The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1865-12-11
The Treasury Reporl

OF the report of the Secretary of tie
Treasury we present a synopsis OF its
most important statements of fact and
of opinion, including the three topics OF
Currency, Public Debt and Revenue, and
pursuing the order in which they are
treated by MI McCulloch
The Curency.-Tbe key to the poll
oy which the Secretary advocates may
be found in the declaration of his belief
that the authority of Congress to make
the obligations of the Government le
gal tender resides outside OF the Consti-
tuition, and that the imitation which has
followed upon the necessary exercise of
that authority during the war is prejudi.
cial to both public and private interests.
While, therefore, he does not advocate
the repeal of the legal tender acts, nor
believe it possible to reduce the volume
of the currency by violent measures, he
is Of opinion that those acts should be
regarded as only temporary, and that
the work OF retiring the notes which
have been issued under them should be
commenced without delay and carefully
and persisteHtly continued until all are
Withdrawn The rapidity ofthe process
Of securities The specific measures re.
commended are as follows
FIRST That Congress declare that the
compound interest notes shall cease to be
legal tender from the day of their ma
turity These notes were intended to be
a security rather than circulating me-
dunn, and such a declaration by Con
gress wonld be neither injurious To the
public nor an act OF bad faith to the
holders.
Second That the Secretary be author
lied i'll his discretion TO sell bonds OF the
United States, bearing interest at rate
not exceeding six per cent, and redeem
able and payable at such periods as may
be conducive to the interests of the Gov
ernment, for the purpose OF retiring not
only compound interest notes but United
States notes
The amount which the Secretary estl-
mates as necessary to be retired In order
to bring the currency within proper lin
its is from one hundred to two hundred
millions, in addition to the compound
notes, the amount of which latter, Oct
81, was S1T3,0l2 ,l4l, all due in 1867 and
1868 The total paper circulation OF the
United States at that date was s7O4,2lo,-
03S, to which should be added $50 900 900,
the estimated amount Of compound in
terest notes actually in circulation
The total is likely to be still further in
creased by the issue of notes 10 the Ma
tional Banks now daily going on, and
destined to continue till the limit OF
$500 100000 authorized by law shall
have been reached, as il will be at no
distant date AS but SlS5 900 900 of Ma
tional Bank notes are included in the es
innate of S734 2l5 ,03S2U there remain
Sis 100000 to be added aud the aggre-
gate amount of circulation will then be
ss49,2lS, ,03S.20 If the recommendations
of the Secretary in regard to contrsc-
ton be fully carlied out by retiring
s2O0, ,000, 900 of United States notes and the
s300, 900 900 OF compound interest notes
actually il CIRCULATION there viii still
| remain . total circulation of s6l9 2ls ,03s..
! 20 ever .I pposing that no extension of
| the amount of National Bank notes now
81 thorized to be issued be granted by
! Congress 1t is, herhaps, in view of
, these or similar calculations that the
Secretary adds to his suggestions the re-
mark that neither the amount of reduc-
ton nor the time that will be required to
bring up the currency to the specie stand
ard can now be estimated with any de
gree of accuracy. The first thing to be
done is 10 establish the policy Of contraction.
The Public Debt--The Secretary re-
CARDS it as public burden, the work of
removing which shonld not long be post
poned. He sees no way of doing that ex-
eept by an increase Of the national in
come beyond the national expenditures.
The iirst step is to fund the obligations