Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1865-10-24
Secretary McCulloch on the National Fl
nances

Secretary McUulloch made speech at Fort
Wagner, Indiana, on Wednesday last, in which
he gives his views on national finances. The
principles he enunclates will be approved by oil
prudent men. The present inflated volume Of
currency should be contracted just as rapidly as
is compatible with the safety OF the great inter-
ests Of the country We commend the views Of
Mr.. McCulloch, which we give below, to the
attention of our readers
lie said he was not one Of those who seem to
repudiate coin as measure OF value, and to
make secured paper currency the standard.
On the contrary, he belonged to that class Of
persons, who, regarding ali exclusively me-
tallio currency as an inpractlcable thing among
an enterprslng and commercial people, neyerthe-
less look upon an lrredeemable currency as an
evil which circumstances may tJr time render
q necessity, but which Is never 10 be sustained
as policy. BY common consent Of nations
gold and silver are the only true measures Of val
ue. They are the necessary regulators OF trade.
lie favored a well. secured, convertible paper
currency. No other can 10 any extent be a
proper substitute for com. Ii IS not expected
there shall be dollar in coin in reserve for eve
ry dollar in paper in circulation. This is not
necessary, for all ordinary home transactions
paper currency is sufficient, but there are con-
stantly occurring periods when the balance be-
tween countries, ana 10 the Uniled States be-
tween its different sections, must be settled in
coin. These balances are insignificant in amount
in comparison with the transactions out Of which
they arise and when vicious system of credit
dnaa ntt louU eaf tlatuarFu
arranged without disturbing he movement of
coin. Whenever specie is needed for this pur-
pose, or for any other purpose, the paper our
reDcy OF the country should be convertible into
it; and circulation not so convertible will not
be, and ought no. to be- tolerated by the peo-
pie. The present lncOnyertIble currency of tho
United States was necessity of war, but now
that war has ceased, aud the Government ought
not to be a borrower, this currency should be
brought up to a specie standard and be saw
no way oil doing II but by Withdrawing por-
tion oi IL from circulation. lie had no faith
In prosperity which was the effect Of depre-
Gated currency, nor could he Soc any safe path
to tread bat that whoh leads to specie pay
men;, The extreme high prices now prevailing
Indicate that the business Of the country 10 in
an unhealthy condition. We are measuring
values by false standard We have cifcu-
latlng medium altogether larger than is needed
for legitimate business The excess is used in
speculations. Tue United States to-day is the
best market in the world for foreigners to sell
IN, and among the poorest 10 buy. The conse-
quence is Europe is selling us more Than she
buys Of us. including our securities, which ought
not to 20 abroad and there is debt rolling
up against us that must be settled in part at
least with coin. Tne longer the initiation con-
tInues the more difficult will 1t be for US to get
back to specie payment, to which We must re-
turn sooner or later. Ii Congress shall early in
the approaching session authorize the funding of
the legal tenders, and il the work Of reduction
s commenced and carefully and prudently car
ried on, we shall reach it probably without SER
ous embarrassment to Legitimate business. II
not, we shall have brei period OF seductive
prosperity resulting in widespread bankruptcy
and disaster.
espoke of the evil tendencies of the present
naation on the public morals, converting the
business of the country into gambling, aud seri-
lusly diminishing the labor of the land. Men
we're apparently getting rich while morality
angulshes, and the productive industry OF the
country is being demolished. He was hopeful
hat by wise legislation we shall escape hnan-
,ial collapse, and that the currency may be
brought to specie standard without those finan-
,ial troubles which have IN all countries follow
ID protracted and exhaustive wars.