The Nashville daily union. [volume] (Nashville, Tenn.) 1862-1866, 1866-01-09
Review of Secretary McCuilOel
Report.

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Comments Ofthe British PTesssI :
Review of Secretary McCuilOeh.
Report.
From the London Times. Dec 20.h.
The report which Mr.. McCulloch, thl
Secretary Of the Treasury, has Ad
dressed to the House of Rrepresea Ia
ktiFes q aREfFy lepg bRtrar EeEyG spl.
d&cgEaent is "a 9Th i,s 4 inec StskTy
cdnsl auah ke 81 De fta8d1 PaatioI
of the Union, AS long IS the wa
lasted the first and msin OBJ ect Of eact
succesAiFe SeczetAry wasto get money
the Federal Exeeutiye. were in the po
sition aof = man Hhose house has caught
FIRE, and VI bthersfereenrolls assistahce
fen spRprsssing the flames without any
vefy'niea qhifgling Fof tie nsrke.s; he
makes the best terms he can, and IL he
has not ready Hzohey at his bankers
he is prepared to 60 into debt - lks
less tive eFilS sad, v. Hassst be con-
fessed that the United States did 90
into debt in very royal, or perhaps we
should say, in avery republican fash
ion, Now, however, the great danger
i removed, 8 time has arrived for re-
viewing salmly what was done during
J peripa i greab excip5raanti and for
fbripgih9 order Sdt of tlisu cchfusion
whicn has followed the hAsty measures
and legislstions OF the past Mr.. Nc
Culloch has 3 great task before him,
ana Il isobEi i5us inst itiis his Poiiei a.
-9ell.as hissdntF "a make tlle congfsss
fully acquain ted Withsthe existing tate
of affairs. This he has accomplished
in 8 report to the Speaker Of tie
House .of. REPRESENTATIVES, which is
very volumihous, but IS more remarka-
be among sinilar,Of6oial documents Of
the StAteAzas beine efoslheed 6n soand
financial principles There are, in
deed, d,sofne passages inritof gusstionhi'
be / secpraeY',. sone anticipatipns
which are, perhaps, too sanguine to be
fully fesii1ed, bat We recognize il Nj.
McCulloeh 3 real fnaneisr, applying to
the facts before him methods Wsre
rsnted' 81 economic, TEACHING Snd b
the experience Of other nations. y I
n fbe Union has, Without doubt, cdme,
out Of the eiyil val stronger than eyer,
but he would be q very ibjddicious,
friend who would deny that it bears,
and must long bear, the scars of the
conflict The Federation is burdened
with an enormous debt; its home and
foreign commerce is disordered By q
currency ruinously inflated, and the
industry of its citizens is crippled by a
minute and inquisitorial system of tax
alton. @ Mr.. AcCulloeh, reviews in turn
each Of these evils, and he busies hm-
self in inquiFing how the cuyreney may
he reducet the burden Of the debt lesr
sened. and the taxes simpli6ed. 40
- tt is an 'epOehF in the republic when s
Secretary 70 rhe Treasury is bold enough
TO denOunce, siFredeemabla Issues, and
TO declare that the businessAof the
States, far frouf being iii' s healthy con
diriou, IL 4speculstiVe, feVeFish, .uneer.
tain" Such words coming from Eng
lish critics might be, and have been,
mlsconstrued; Dut We hope ythEt Mr..
McCulloeh,s authority VIII srrest' atten- /
ton to them. Il is, However, evid dent
that the exchange Of 3 funded debt for
an inaAted currency n anasterlal a ele-
nentin. estimating the financial cohdi-
ton of the Union in the fututea eaa5
i- fhere are many p5ints IN Mr.! Nc
Cullooh' plans which invite eommsnt,
hut al, nresent we. must be satisfied
with stating the plans themselves 1t
must. however, be noticed thatthe pos,
sibility Of keeping the average rate Of
interest on the national debit OF the
Union as l6WaAs'bper cent depends
upon, the exemption of the natidRsil
creditors from All State -taxation. We're
tbe hoidefs .ofl The bonds Of TIE Union
subject ike theif fellow citizens, to
taxation within tfieir seVersl Ststes,
and,slso To- taxation ip respect OF their |
eapitol invested in such securities, the, |
bonds conid not. in Mr. MeCulloeh's
opinion, be- issued st less than per
cent. interest,". Nh McCalech defends
the exemptloha iOf1 theseabOnds from
State taxaiiObJ bat his lreasoning sp- |
r,esrs ,ti,IeOnelasiVe, iandiait ds known |
that,ffig ex 9uptioh WILDE severely at |
tackled III fohgfesz But the point in |
Mr.. McCullochs scheme which. must 7
strFlxg Englisfmenl Hiost 'foSeibES is the |
which he invites in the Bx' |
ecutiye. He asks for unlimited power
in the EFE Of funding the paper cur
rgrfey, aha ne asks Jthst-a surplus,
commanding at tan millions, and gradu4
4 tks Vgel 81 gtt isfsEg time
being. That such things should be as ked |
tor e snFpFls ins III bak 2, The FePresehtaai
tives of taEPayers are foundiWillin 20
erant thenswemsy wei bs'astoaisAed I
Whatever may be the issue, the course
of financial discussion in the States |
current session Of Coiigfess,
may, b watched by ns.with advsntkge,
as those who are in much the sstms
peaitioh thsy iby AZ axp sriep9e of
ethsusass has Is~ .xusa sssl " bsa ssTs
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