Evansville daily journal. (Evansville, Ind.) 1863-1866, 1865-04-13
Secretary Of the Treasury.
LETTER OF THE SECRETARY OF THE
-ts TREASURY. rs-T 80
Treasury DEPARrMENr. }.


DEAR Sir: Your favor of the 9th
reply, but for pressing official duties. I
have now only Time TO remark briefly
that | am not responsible for what the
newspapers may have said about the
financial policy shalt adopt as Secretary
Of the Treasury, r. ..- Z ~. .'
I Amidst the great events that are
transpiring in the United States, over
turning theories and eonfounding the
wisdom of the wisest, q Secretary of the
Treasury who should ayow, or even de-
termine in his own mind, his future poll
cy, would be pronounced a bold, rather
than sensible man. What / shall aim
to do is to watch carefully the progress
of events that J may be unable to control,
and endeavor 50 to accom- modate the
administration of the Treasury to those
events as to. maintain the credit of the
Government and protect the inse rests Of
the people. o '9aln3A 7a4sa ,aNSa
In the brief address which i made to
the principal officers of the Department,
on the 9th ultimo, said, among other
things, my chief aim win, of course,
be to provide the means to discharge the
claims upon the Treasury Department
ct the earliest day practicable,- and to
institute measures 70 bring the business
Of the country gradually back to the
specie standard, departure from which
(althongk for the time necessary Ia no
less damaging and demoralizing to toe
people than expensive to the Govern
ment
This is the only avowal of policy
which have made, or expect to make,
at least for the present. .a.g. =
The former of these objects is receiY-
ing my first attention. The sales of the
7 $40 notes (thsn which no more desir-
able security will be offered TO the pub
| lic), which have been temporarily di-
minished by the Wall Street panic, will,
am hopeful, be soon again SO increased
as to get the Treasury in condition to
meet all suspended requsitions, and
honor all drafts that may be made upon
it; so that the different Departments, by
being in. condition promptly to meet
their engagements, may be enabled to
reduce largely the expenses of the Gov
| ernment
THE latter object seemsAto be in the
right traino for Accomplishment by the
effective blows of our military aud naval
forces, without any interposition OF the
Treasury Department and in the face
Of daily increase of currency through
| the instrumentality Of national banks. q
You seem to be apprehensive that a
return to specie payments is to be ef-
fected by contraction of Government
Issues, and you say that, in one thing
1 all have been disposed to unite, and that
was that an early resumption was the
cardinal point of my policy, and that il
was to be sought at whatsoever cost to
The capitalists and working-men of the
country. 1ss ~ : lT0 IoT
A resumption OF specie payment il
with me cardinal point" because !
believe that the specie basis is the only
safe and healthy one. for business, and
because / am elearlyLof the opinion tha,
she interests of capitalists and working.
men will be promoted BY airetuFn to it;
but no policy eoAld be more auwise thar
that which should attempt to accomplish
it BY such q curtailment of the currency
: as would prostrate or injuriously affeel
those great interests upon the prosperity
of which the Government depends for ii
revenue, and which cannot be broker
: down or severely depressed without de-
} priving labor of its proper reward. i'd
" The history of Wall street, within tbs
last ten days, sustains the correctness 0
the opinion which in another position
have frequently expressed, that the higl
; price Of gold was to be attributed in par
\ at least, to other influences than the ex
p Frxet . h.
indicate that the paper circulation of th'
country which has been issued or Sc
cured by the Government even Will,
: its volume is being increased may ap
, preciate nearly to the specie standard
AS theswar dFRwsito a close, and tht
restoration Of the Union is no longe
D douhtfal,b gold and currency approx
/ mate rapidly TO each other in their max
a ct value, and, of, course, all those art
5 cles which were made to follow the for
mer in its ascent must sympashize wit
: it in its decline. This cannot be pre-
d vented by any action of the Treasury
' even il the interests Of the country RI
: quired it-EIt might have been bel
: ter for the country and the people tha
y the decline OF coin should have bee
= more gradual than has been the case fo
y the weak or two pass, but it ia bette
that it should have come down as it ha
than that il shsuld not have decline
s 1t is understood, believe, anon
~ those whose habits of personal indu
: gence lead them into protracted exces
:. es, that SOLDERING off rapidly is dai
u gerous experiment; but, dangerous as
q may be, it-is-pEsferable to-continned il
q toxication. ~~-r-y--~
. 1t does not follow, however, that b
cause gold has declined from lS5 to 4
:. and nay-speedAy decline still furthe
Of prices win generally fall to the same e:
tent; nor do believe that any perm
In nent decline which is likely to occur vi
prostraie the great interests of the con
try. On the contrary, / ah Of the OPT
y ion that when the specie standard is r
a. stored, or nearly reached, the sssnrant
$3.50 .4f1Cg q daa Ar .ry tsssgf5T #-.e