New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-04-08
THE FINANCES.
Important Letter from Secretary AcCnlloch.

The following letter has Just been sent to q
citizen Of Philadelphia by the new Secretary OF the
Treasury;
TREASURY DEPARTMENT. April 4. 1883
DEAR Sin; Your favor OF the 9Th ultmo would have
received earlier reply but for pressing Official dutes
have now only time 10 remark briefly that an nos
responsible for what the newspapers may nave saia
about the financial policy shall ndopt ss Secretary VI
the Treasury.
Amid the great events that transplring In the
UDted States, overturnDg theories and coniounding
the wisdom OF the wsesi. Secretary OF the treasury
who should avow or even determine definitely IN his
own mind, his future policy, would be Pfo,ounceu
bold. rather thaD sensible man. what sh'i ann 10
do is to watch carefully the groess Of inc events .n.
may be unable to eoutrol and endeavor so to accom-
MEDIATE the administration OF tho treasury 10 ihoSe
events as maintain the credit OF the Governments and
protect the interests Of the ponl lie.
In the brief address which made TO The principal
officers OF the Department. on the 9Th ut sald among
other things My chef aim WILL OF course. be 70 pro
vide the means TO discharge fhe claims upon the Iis
ury Department the earliest day practicable and to
institute measures bring the business OF the country
gradually back to the specie standard. departure nom
which (nhough for the time being necessity IS no
less damaging md demorHzing 70 the people tIan eA'
pensiye IL the Government
hi, is tie onl, ayoval OF policy which have made
or expect to make, ut least for the present
Tie former Of these objects II receiving my hrN A.
tepton The sales Of the Seven.thiriv notes han when
no more desirable security viii be offered TO tie pu6c
which have been temporarily diminished by the all
81. 4
as 10 mt the Treasury in condition 20 meet all sus
pc nded requsitions and honor oil drafts that may De
made upon IT, SO that the different departn ent'. ny
being in condition promptly 10 meet ther engage
mets may he enabled 10 reduce largely the expenses
OF the Government.
Tie latter obcc, seems to be IN the right train for
accomplishment by the effective blows OF our military
and naval forces without any interpositon OF ine
Treasury Department and in the lace OF daily
Increase Of currency through the fundamentally Oh tho
national banks.
You scom to be hpprehcnsve that the return 70 specie
payments is to be effected by contraction Ct Govern
ment issues and you say TINT In one thing All nave
disposed to unite and that that an eaIy resump
ton was the cardinal point Of my policy ana that IL
be sought whatsoever cost 70 the capt alisb
and working men Of the county.
resumption of specie payments II with me " or
dina point" because believe that the specie basis
the only safe and healthy for business and because
clearly Of the opinion that the inte ees OF oafta
IS" and working men wu be promoted oy ie'nIn TO
should attempt to accomplish II by such curiaimen
Of the currency would PROSTATE or inurously affect
those great interests upon the prosperity " which tie
depe nds for It's revenue hnd which cannot
be broken down or severely depressed WITHOUT &C.
prving lab, r OF Its proper reward
The hist ~ Of Wast within the last ten days sus'
ains the correctness Of the opnon which IN another
20 ion have frequently expressed. that the tigh price
VI gold to DC attributed ~ pat OF least u other
influences than the exp .nsion OF tho currency ava
10 indicate that the paper Circulation oi the
country which tas been issued secured by the Gov
eminent. while It's volume Is being increased NAY
appreciate nenTly to the specie stahdsrd.
As the draws To = close ard tho restorstion OF
the Union Is no longer doubtu gold and currency ep
prc1imate repidly 10 each other IN their naTketvauc
and OF course oil those articles which were made 70
follow the former In its accent must sympathize with II
its decline. Ills counot be prevented by any action
~ the Treasury, even II the inter ss Of the country 10
qured IL. II might hnv, been better fr the country
IA pco!e Tat the decline u coin should have been
more gradual than hos been the Tor the week or
past but IL ia better tb II should have come Gown
IL has than that II should not have declined at al
II hal. flau&A
OF personal indulgence lead them into proirnctcd tr.
ce.se. that SOLDERING of rapidly Is dangerous e.
pertinent; but dangerous a. IL may be. II pre!eraos
t. continued inioIicatiOn- -
IL does not follow however. that brcanse gold has
declined frun les 10 l46 and may speedily deeline stil
further prices generally will fall Ia the same extent
nor Go | believe that any permanent decline which 10
likely 10 will prostrte the great ntefrs" Of the
country. On the contrary. am Of the opinion tbat
when the specie s,ardd restored or nearly reached
tho sssur ancc which this state u things viii create
that the buiDcss q! the country In 10 be usnseed on
hrmer bass-will divert capital from speculation. and
stimulate instead Of pro.trsie, productive industry
The close of the war will remove the Government ~
A rood degree Il or the market both borrower and
purchaser and while the bnspess q ihs Seanff
iii r.. 20 = Considerable extent stagnstion end en-
oarrassmont bnt hosiites are nov hely 10 terini
nate before spec has resulted In large Individual
indebtednes tho transition IL likely 10 be ELECTED
without the disasters which 30 many have apprehendcd
The liabilities Of the people are 80 small. the cIcniat'
Ing medium 10 so ample and 30 well secured, the re-
sources Of tn, pston are vast. and our political u
ture Ia so brilliant. that tho eubarraSments when
change In the business Of the country must bring abon
will be but temporary. and the indications are now de-
cId,d that by ts time reconstruction ia fairy con-
menced enterprise will be QuckeDed into new ii,e ana
with its integrity established the only dra"Dscl upon
the national and the only stnin upon the M
tional emovcd the great Republic w move
forward again Ito career OF prosperity anu hohof
scarcely staggered by such struggle wifh kigsnua
Rebellion as voui have broken Any other nation h'o
fragments. ,,,
You will perceive by the statement OF the condition
of the Treasury on tho first instant that the Go'ern'
rnent circulation has not been diminished. bclher
or 10 what extent this circulation Will be reduced de-
ponds upon circumstances that cannot now De o4eaIy
oreseen have been and SIN am oil Inc opinion ina!
A mus. be curtae before return to Specie pa ment
can be effected but cannot be 1enied that tbe course
Of the market for the past month has been such as 70
justify reconsideration OF the opinions when nave
been ~ generally entertained In relation 70 te IMITATION
a the currency The increased demand for money.
which Is the result OF the dimnuton OF Individual cred
Its may not have been fully esmnted ana may turn
ont at no considerable reduction OF paper Circulation
will be needed for the restoration OF the specie basis
all events the Government will have no interest IN
retiring direct issues u the desired object can Dc OBJ
tanned within q reasonable time without H.
That any valuable interests 10 be permanently In
ured by a return specie payments 10 hardly credible
aud cannot but think that your apprehenslons OF
disaster to the manufacturing interests OF PennsyI
vins the result Of are without reasonable iouhoS
ton. .,,.
The general tariff policy is apprehend settled BY
our national debt Tue discussion Of 1t, therefore, at
the present time Ia unnecessary. lhdt lne Pieso"'
,srif needs Revision Is undoubtedly true This revision
il will receive BY the commission which is to be aP
noited 10 revise the revenu. laws from whose labors
anticipate the best results.
The necessities Of tho Government VIII give 20 our
msnfctnring int. rests all the protection they will re-
oujre 10 shield them from destructive foreign competi
ton; and before the close Of hs present
confidently expect 70 zee these ivtere t m0pv pu1
lions 1 shall make 70 Congress upon the Tarin
question am no. now prepared TO say expect to be
mission and sha be disappointed II this bill docs
NOT harmonxa our foreign and internal duties and pro