The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1865-10-18

Each individual takes his degree In proper
ton to his merits and his virtue. - Extrucf
from speech of President Johnson to a Col
0red regiment. cs *rG 7e2+wa
National Finances-Curre
Ues0urces ANA LAhoEsa
Everything having = sendens - ~ the
finances and the cureacy ef - Ssuntry is
regarded With intense intessst BY Hla1p class
of our readers. We therefore publish some
extracts from the speech of Hu0n McCuL-
LoueH, Secretary of the Treasury, delivered
at Fort Wayne few days ago:
Lam not one of those who seem to repus
diate coin as a measure Of value, and to make
secured paper currency the standard. On
the contrary. belong 10 that class Of persons
who, regarding an exclusive metallic currency
as an impossible thing among enterprisins and
commercial people, nevertheless look upoA
3 anrredee uabis currency - ~ evlRsvhich
circumstances may for time render neces-
sity, but which u never to be ersustained as
policy. By the common coaeent Of the ma
tions, gold and silver are the only true mea-
sures of value. They are the necessary regu-
lators of trade. have myself n6 more doubt
that these metals were prepared by the Al
mighty for this very purpose than have that
iron and ceal were prepared for the purposes
in which they are now being used. l favor q
well-secured convertible paper currency. No
other can, to any extent, be a proper substi-
tute for coin. Of course, It is not expected
that there shall be dollar IN coin in reserve
for every dollar of paper in circulation This
is not necessary. For all ordinary home
transactions a paper currency is sufficient,
but there are constantly occurring periods
when the balances between countries, and In
the United States between It's different sec-
tions, must be settled. These balances are
insignificant in amount in comparison with
the transactions out of which they arise, and
when a vicious system of credits does not too
long postpone settlements, they are arranged
without disturbing the movements of coin.
Whenever specie is needed for this purpose,
the paper currency of the country should be
convertible into it, and circulation not SO
convertible will not be, and ought not to be,
long tolerated by the people. The present
inconvertible currency of the United States
Was a necessity of the war, but now that the
war has ceased, and the Government ought
not to be longer borrower, this currency
ought to be brought up TO the specie standard:
and see no way of doing this but by with
drawing portion of it from circulation. /
have no sfaith in prosperity which is the
effect of deprecated currency, nor can
see any safe path for us to tread but that which
leads to specie payment.
The extreme high prices which now prevail
in the United States are an unerring indica-
ton that the business Of the country is in an
unhealthy condition. We are measuring val
ues by false standard. We have circulat-
ing medium altogether larger than is needed
for legitimate business. The excess is used
in speculations. The United States are to-
day the best market In the world for foreign
ers TO sell in, and among the poorest to buy
in. The consequence is that Europeis is selling
us more than she buys of us, including our
securities, which ought not to go abroad and
there is debt rolling up against us that must
be settled, in part at least, with coin. The
longer the initiation continues, the more diff
cult will it be for us to get back to the solid
ground of specie payment, to which we must
return sooner or later.
IfCongress shall, early in the approaching
session, authorize the funding of the legal
tenders, and the work of reduction is com
menced and carried on resolutely, but care
fully and prudently, we shall reach it proba.
bly, without serious embarrassment to legiti.
mate business IL not, we shall have a briei
period of hollow and seductive prosperity
resulting in widespread bankruptcy and dis
aster."
The Secretary then proceeds to depict the
evil consequences Of . failure on the part Of
the Government to contract the circulation o.
the country, and closes hopefully with briel
allusion to the great resources at the com
msnd of the people of the United States.
His confidence in the final settlement of the
labor question in the South on the principles
of the mutual interest of laborers and employ
ers, and the essential necessity for labor in
the Southis not without weight with US. Il
the white laborers of the United States would
conquer their prejudices, they might be able
to appreciate the advantage of the substitution
of free for slave laborers, and the still furth
er~advantage and power to the laborers in
this country Of fitting the laborers of the
South to cast their ballots in the cause of the
people as they have already 6ped their bullets
in behalf of the Government. Mr.. McCUL-
LouGH says:
"The United States occupy the best por.
ton of the temperate zone Of q continent,
stretching out its arms to Europe on the. one
side and Asia on the other, and producing all
articles necessary for the subsistence and com
fort of the race. If cotton be king, he is,
Sinhh oOut ChSuiOHCN 0S0AA. ~ UaSMeu VIC
king, where should his capital be bat ID this
great valley Of the Mississippi? This nakion
has within itself every thing that il aseaed TO
make it the greatest among the family of pa-
tons. Coal and iron are in juxtaposition I'D
in inexhaustible supply mountains and NJ
leys rich enough in gold and silver to furnish
the world for all time With what may BE- -
ed for circulation and other uses copper. 81
lead, and other minerals in no less abundenee:
q climate sslubrious and diversified, md.
above all, republican institutions and q en-
ergetic and 'cuitivated people. Weiays, i is
true, difficult Qscstions growing 01t q the
war yet TO be set&led, but hnve . n6iding
confidence that they vim b esttloa, = they
come up for settlement, II sacA muhner q
viii strengthen the Unioa ~ ~ p our ma
6onal renOwn. sss I -
The labor question = ~ eou1hi g one Of
those qnesticns bat + thss - - outiids
interference il win -, ! eCgd, be 5
very dilacslt enc. O. ~ spsIy1l 3 oaite
likely to b : adjnseing 81. 1kepl16flr
assds he kber & his sbEs9 dsvut =