New-York daily tribune., 1865-10-14
OUR NATIONAL FINANCES
Speech of Secretary McCulloch.
SOUND VIEWS ON The CURRENCY.
CNclNNAn. Friday. Oct. -. 1865

CHclNNATI, Friday, Oct. 10, 1865
Tie Ga1ette publishes a speech made by Hugh
MeCuloch, the Secretary OF the Treasury. at Fort
Wayne, Ind, on Wednesday night in which ne gives
his views on National finances.
He said he was not one of those who seem to repud
ate coin as a measure of value, ard 10 make secured
paper currency the standard On the contrary, he be-
longed to that class of persons who regarding
c1sively metallic currency az impracticable thing
among enterprisnE and commercial people. nevcrthe.
less look upon ap irredeemable currency as
an evil which circumstances may Tor a
time render necessity, but which -
never to be sustained policy. Nv
common consent OF nations gold and silver are the
only true measures O value. They ore the necessary
regulators Of trade He favored q weLsccured, con
vertble paper currency. No other cannot to any ex.
tent bs proper substitute for coin 1t is not expected
there shall lie dollar in coin in reserve Tor every dO
lar 10 paper in circulation This is not necessary for
all ordinary home transactions. Paper currency
is sufficient, but there are constantly oc-
curing periods when the balance between
countries and in the United States between
ts different sections must be settled in coin. These
balances are Insignificant in amount IN comparison
with the transactions out Of which they arise and when
vicious system Of credit does not too long postpone
settlements they arranged without disturbing the
movements OF coin. Whenever specie II needed for
this purpose or for any other purpose the paper cur
rency Of the country should be convertible into IT, and
circulation convertible will not be. and Ought
bic currency OF the United States was necessity 0 war
but that the war has ceased and the GOyernment
ought not 10 be borrower. this currency should be
bro ught up 20 a specie standards and he saw 10 way OF
doing IT but by Withdrawing portion OF II from circn-
ation He bad no faith in prosperity when was the
effect OF deprecated currency, could ha see any
safe path 10 tread but that which leads 10 specie pay
ment The extreme high prices now prevailing indi.
Gate that the business of the country Is IN an un-
healthy condition. We are measuring values oy
a false standard. We have circulating
medium altogether larger than is needed
for legitimate business. The excess il used in specula
ons The United States to-day Is the best market IN
the world for foreigners To sell IN. and among the poor
est 10 buy. The consequence is Europe is selling Us
moro than she BUYS of u.s. incIudlng our securities
which ought TO 10 abroad md there IS debt roll
ing up against that must be settled IN part al least
with coin. The longer the initiation continues tic
more difficult will IL be- for 10 get back to specie
payment 10 which must return sooner or later II
Congress shall early in the approaching session au
hOrize the funding Of the legel tenders, and If the
work Of reduction is commenced and carefully and pru
IDENTIFY carried on shall reach IL probably without
serious embhrras to legitimate business. II not.
shall have brief period Of seductive prosperity re-
suting in wido-sppsad bankruptcy and disaster.
He spoke OF theevil tendencies OF the present nna.
ton on the public morals converting the business Of
the country into gambling and seriously diminishing
the labor OF the land. Men were apparently getting
rich while morality languishes, and the productive
industry OF the country s being demolished. He was
hopeful that by wise leFlsaton shall eecape hnan
cia collapse and that the currency b. brought 10
specie standard without those financial troubles
which have In al countries followed proirac'ed and
pcnsiye wars.