The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-08-23
SECRETARY McCULLOCH ON THE FINANCES.


II appears that the Secretary of the Treasury,
was recently Oh visit TO the "Hub OF the Uni,
verse;" end that while there he was invited to,
dinner but instead of accept ng and digsstingr
the meal, he lett his would-be entertainers tO
digest his financial views, as expressed In thea
following letter to them:-
Although 1t was hoped that ere this the cur
rency of the country would have been brought
nearer to the specie standard, an surQthat the
people have cause for Congratulation that our
finances are in so healthy condition a.
they are.
Since March, 1866, the war has becn broasht
to a successful conclusion; immense armies have
been disbanded; every soldier has been paid
before being mustered out of the service; an
maturing obligations of the Government have
been satisfactorily provided for while the
national debt is nearly $3.50, 900 less tnau It
was estimated ii would be at ths present time.
and the reduction of 1t has averaged for the past
year more than 10000, 900 per month. II no
other nation ever rolled up debt so rapidly none
certainly ever commenced the reduction of its
debt 80 soon after Its creation. If our cur
rency is depreciated we have 80 fat,
escaped the financial troubles that USUALLY
occur among nations at the close OF expensive
wars, an0 which there was reason to apprehend
would happen to us at the. termination of the
| great war i'll which we have been engaged. II
| the business of the counLry is conducted upon a
| changing and uncertain basis, it has been sub
| ject to no severe revulSions. If our taxes are
| heavy our resources are almost unmited
while the disposition OF the people to bear cheer
| fully their burdens is surprise even to those
| who have the greatest conddepce in the honor
| and good faith OF free people. In my opinion,
! the people oil the United States are to make re-
| publicanlsm illustrious among the natlons. by
/ establishing the tact, that the securities of
republican government are C~e safest of all
| securities, and that the people who impose taxes
upon themselves are the most Jealous of their
national credit.
l do not, however, disguise the fact that great
financial difficulties are still to be overcome;
that our present prosperity IS rather apparent
than real; that we arc measuring value by
false standards; that we are in fact exposed TO
all the dangers which attend an inflated and
irredeemable currency, which 0iminishes labor
the true source OF national wealth--and
stimulates speculation and eXtravagance,
| which lead invariably TO thriftliness and de-
! mQTaliyation, Before the oouu.ry becomes
again really prosperous, the specie standard
must be restored, prices reduced industry
stimulated, the products OF the country in
creased, the balance OF traGe between the
United States and other nations cease to be
against ns-all the great interests of the coun-
try cared for and protected by wise and impair
tal legislation, and all sections of tue country
be brought again into harmonious and practical;
relations with the general Government.
That the country will be again thus really
prosperous is as certain as anything in the
future. That it should be so at an early day.
and that, too, without financial crisis, it Is
only necessary that there should be proper
legislation by Congress, economy in the public
expenditures, and fidelity on the part of those
who are entrusted with the management of the
public revenue. boo. ..... ...
Trusting that you will pardon me for writing
so long letter iL acknowledging The receipt OF
your very courteous invitation, ] remain, very
truly, your obedieDt servant, -..H
HUGH McCULLocH.
Messrs. William Gray, Nathaniel Tbayer,
Thomas B Wales, Andrew T. Hall, and others,
Boston, Mass. r "a. lid. ....,s .-.r