The Portland daily press., 1865-10-14
VJesvs al Secretary lEcCutloch on Fsnaaee
and Bssst9tese 80

CINCINNATI, Oct. IL.
The Gazette publishes speech by Mr.. Nc
Culloch, Secretary of the Treasury, at Fort
Wayne, on Wednesday night, In when ne
gives his 3 views on national finances. he
said he was not one of those who seem 70
make secured paper currency the standard.
On the contrary, he belonged to that class OF
thousands, who, regarding an exclusively me-
taIic currency as an impracticable thing among
an enterprising and commercial people, never
theleSs look upon redeemable currency as an
evil which circumstances may for time rem
der necessary, but which is never to be sus-
tanned as policy. BY common consent of
the nation, gold and silver are the only two
measures Of value. They are the necessary
regulators of trade. He wanted a well Sc
cIz7otii convertible paper currency. No other
can, to any extent be proper substitute for
coin. 1t is not expected that there shall be
dollar in coin in reserve for every dollar in pa
perrin circulation. This is not necessary. For
all ordinary home transactions, a paper cur
rency is sufficient; but there are constantly
occurring periods when the balance between
countries, and in the United States between
its different sections, must be settled in coin.
These balances are Insignificant in amount in
comparison with the transaction out of which
they rise, and when a vicious system of credit
does not too long postpone settlements, they
are arranged without disturbing the move
ments of coin. Whenever specie is needed
for this purpose, or for any other purpose, the
paper currency OF the country should be con-
vertible into it. A circulation not so convert
ible, will not be, and ought not to be tolerated
by the people. The present inconvertible cur
rency of the United States was necessity of
the war. The government ought not to be
borrowers. This currency should be brought
up to the specie standard; and he saw no way
Of doing it but by withdrawing portion Of it,
from circulation. He had no faith in pros
perity which was the effect Of a deprecated
currency, nor could he see any safe path to
tread but that which leads to specie payment.
The extreme high prices now prevailing, in
dictate that the business of the country is in
an unhealthy condition. We are measuring
values by a false standard. We have a cifcu-
lating medium altogether larger than is need
ed for legitimate business. The excess is used
in speculation. The United States to-day is
the best market in the world for foreigners to
sell in. and among the poorest to buy. The
consequence is, Europe 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 which must be settled in
part at least, with coin. t9iz h1
The longer the infection continues, the more
difficult will it be for us to get back TO specie
payment, to which we must return sooner or
later. ~ atfi slAei Es glsst
If Congress shall, early in the approaching
session, authorize the finding of legal tenders
and the work of reduction is commenced, and
carefully and prudently carricdi on, we shall
reach it probably without serious embarrass-
ment to legitimate business. If not we shall
have brief period of seductive prosperity re-
sulting in wide spread bankruptcy and disas-
ter. He spoke Of the evil tendencies of the
present initiation on public morals, converting
the business of the country into gambling,
and seriously diminishing the labor Of the
country. Men were apparently getting rich,
while morality languishes, and the productive
industry of the country is being demolished.
He was hopeful That by wise legislation we
shall escape financial collapse, and that the
currency may be brought to specie standard
without those financial troubles which have
in all countries followed protracted and expen-
siYe wars. .z.f N. aEIgHreEaa 4