The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1865-04-21

forward again upon its career Of prosperity
and honor, scarcely staggered by such 8
struggle with gigantic rebellion as would
have broken any other nation into frag-
ments.
You will perceive, by the statement of
the condition Of the Treasury on the first
instant, that the Government circulation
has not been diminished. Whether or to
what extent, this circulation will be re-
duced, depends upon circumstances that
cannot now be exactly foreseen. have
been, and still am, Of the opinion that it
must be curtailed before return Of specie
payment, can be effected; but it cannot
be denied that the course of the market
for the past month has been such as to
justify q reconsideration of the opinions
which have been SO generally entertained
in regard to the imitation of the currency.
The increased demand for money, which
is the result of the diminution Of indivi-
dual credits, may not have been fully esti-
mated and it may turn out that no con-
siderable reduction of paper circulation
will be needed for the restoration of tho
specie basis. At all events, the Govern
ment will have no interest in retiring its
direct issues, if the desired object can be
obtained within reasonable time With
out it. -
That any valuable interests are to be
permanently injured by return to spe-
one payments is hardly creditable, and I
cannot but think that your apprehensions
of disaster to the manufacturing interests
of Pennsylvania, as the result of it, are
without reasonable foundation.
The general tariff policy is, I apprehend,
settled by our national debt. The Discus
sion Of it, therefore, at the present time,
is unnecessary. That the present tariff
needs revision is undoubtedly true. This
revision it will receive by the commission
which is to be appointed to revise the rev.
enue law, from whose labors ! anticipate
the best results. The necessities of the
government will give to our manufacture
ing interests all the protection they will
require to shield them from destructive
foreign competition and before the close
of the present administration confidently
expect to see these interests more pros
porous than they ever have been. What
recommendations / shall make to Con-
gress upon the tariff question I am not
now prepared to say. 1 expect to be able
to indorse the bill that shall be prepared
by the commission, and shall be disap-
pointed if this bill does not harmonic our
foreign and internal duties, and produce a
revenue which shall be sufficient to meet
the interest on the public debt, and grad
ually reduce the principal, without being
oppressive to the people.
In conclusion, permit me to say that 1
see no cause for encouragement in the
present or prospective condition of the
country. Our national debt is large, but
cur national resources are sufficient to
carry it without embarrassment. While it
would be foolish to call it a national bless
ing, it may be so managed as not to be a
national calamity; and in the worst view
that can be taken of it, it is small matter
in comparison with the ineetimable value
of the Union, in the maintenance of which
it has been created.
am, very truly. yours
b. McCOLLOCH.