inc in the very
trying and responsible position occupy |
| accepted the office OF Secretary Of the
Treasury with great dis,rust OF my ability
10 meet the public expectation, but with u
sincere desire 10 do so, aud TO conduct the
affairs of this great department SO as to aid
in restoring the credit OF the Government,
which has been damaged by the greatness
OF the public debt, aud the uncertainty in
regard TO The duration if not To the result
oil the war, and in bringing up the obIigd
tions OF the Government 10 he specie stand
/ ard. t
am not one Of those who seem tore
pudiale COIN as q measure of value, aud to
make secured paper currency tie stafd&-t Il
Onthe contrary belong TO that class Of
persons who, regarding an exclusive me.
allie currency as an impracIicabe thing
amnng enterpr.ng and commercial people,
nevertheless look upon on irredeemable
currency as an evil which circumstances
may for time render necessity, but
winch is never to be sustained as policy.
By the common consent Of the nations, gold
and silver are the only true measures of
value. They are the necessary regulators
ol trade. have myself no more doubt
that these ma erials were prepared by the
A Almighty Tor this very purpose than have
: that iron and coal were prepared Tor the
, purposes in which they are being used. ]
Iayor q well secured convertible paper
currency. No o,her can TO any extent be a
proper substitute tor coin. o. course il is
net expected that there shall be dollar in
coin in reserve Tor every dollar Of pap r in
circulation. This is not necessary. For
all ordinary home Transactions a-poper cur
rency Is sufficient, but there are constantly
occurring periods when the balances be
tween countries, and in the United States
! between ITS different sections, must be set
r lied in coiH.IIhese balances are insignificant
in amount in comparison with the irursac-
lions ont Of which they arise, and when a
vicious system OF credit does not too long
postpone settlements, they are arranged
without disturbing the movement OF coin,
. Whenever specie is needed for this purpose,
tile paper currency OF the country shoul d
be convertible into it, and circulation not
So convertible will moi be, and ought not &c
he, long tolerated by the people. The prss.
u ent convertible currency Of the United
$ States was a necessity of The war, but now
tina, the war has ceased, and fhe Govern
ment ought not TO be longer borrower
): his currency should be brought up TO The
n specie standard, and see 10 way of doing
this but by Withdrawing portion of il
from circulation. | have no faith in
prosperity which is the effect Of depre
cirIed currency, nor can | see any safe patti
;. for lis 10 tread but that which leads to specie
payment.
The extreme high prices which now
prevail in the United States are an unerring
:. indication that the business of the country
d is in an unhealthy condition. We are
measuring values by false standard We
4 have circulating medium altogether larger
than is needed for legitimate business
The excess is used in specuations. The
United Str'es are to-day the besi market il
the world for foreigners 10 sell in, anc
among the poorest to buy in. The con>e
Y quence is, that Europe is selling us NOR,
Than shs buys Of us, including our securities
which ought not TO go abroad; and there l.
a debt rolling up against us that must b,
/. settled in part, at least, with Gin. TIL,
longer the initiation continues tie NOR,
p difficult will il be for us TO pet back 10 III,
solid ground Of specie payment, TO whicl
we mus, return sooner or later
3 Ii Congress shall. early in the opproach
Is ing session. authorize The finding of III,
2 legal tenders, and the work of rednc,i.I
| is commenced and carried on re,olu,eIy, bn
carefully and prudenry, we shall reach i
probably without seriniIs embarrassment I,
legitimate business. | not, we shall hav,
II brief pcrlod of hollow and seductive pros
y perily, resulting in VIDE spread BANKRUPT
'e cy and disaster.
IL There are other o,,;so,;o,s 70 ,ha rrosec
irGa,,on II i ts., oor,u,,,;n ,h' ,,,L
Lie morals. !, il oo,,v.r,,no H. - ,"u r'"
, -, "