The national Republican., 1866-12-04

Lie rsvssuss and can sueh coutributious h ,.,,.A
upon - long - they remain In their present an.
irsnchissd q eonditicni win the tsx-psysn Of he
North continue TO Be patient unlsss their burdens
Of taxation can be lssseusd By being squay shared
By the people Of the South Regarded thus a. 4
purely financial question, the relation Of Thea
states TO the Federal Union ID an sxsssdinsiy In.
tefessing and important one, and - such q de-
grsss.
The escretary has thus presented In such manner
a. his pressing ohoial duties vould psrmit M
views Of the financial condition Of the country. ~
ssu.s; Of sro1Ss present and prospective, and tie
remedies Tor the same. nthsse remedial messur,s
shall BE- approved BY Congress, and enforoed sv
sppropriste lesslation, he is conadsut that spscs
payments may be resumed BY the time our intsrest.
oeanns notes are retired, which must Be done in
.so,.s, r. tssp Two years. and probably will b in nueh
These measures look to an iucrs.ss Of ,shor and
oonsequently 81 production-to ful6imsut Of 81.
hgatons ~ the Qovsrnmsnt aud ths banhs- n !.
Reduction Of the public dsbt at he ssns tins tsst
taxes arc being squalissd and lssssnsd-to lover
prices. and apparently harder, bat r,eliv more
prosperous timss-to restoration Of snsc;s nsv.
msnts without the financial troubles which ususiiy
prscsds resumption aftsr long period Of susp,p.
sion and imitation. The Secretary does not mean
to assert that the adoption Of al these msssurea
Iathoush hs regards saoh - importsnt) 10 abso.
lutsly necessary to . return to spssis psymsnts,
nor that other remedies may not BE- ADOPTED by
Consr;ss 70 rescue the country from inpsndine
financial troubles. lie presents a he eopsidsrs Il
to DO bis duty 70 DO his own views, and ssks that
tney nay receive careful confederation, and BE-
adopted IL they commend themselves to the wisdom
ofCongrsss, and rejected II measures better oslou.
iatsd TO secure the desired end can BE- devised.
The most sanguins and hopeful must percsiys that
tne business Of the country cannot for . much
longer time be run upon the present high level With
:aisty The speculative interest, large and power.
ful In ITSELF q receiving daily new seo,,,iops Of
strength By the increase individual credits; and
when specuators and debtors control the dpsnoisi
policy Of the country, financial collapse i insyi.
table. The untowsrd and dangerous inausness
people require that they should be- resstsd PROMPTLY
and dscisively. r''p''
Un,stisfaetory as is In many respects, our coudi.
non there is cause for eongratulaton that we have
tnus lar escaped those severe financial troubles
which usually bsfall nations at the clos, Of er.
psnsivs and protraetsd wars. Win our vsst n.
sources and the buoyant and persistsut eusrsv Of a
free people, 1t will be our own fault II IA a. not
escape them altogether.
The Secretary b. pointed out the financial dan.
be considered and avoided before they euimnsts IL
general disaster Strong 10 his conviction that
We have been for souis time, and still are moving
In tho wrong direction, and that much Of our pros
perity Is unreal and unreliable, his confidence in
.ne sCy o. ths country to right itself speedily is
resourcss-the great mines Of our national wealth
are yet to be developed. The experiences Of the
past four have only assured us Of our strepeh
II Is only necessary that our true situation be un.
dsrstood In order that the proper remedies may bs
applied. There Is no insurmountable obstacle in
the way Of restoration to perfect financial health,
without the painful trials to which II has been ap
prehsndsd We must first be subjected. To be- . 90.
worker with Congress and the people in shsctine
this most desirable result has been, and will con.
tinue to be, the highest aim Of the Secretary.
Aher careful survey Of the whole hsld, the
Secretary Is Of the opinion that specie payments
may DO resumed, and ought to be resumed, a. early
- the first day Of July, 1868, while he induless
the hope that such will be the oharaotsr Of future
legslstion, and such the condition Of our produc.
tive industry, that this most desirable event may
b brought about at still saslisr day.
The following 10 . statement Of the public debt,
June 80, 1855, exclusive Of cash In Trea,ury: