Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1866-12-06
REPORT OF THE SECRETARY OF
THE TREASURY.
THE PUBLIC DEBT.

Oh Lllc Ol-L VI -AuSuHt' lCOJJ anAOuHNSN ~
1915, 500, SOS 81, and on the 3lst of DC
tober, 1865, to 50, 55I, 424, l2l 20, showing a
net decrease 10 fourteen months of $780,
379,565 II.
These statements are in the highest de-
gree encouraging. They are conclusive
evidence Of the greatness Of our resources,
and they clearly indicate the patience Of
the people under selfimposed burdens,
and their unwillingness that the debt
should bea perpetual incumbrauce upon
the country. r $50.
1t is not expected, nor is it perhaps de-
sirabIe, that the same rate OF reduction
should be continued. A considerable dimi-
mutton Of taxes was effected by the amend
ments of the internal revenue law, at the
last session of Congress. 4 further dimi-
mutton ofinternal taxes, and a modification
ofthe tariff which will doubtless lead to
reduction of custom duties on many ar
ticles, will be required, in order that pro-
duction may be increased and new life in
fused into certain branches of industry,
that are now languishing under the bur
dens which have been imposed upon
them. But, after the proper and neces-
sary reductions shall have been made, the
revenues will doubtless be sufficient, if the
Government shall been economically admin
istered 10 pay the current expenses,
the interest on the public debt, and reduce
the PRINCIPAL at the rate of from four TO
five millions per month. In order that this
nav be done, however, there must be no
additional donations to railroads, no pay
ments but in the fllfilment of contracts,
and no unnecessary expenditure of money
for any purpose whatever. With proper
economy in all the departments Of the
Government, the debt can be paid by the
generation that created it, if wise and equal
revenue laws shall be enacted and CONT
nued by Congress, and these laws are faith
fully enforced by the officers charged with
their execution. That it is the will of the
people that it should be paid, and not per-
petuated, is clearly indicated by the favor
with which its rapid reduction during the
past year has been regarded. The idea
that a national debt can be any thing elIe
but a burden-in which there are some
conversations but still a burden, a mort
gage upon the property and industry of the
peoples fortunately not an American
idea. In countries in which the public ex-
penditures are so heavy, or the resources
are so small that no reduction of their pub
lie debts is practicable, and where national
securities become monopOlized capital in
the hands Of monied aristocracies, who not
only absorb the means, but give direction
TO the sentiment Of the people, public debts
may be regarded as public blessings; but
no such fallacy will ever be cOuntenanced
by the free and intelligent people of the
United States.
THE CURRENCY AND SPECIE PAYMENTs.
The Secretary regrets, notwithstanding
the large reduction of the national debt,
and the satisfactory condition in other
respects, of the National Treasury, that lit
tie progress has been made since his last
report, toward specie payments. The
views presented by him in that report,
although Endorsed in the House of Rep.
resentatives bv a nearly unanimous vote,
were not sustained by corresponding legis-
lation. Instead of being authorized to re-
duce the paper circulation of the country,
according to his recommendations, the
amount of United States notes which he
was permitted to retire was limited to SIO,-
600 600 for the six months ending October
II. and to $4,000 600 per month thereafter.
In the mean time, the reduction OF these
notes and of the State banks, has been
nearly balanced by the increase of the cir
culation of the National Banks and specie
commands about the same premium 1t did
when the last Treasury report was pre-
pared Having been thus prevented from
taking the first important step toward re-
turn to specie payments, the Secretary has
mainly directed his attention to measures
looking TO an increase of efficiency in the
collection of the revenues, to the conversion
of Understanding notes into five-twenty
bonds, and to production Of the public debt.
What has been accomplished in these re-
spects. and is not already understood by
the country, is explained elsewhere in this
report The Secretary has also deemed II
TO be his duty to use such means, within
his control as were, in his Judgment, best
calculated TO keep the business OF the cOun-
try as steady as possible, while conducted
on the uncertain basis of an irredeemable
currency. To accomplish this he has
thought il necessary to hold handsome
reserve of coin in the treasury. For doing
So he has been criticised by many very in
telIipeut persons, some of whom have con-
demned the policy as involving heavy
loss to the country, in the way OF interest
others have objected to il as a failure on
his mart TO avail himself Of means within
his control for reducing the price of coin,
and thus approximating specie payments
on the contrary, not few have pronounced
all sales of gold by the Government unwise,
on the theory that if the coin received from
customs, and not required for the payment
ofinterest should be permitted to aecumu'
late until it should reach the same proper
ton to the outstanding United States notes
that, in former DAYS, the coin in the vault:
of well-managed banking institutions sus
tanned to their immediate liabilities, specie
payments might be resumed without a re
duction Of currency, and without regard tC
the condition of trade between the United
States and other nations
Under these circumstances, feeling sensl
bleof the great responsibility Of disposition
the Secretary has deemed it safer and better
for the country, to act according to the
dictates Of his own judgment carefully re
garding the condition Of the markets anC
of the Treasury, rather than to take hi
direction from those who, however intelE
gent and able, were under no official obi
cations to the Government and might b
less accurately advised in regard to tn