The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1865-04-19

for accomplishments by the effective blow
of our military and naval forces, without AN,
inteposition of the Treasury Department
and in the face of daily incr hse of curren
cy through the instrumental, u of tie ma
tional banks.
You seem to he apprehensIfe e that the re
turn to specie paymentss is I'd, ,le effected b,
a contraction Of Government Yves and yol
say that I'm one thing all ha'Ibeen dispos
!, ed to unite. and that was that an early re
sumption was the cardinal point of my poll
cy, and that it was to be sought at whatso
ever cost to the capitalists and wOrking-meI
Of the country.
A resumption of specie payments is witt
me cardinal point" because / believe
that the specie basis is the only safe and
healthy one for business, and because | am
clearly of the opinion that the interest o.
capitalists and working men will be promo
ted by a return to it; but no policy could bt
more unwise than that which should attempt
to accomplish it by such good curtalment
Of the currency as would PROSTATE or injuri.
Gusly affect those great interests upon the
prosperity of which the Government depends
for its revenue, and which can not be bro
ken down or severely depressed without de-
The history of Wall street within the last
ten days sustains the correctness of the
opinion which, in another position, / have
frequently expressed, that the high price OF
gold was to be attributed in part, at least,
to other influences than the expansion o.
the currency, and seems to indicate that the
paper circulation of the country which has
been Issued or secured Icy the Government,
even while it's volume is being increased,
may appreciate nearly to the specie stan
dard.
As the war draws to a close, and the res
toration OF the Union is no longer doubtful,
gold and currency approximate rapidly to
each other in their market value, and, of
course, all those articles which were made
TO follow the former in its ascent must SYM
pathize with it in its decline. This can not
be prevented by any action Of the Treasury;
even if the interests of the country rcouir-
ed it. 1t might have been better for the
country and the people that the decline Of
coin Should have been more gradual than
has been the case for week or two past.
| but it is better that it should have come
down as it has than that it should not have
declined at all.
1t is understood, | believe, among those
| NllOSC VI DClSUHul liluuIECllCC ICdu
! them into protracted excuses, that sober
! ing off rapidly isa dangerous experiment.;
but dangerous as il may be, it is preferable
to continued intoxication.
1T does not follow, however, that because
gold has declined from 1875 To l4G, and may
speedily decline still further, prices generally
/ will fal to some extent nor do | believe that
any permanent decline which is likely to
occur will PROSTATE the great interests OF
! the country. On the contrary, am of the
! opinion that when the specie standard is
restored, on nearly retchrd, the assurance
| which this state Of things will crcatc-that
| the business of tho country is to be transact
cd on a finer basis-will divert capital from
| speculation aud stimulate, instead of pros
trate, productive industry
The cause OF the war will remove the
Government, in good degree, from the
! market, both as borrower and purchaser,
aud while tie business Of country is being
! accommodated to the order Of things there
will he, to II considerable extent, stagnation
and emil alIassmcnt; lut as hostilities are
| has resulted in large individual Indebted
ness, the transition is likely to be effected
without the disasters which so many have
apprchcndcd, ..
| The liabilities of the people are so small,
| the circulating medium is 80 ample and so
well secured, the resources Of the nation ae
so vast, and our political future is so bril-
| liant, that the cmLarrassments which a
change III the business Of the country must
bring about will be but temporary, and the
indications are now decided dlat by the time
reconstruction is fairly commenced, enter
prise will lie quickened into new life; and
with its integrity established, the only draw
back upon the natoual prosperity, aud the
only stain upon the national tscutchecn re-
moved, the great elublic viii move for
ward again on its career Of prosperity and
honor, scarcely staggered bySuch IA struggle
With gigantic rebellion as would have bro
ken any other nation into fragments.
You will perceive by the statement of the
condition OF the Treasury on the first iu-
stant, that the Government circulation has
not been diminis he'd. Whether, or to what
extent, this circulation will be reduced de-
nends upon circumstances that can not now
be clearly iorcscen. have been, and still
am OF the opinion, that itmlst be curtacd
before return to specie payment can he
effected; hut 1T cannot be denied that the
course of the market for the past month has
been such us to justify a reconsideration of
the opinions which have been so generally
entertained in relation to the imitation of the
currency. The increased demand for money
which is the result of the diminution of in
diyidual credit, may not have been fully es-
tlmatcd; and it may turn ont that no CON
siderable reduction Of paper circulation will
bc needed for the restoration of the specie
basis. Alta events the Government will
have no interest in retiring its direct issues,
if the desired object can beobtained, with
in q reasonable time, without it. ..
That any valuable Interests are to be per-
manenuy injured by a return to specie pay
ments is haldly credible, ard | cannot but
think that your apprchcnsiCns Of disaster to
the manufacturing interestso of Pennsylvania
esnJ,,;su ss th1 result of it, are wAut reasonable
The general tariff polyre, " apprchcnd,
settled by our national 'oln'sThe discus
sion of it, therefore, rtsa Mr.. sent time is
unnecessary. That the t, that tariff needs
revision is undoubtedly sontmdThi revision
it will receive by the ctn hission which is
to be appointed to revismiliai revenue laws,
from whose labors | anti mae the best re-
suits. I'd al
The necessities of the Government will
give to our manufacturing interests all the
protection they will require to shield them
from destructive foreign competition; and be-
fore the close Of the present Administration,
| confidently expect to see these. interests
more prosperous than they ever have been.
What recommendation shall make to Con
gless upon the Tariff question | am not
now pr' pared to say. l expect to be able
to indorse the bill that shall be prepared
by the commission, and shall be disappoiht.
ed if this bill docs not hamonize our for
eign and internal duties, and produce d rev.
enue which shall be sufficient to meet the
interest on the public debt, and gradually
reduce the principal without being oppres-
si,,o to fho naonln