, 1865-12-06

bonds, md the deuand for bonds w.' be 80 afreete
& BY 5he e!aie Of he EaarSet that npld c9otsacto
desirable. There Is mere danger to be apprcbeudc
nom the inability Of the Government Is reduce i,
netoo II faPdlT r. r. 5 haH o% to- R.
c1isfs that Is cerfa1n 10 come without it, that ID
Secretary roeommends eoatsscsion- Peiees are tail
eqsa,e eqsa2stng; n 81 1tge eostsg o. y deferred Y
our toR o. III constquces. Il Is not expected tha
return 10 tpecsc payments win bring prices taci
s sss and as FIJI
this bur this consideration makes It The more in
H. hat ~ inpropeEan unnecessary inaueucs
teqey would reduce Tho public revenues. >''' W.
Bpt It Wou|a Ia b. ts m,sss Be the pedias
rere1nes depend upon The Development Of ovr s IA.
1ooal resources. upon our surplus productions
fznm transactions based urou .alss ssansIS Fl
value. Or nom interests that can only flourish ID
speculative times, are not those upon which reii:
| H. What healthy and reliable business requires
is sfoLte tdHs This II cannot have as kong ds III
country Is tafitftd nth an teonrt1ttxs eurMcy
The value Of which, a. veil as the vnlue OF the yatl
properly which ts measured BY It. IL uclnatfng and
unreliable and may be IN 10 small degree controlled
By speculative eombnattons. :,
endapseE The public credit by preventing tuaJing
and that Il would compel The Goycrnment md lie
people *ho aIeia debt. to pay in dearer currency
The Secretary is unabln 10 perceive any substap-
tal ground for tltr objection. He cannot under
stand ssand how the process Of funding ia nke]y to Be-
aided BY ta continuance ot prices On their present
high leYe, or how The credit OF The government IL
to be restored BY the perpctuatlon ot an irredeen-
ase i1e & ewp ' 9s5 r so1,tss
early provision will be made lor the commencement
Of the REDUCTION Of the national deh, an early pay
that those who aPptehcn1lye of the effcc1a of
eoni5actlon entertain the opinion tha&the present
condition q things should be contin1ed urstil any
So far as individual Indebtedness is regarded, It
ray be remarked thai the people Of lhe Uuised
stales. Il not a. free rom debt as thsJ were six
they wlll be when the inevitable day Of @ payment @
poSe1 81 9 o
thc creation Of debts and etimnate the payment OF
those already existing, so far trom being tnju1ous,
il Is further urged lint 4 reduction Of ,bc Gov.
eroment notes wonld embarrass the National Banks,
II II did not force many Of them into liquidation.
D1ArS1sHEp B1fon1s AND R1DuNuAAT cuRRzyCr
It's doabs!e:s true that high rate Of exchange
dncton.. and diminished the importation Of foreign
articles, but this advantage was much more than
e 1bs y hs s dD
the very cause thst produced tho nigh rate Of ex-
change. Besides. this appa.ent advantage no long
es o. y s6s u1a
Furnnrsn crrh.nrs II nns., 4S.eE. s..ssn 80 -
Of Eons fsatishIeiy H. r. Il ,.Ttst1 &c J1s9r
he ,paT pfq an ec,iv re,,upon of MI nTsaInt,
Nor n,ns # be ofcotten that whife the 5nnsf ~
our productions was stimulated By the high nate Of
FnInns e be ~ lnss o. enabled
uniess ~ nnnsnsi 'eman tos nz ns2IR1s ~ Rs1ces
created IN Europe BY extraordinary causes, 1t w1 be
,nnorts inc1e9.c md az, frrt na;5;,.3 a. ,.. w
ne tajeH 9f Ts!tosdent ct1Tescy. Bnt refer
mept ofit countrT ia Mico It'll nr,srs NC n1tSai
in an ia1ag cs IA seers 5a a. aaacia0 oas
Upied Stotes 1t The nrsscnt line. IN nnier NV ,s
ever, That tbere may Sc no on ihis
pSe ,hs a,,sn1to ss2 saa ot Congress =
ap Hi sas !snot lan Of 'a'' accompany
IA Whirh n NAV NJ .utJ that - T. a.r,.. f.. .,
nts sao,d e. a5 1rs. ~ 9a. io4t LII H. ttS os M t
1crna"e TheI h.,1.s. ~, attv th.f. ."
a1T nIde5 =; thetE control Wnat viii b their con-
sn - III. - ~. ~ s2nunaes
nreaIrt VIII tha,s H. t..,, ~ na.it hoi 20
so1 Of credits r. the unitsd States fos which De
h @ - ~ ~ w. 4s III taeIe nas
tnsI1. nis.s 1.i- .s u eeen ayLaf
,ns,r ~ 1;t 1 onxess o. tna
nrt n H. cur1eny wJ.h ta1, " q.
tusn 10 spec. naVrnent "''1 VAC" ~ oil est's IT,
Aanfn + 4 ps}d ~, Tho svcos,,,. ,s,t s.,.
hays a. mucf ,nnenre IN crrnfno snI 49,
i;rh n,,e.. ~ snershnndsnt na
anqusa;ionsbl, tue; hut Il !. aIeo ;lus thai @ *
aG1 tnal Nhenefer the cultctcy Ia tettnced there |
.rtintf,, r. a. ~ II not greater,
TI ~, =. n,lp9 ,uep9sMs.
~. Mnicn WI % hotlced to the
st, tnereas. = g+s exchanges, reduce exports
EyrrT rnnsidasst;o, ,h,.,,,..
bruucH IN liz mind ~ ~" srr,,m ~ .na. aas oeen
.orrectness AZ he riesv. H., Iss H.
5reIcss f he rcnney r.a,, az 5as p6gsenIea the
st il credits conj e fenf iTnm haInn sss nnsh,
there wono fe ,cs* oecasiSn ~ ea5tni
.inefs ia not in healthy cond1tIon III Il .,s-r,a
stt, }erxTlsa, unefTfgtn. EyeY1 div tha, cpntrrr.
Hon r. deferred IpcJeates lhc tlidcuity az nnyrrf
ng financial collapse Prices aud cret1iis 1}li mi
einatn rs they arc The tide VIII ei;her rreete or
ldvanee; and 1t will NOT recesie without the exer
isc Of the controlling power or Congress,
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