Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1865-10-17
Secretary RIcCuliOch ON Our Ma
t fiOual Finances.

Secretary NIcCullOch ON Our Ma
tional Finances.
HuaH McCULLocH, the Secretary OF the
Treasury, made speech recently at Fort
Wayne, Indiana, in which he gave his views
on National Finances. They are signid-
can't. and, Just now, of more than ordinary
Importance.
ale said he was not one Of those who
seem to repudiate coin as a measure of val
ue and to make secured paper currency
the standard. On the contrary, he belong
ed to that class of persons who, regarding
an exclusively metallic currency as an Inn
practicable thing among enterprisiDg and
commercial people, nevertheless look upon
an irredeemable currency as an evil which
circumstances may, fol, a time, render, q ne-
cessity, but which is neverto be sustained
rs a policy. BY common consent OF ma
tions gold and silver are the only true meas
ures of value. They are the necessary reg
ulations of trade. He efavored a well secured
convertible paper currency. No other can to
any extent be proper substitute for COIN
1t is not expected there shall be dollar in
coin in reserve for every dollar in paper In
circulation. This is not necessary foral
ordinary home transactions. Paper cur
rency is sufficient; but there are constantly
occurring periods when the balance be-
tween countries and in the United States
between its different sections must be
hall inc
nificantin amount in comparison with the
transactions out of which they arise; and
when avicious system Of credit does not too
long postpone settlements, they are arrang-
ed without disturbing the movements OF
coin. Whenever specie is needed for this
purpose or for anylother purpose, the pa
per currency of the country should be con-
yertible into it; and circulation not so
convertible will not be, and ought not to
be, tolerated by the people.
ssThe present unconvertible currency Of
the United States was necessity of war;
but now that the war has ceased, and the
Government ought not to be borrower,
this currency should be brought up to a
specie standard; and he saw no way Of do
ing it but by withdrawing a portion of it
from circulation. He had no faith in a
prosperity which was the effect of depre-
ciated currency, nor could he see any safe
path TO tread but that which leads to specie
payment. The extreme high prices now
prevailing indicate that the business of the
country is in an unhealthy condition. We
are measuring values by false standard.
We have circulating medium altogether
larger than is needed for legitimate busi-
ness. The excess is used in specula-
ton. The United States to-day is the
best market in the world for foreign
lers TO sell in, and among the poorest
% buy. The consequence is Europe is sell
ing us more than she, buys OF us, including
our securities, whichought not to 60 abroad;
and there is debt rolling up against us
that must be settled in part at least with
coin. The longer the imitation continues
the more difficult will it be for us to get
back to specie payment, to which we must
return sooner or later. If Congress shall,
early in the approaching session, authorize
the funding of the legal tenders, and the
work of reduction is commenced and care
:, fully and prudently carried on, we shall
reach it probably without serious embar-
rassment to legitimate business. Ifnot we
shall have brief period of seductive pros
perity resulting in widespread bank
runtcu ond dicactpr ....
.He spoke of the evil tendencies of the
present initiation on the public morals, con-
yerting the business of the country into
gambling, and seriously diminishing the
labor of tAe country. Men were apparently
getting rich, while morality languishes and
the productive industry of the country is
being demoralized. He was hopeful that
by wise legislation we shall escape financial
collapse, and that the currency may be
brought to a specie standard without those
financial troubles which have in all coun-
! tries followed protracted and extensive
, wars" i..nes d hW'a