The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1865-10-26
Che Kenosha telegraph
Thursday Korning Oct. 2s. 1865
The National Finances Policy Of Setreta-
Il zs pv MeCuIIosh IT

e1peCt, To- Ue1 oeCresery OF the treasury. 10
this faet I attribute to, . great degress=the good
feeling and inda gence that hx vs been ms,iles-
| ted toward me in the very trying and re,pensl-
! i, {! ai'i3p occupy. ! accepted the Office of
Secreraryof the II eastry with great distrust Of
my ability to meet tho public expectation, bur
With . sincere desire to do so, and to conduct
the affairs Of dis great Department so as 10 aid
in restoring the credit of the Government, which
hss been damaged 10y the greatneas Of the pub
| lie debt, and the uncertainty in regard 10 the
tdurafon, III not to he result of the war, and in
bringing up the obligations o! the Government
| to The specie standard. --.
+ i am NOT one of tflnes vino seem to 9repudists
coin "a measure of value, an to make u
cured paper currency the standard. On the
CONTRARY, be long to that oiass OF persona who,
regarding an exclusive metallic currency az an
impract cable thing among en,erprsipg isud'
c"nlmercai people, nevsriheless look upon an
lrredeemable currency, as an evil, which Cir
cuns,ances may Tor L'ee seadera Necessity,
| out which is never to ID 4ustaiasdss- policy.
| By the common consent OF the hat3nI, xOlr
and silver are the euiy true msss9rrs u isalSt..
L =
my sell no more d5ub, lllat ,hs.e .rAelsi4 we've
pre- ps, ed by the almighty for fbis very purpusy
;han have that IRON and coal were p,epal cd
Tor the purposes in which they nre beng Used.
l favor veil secured CONVEX tible paper 2cu'ss
1 reTcy No ,lli1er Aa0.-ro any extent, oe pr"p>
Ell ,ubstituie for enin. OF Course 1t is not ex-
pectsd that there shall be dollar in coin in re-
serve tor every dollar OF paper IN circulR tm''
This is not necessary. For all ordinary HON,
Transactions paper currency 10 Suffi>ieh9 oh
there are cons Kntiy Occurring pelpds wi.ei
the balances between toGnlrles, and in tbs
United states between il d. erent sections mus
ne set:led iu cola. These balances are insis
nifcant in amount in Sampsrisan With the tisns
aciionsTvut9 of whaeh tHey arise, and when
vicious system u credit does Aot,tpoe on2 post
peGe sestlemerts- they are arranged wiinou
disturbing the movements of ceiu. WneneRe
specie is needed for TINS purpose, she papercur
'encyioi the country -houid he convertible ip
"a, and acirculntion not convertible will not b
aud ought NOT to be, long tolerated by the pen
pie. The present incunvertiple currency OF liz
United States was necessity,ot the war, bn
now that the war has ceased, and the Govern
tnent ought not 10 be longer boEsswsr, Thu
Z currency should be brought up~to the speci
standard; and see no way OF doing this bu
by witndi awning portion of it from circulate on
| have no taith in prosperity which 10 Iii
: effect of deprecated currency, nor can | sc
any safe path tor US to tread but that whIcl
leacsto specie payments, 3
IA The exs creme nigh prices which now epreysi
in the L niied sies are an unerrng indlcatio
that the businss. Of the country is in an u,
aealthy cundit on. We are measuring. value
Z by a false staadari.tVe awe circulating ME
dun altogether larger than is needed tor iegi'
innate business. he excess is u-ea in tpecujv
ltigns The Uni sd States. are to-dsy the 10
., hatkets,p the wSr.dAsf fMei91sp to lseifp, al
aiming the poorest t. buzz IL, fine ovnveq aenr
is that Europe Is selling Us more than she buy
OF Us, including our securities, which ought M
{" go abroad; aud there is q debt rolling "
sgainst Us that must be set tied in part, at lea .,
with coin . .....,,
|. The longer. the infati IN o'u,inues, the mon
difticGt will it-be Tor to get back to the col
I'd ground of specie payment, TO which we mus
g., return soouer OF iater.S ,r-a--~B
z II Congress shall, Yearly in the approaching
session, authorize the funding Of the legal teu
fer', and the w"rk of a reduction is commence
and carried IN resnIuteiy, but carefully an,
prudentIy, we shall reach It probably wirhou,
seriosis embarrassment 10 Iegitirnase business l
not. we shall have briet period of hollow an
Fednctive prosperity, resulting in swide-ap,ead
bankruptcy and disaster 30
There are other objections TO the present r
nstion. 1t is. tear, corrupting he ruh
ni"ral>; IL converting the business OF hr c.,i,,
t-sy into gambling, and seriously diminishn
the labor of ths country. This is always tn
fleet ot excessive ejaculation The kind q
ga bling v bieh it produces ia l.ns confined T.
the stock an produces B aFds, where tho yer,
II rms which A:c us' ~, y he orc. aors ind cat
the nti IRE ntIhe s.ssctint., hu: il is ,presf ~
'hrue eur t"wpss, aid gerliag ricE, - lie m
ra.i;y rs i"ngnislin&, sad the productive india,
n. "i The c:lun'rY j. ibeing DIM i-he,i-- ca (
morals inbuSine~s, aud aate, pei,everirg IN
r. tduAfTy, II not NJ a discount are considered 10
Hold fog Ni4htar thespresent times. pntf I fee
that this il n'it.thes"rcas'Dn fr croakiop. am
perhaps ought to epaInRize TOR The train Of re
mm ks into winch have b. en- ! d. but I fee
! .nx'"us ABBOTT the presen ihR ,ticn and i'm ct.
Efeefs upon The -tu Iness and m"ralsut the c;un
Try l am h"pafui that by wise legi. alton, W.
shall escape financial collapse. aud | am ON
adent that grand future ia before the Unite,
states am hopeful thar the currency mayb
brought up to tie sperie standard, withou
those financial troubles which have, in all coun
tres, followed pintracied and expensive wars.
BY the experiences of the last four years W,
: are ledtothe conclusion hat our penple have
latent power that aiways manifess iself wbe,
required, and Is equal 20 any emergency,
, nave Hath III that as we have, TO the astonisf.
n"nt OF the world, raised immense armies Iarp
er apprehend than any single nation eve,
brought into the field. and met the eDormnu,
expenses of the war wlthou, borrnwins
! tr, IN other nations, we shall alao1be able. with
out financial c.isis. TO fund our surplus chr
rency and interest bearing notes bring bach
business to specie standard, and place The
credit of the country the most satisfactory
"asia. If we do this we shall accomplish wha.
rnt soundest thinkers in Europe have cousid-
cred an impos-bllty, and wha. no other ne pie
but tae free aud enterpaE ng people of the un,-
cd Sta g., occupying the graEdest Country i.
The world, could accomplish. But should W.
be Disappointed in these hopefll expectation. (;
-a"uld NJ .sriy check be put upon the issue.
81 paper money; Should rrices stiAsg furtb or az
vance, mud speculation be sti!l further stimuli.
ed. AND a lhe rssul' tbese9f be sexseaFve bank
ruptey ,FdeBression@ ard hard times, The grand
destiny of rhif country, and this Cove Dmept
| will not be affected. 's'''t . -'' 49,
4 The United States occupy the beat portion of
The temperate zone OF continent, stretching
"uf ''r arms to Europe On the one eds ano
ASIA OF the o her, and producing all srtic,e.