The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1865-12-10
AalOu.
SUNDAY. DF0EMBER 10, 1855.
- Treasurr RePorI.


Mr.. M,Cailcch has given q the country
al able paper-on the nafional nnances- Re
writes End reasols ike 3 sound, thorough
bred merchsrt, aDd c0mprehends the great
With and future bearing 81 his subject With
ssstssnanlike saescty. u seems te be his
cardinal rule Of 6iiiee. and he has bssn sin-
guiarly fortunate ia preserving its consist
ency against co1ficiing eounseis from WITH =
n aud without, q DO nothing rash or M
provideut. and T. aticnlpt aotning liIf'rac-
tieable. He made few pr'ieaiaons q eeono-
my, and gave ufterance % no boast O s1iiiiy
u control OF ctnfolidate, or reduce e any
very early dag, the magnitude Of our public
debt. ON coming iaio administration last
March The war had not then ended
though looking 70 the end. And when the
rebeiiien collapsed IN April, his embArrass-
1nsuts ,-ere rsther increased than diminish
"a n suddenly f0und himself called on
A. rsise IN 8 few months six hundred mil
lions 81 doIlsrs beyond he regularly author
ized losns Ter the hscal year then drawing 10
q close: IN other words, 10 exhaust the IN
tire authority for tbs neW nscal yesr before
i had harry set in He gave himself
quietly, but earnestly, . the work ana Wniie
the country IVES erpectinga maximum debt
I'D Al Iessi three thousand millions, he an
pouncss without ostentRtion, first, 3 maxi
mum In August Of only s., 80 ,0O0, and
som afusr its gradual reduction month By
month 10 S2,Ti2, 900 zoe. To be sure, he
was favored, after his eariier trials on the
disbanding and prompt payment OF our I'M
mense VOlguteer armies, with large taxes,
~ vel a. large customs. Bat he gave his
earnest attention 70 the collection Of the
former, and 20 the best and most irritable
application Of the latter. He now submits,
with has usual caudor, that be may yet
wautS ~ zoe zoe ,0o0 in excess Of his proba-
be receipts % the close Of the prsent fiscal
year but taking the experience Of the past
ieE months As an index, il is quite clear
that be will suffer 20 such sum 70 BE- added
q the present total Of the debt. And il Is
almost equally certain that his surplus Of
slII 600 zoe ,05o fsr the succeeding fiscal yea
via al within the results Of customs and
tarati0n for that year, now that We have
every reasonable issuance that our foreign
trade and political relations cannot be Sc
riouslv COMPROMISED By either Of the pend
ing Questions shat were By some 81 our
merchants and inancisl people supposed,
bsfore the Message Of the President was
delivered yesterday, 70 threHten the sss
pension Of diPlonstie intercourse, II not wal
itself
ON the question Of the currency, his re-
rort is tue 10 his Fort Wayne text. He
cisted circulsiiou. He would not have the
people mistake OF eEaggerate the real value
Of our present activity Of trade. or the dan
gers 70 the future o. mercantile as well Of
pablic credit, from the excitements Of spec
ulati0u, 30 far as either haE e grown Gus OF
continue 10 be sustained by q redundant
currency. He Is equally decided 10 favor
ui Withdrawing, as time and the cirrum-
ances OF the country and Of bis own fnan-
Gee viii admit, the withdrawal OF the com
pound snd greenback legal tenders. Ii
would not have the Treasury great bank
Of direct issus one moment longer than We
csu return 20 the specie standard, and sub
situate 3 sPecie-Psyng National Bank CIR
culation for the Rmplest wants Of the coun-
try under the change Of system. But IN al
this he keeps il view the practical stubborn
facts. that "ths profess OF contrEciion can
not be niuriously mpid;" and tkat "ueithtl
the amount Of reduction nor the time tina
will be required 70 bring up the currency q
the sperio standard, can now be estimated
With any degree Of certainty" He Wouis
first establish the policy Of contraction, sBt
leave ID b gradually accommodate itself Il
the business 81 he cuuntry without
shock % trade. and without : diminution .
the public resources or 90 productive indus
try.'
IN Alla UNuAeAlNUH us Afe- AeclttlluNliAA
t.ou Is pros psctive, looking 20 the withdraw
al of an che compound legal tenders OF
tbeir uaiurity, two Or three years hence
lsB7-6s, by euactnF that after that tim
they shall cease 90 Be legal tender, In ~
meantime he would have the discretionar.
authority 30 negotiate gold -hssriug loans
fund bo c0mE 0und and greenback INIT,
States notes. or the latter be expresses tn
opib On that NOT more than one kundfe'
o. q most two hundred millions need .
utthdruWu, ia addition 10 the compounds
before the desired reHiit OF the specie stand
aId would D. attained.
GO he National Baking System he "a
~ central rsdempiions aud the librra
disiritsltion of its circulation 10 the South
The latter be thinks may be done out Of th
preseut ys00 600 900 authorized, but shoull
an increase be necessary, u can be provide
hereafter lie doubts whether larger pa
per circulation thau ihis will be require.
a. the business OF the country returns 10
healthy bssis.