Daily national Republican. [volume] (Washington, D.C.) 1862-1866, 1865-04-08
SECOND EDITION
rou 4 90 OK. m.
rHn NATionAb FINANoEs-cost-
REsPONDEnCE WITH sEcRE-

rHn NATIONAL PINAHoEs-ooSt-
REsP0NDEnCE WITH sEcRE-
TARY MeoULLOCH.
A very Interesting correspondence has
taken place between HENRT q. CARET, OF
Philadelphia, the well known writer upon
political economy, and Secretary McCUI-
LOCI, upon question Of Vital interest 10
the business elasses OF the whole country.
Various aud conflicting reports having BEEN
started by Washington correspondents, In
reference 10 the future financial pol cy Of
the new Secretary, Mr.. CAREY, deprecsting
any line OF policy that, looking alone TO
resumption Of specie payments, would 60
reduce aud appreciate the currency as to
endanger the prosperity that keeps the
wheels OF Government 10 motion, asked for
the truth Of these reports, and for so much
Of the secretary's fuaucial policy as he
might be prepared To give.
Mr.. Carey ssys; "The Government has
made Itself . partner In the PROFITS of ali
our mills, mines, furnaces, taunefies, and
Workshops. As these have Increased In
number and In size, and as their owners
have pro6led, the internal revenue has
steadily grown until 1t has reached the ex-
traordinary amount OF nearly q million
dollars per day." Il is from tho prosperity
OF the Industrial pursults, he argues, that
tho income Is 10 be derived, and II the cur
rency Is lessened and appreciated With the
view OF bringing down the gold premium
and all prices, the better 10 enable re-
sumption Of specie payments, the result,
Mr.. Carey says, will be repudiAtlon and
not resumption.
Secretary MCCUILOcH, In reply, disayows
the statements OF the Washington CORES.
pondents, and thinks that In the present
revolution OF theories TO Rvow or even de-
termino definitely In his own mind fu-
ture policy he would be bold rather than
a sensible man. "what l shall aim to
do" he says, sis 10 watch carefully the
progress OF the events that may be able
10 control, and endeavor so TO accommo-
date tho administration Of the Treasury
TO those events as TO maintain the credit
OF the Government, and protect the inter
ests Of the people" He will aim 10 bring the
business OF the country gradually back to
the specie standard, but not by importing
gold, or reducing the volume Of currency
TO break do Sn the gold premium. He Is
paying as fast as practical the claims
against the Governm snt, and Is doing this
ha ~ I'M nt ha q.
which no more desirable security will be
offered 10 the public. In other words,
there will be no more gold-bcsrlug bonds
Issued.
The credit of the Government he evident,
ly Is endeavoring TO improve by paying
the Governments debts as fast rs practi-
cable, and In doing this through the sale
Of bonds, the interest on which ls payable
In paper, without Interfering with the cur.
rency by addition or reduction, he has
probably hit upon line Of policy that will
lead as directly to Q return TO the speci,
standard, without interruptiug bushes
and producing . crisis, as could we'll b,
devised, The Secretary 10 AVoWedly for I
return to specie payments, but secs tina
such q ConsummAtlon cannot be forced o
materially hurried, while the Treasury 4
on the market as q borrower. To sell loan
at par, the currency must not be appre
clatSd, and TO maintain the credit OF tn
Government the loans must be sold to pa,
outstanding claims. As these are NOR
promptly paid will the Government im
prove It's credit aud cheaper its purchases
The Secretary takes q very hopeful vleV
Of the future Of tho country, politically
and In It's vast resources, and while he Ad
mIts q reduction Of the volume OF currenc
necessary 10 q resumption Of specie pay
ments, tells tho public 1t will not DO mad
at present. The protection Of home In
dustry is alluded to, and, In tho opinion o
the Secretary, the necessities Of the Gov
ernment will give 1t all the protection
requires.
The following Is tho closing paragraph
of the letter
''In conclusion, permit me to say that
see no cause for encouragement In th
present or prospective condition of th
country. Our national debt ls large, bu
our national resources are sufficient 10 carr
1t without embarrassment. While It woul
be foolish TO call 1t national blessing,
may be so managed as not to be nations
calamity and in the worst view that ca
be taken of II, II Is email matter in con
parIson with the inestlmSble value Of II
Union, In the maintenance of which IL HI
been created"