The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1866-08-28
Our National Finances-A Letter from
Secretary McCuIloch.

New YORK, August 23-In response
an Invitation to attend dinner of fnan-
eiers and others, in Boston, Secretary
AfcCulloch sent a letter declining the
courtesy, with tha following remarks:
Although it was hoped that ere this the
currency of the country. would have
been brought nearer to the specie stand
ard, am sure that the people have cause
for oongratulation that our finances are
in so healthy q condition as they are.
Since March, 1865, the war has been
brought to successful conclusion, inn
mense armies have been disbanded,
every soldier has been paid before mus
tered out of service, all maturing oblgs-
tions of the Government have been salts
factoriiy provided for, while the national
debt is nearly $3.50, 100000 less than it
was estimated it would be at the present
time, and the reduction of it has aver
aged for the past year more than SIC. 0.0O0,-
900 per month. If no other nation ever
rolled up debt so rapidly, none certain
IL ever commenced the reduction of its
debt so soon after creation. If our cur.
rency is deprecated, we have so far es
capped the financial troubles that usually
occur among nations at the close of ex'
pensive wars, and which there was rea'
son to apprehend wonld happen to us at
the termination of the great war in
which we have been engaged. If the
business of the country is conducted up-
ON changing and uncertain, basis, it
has been subject to TO severe revulsions.
If oar taxes are heavy, our resources are
almost unlimited, while the disposition
of the people to bear eheerfully these
burdens, is @ surprise even to those who
have the greatest confidence in the
honor and good faith of free people. -
my opinion hepeople ofthe United States
are to make repablicanism illustrlous
among nations by establishing the fact
that the securities OF a Republican gov.
ernment are the safest of all securities,
and that the people who impose taxes
upon themselves are most jealous of sheir
national credit. / do not, however, dis
guise the fact that great financial diff
culties are still to be overcomei that our
present prosperity is rather apparent
than real; that we are measuring values
by false standard; that we are in fact
exposed 10 all the dangers which attend
an inflated AMI redeamable currency,
which diminiShos labor,-the true source
of Irrational wealth, and stimulates specu'
lation and extravaganza, which leads
invariably to thriftlessness and demorali-
zation. Before the country becomes
again prosperous, the specie standard
must be restored, prices reduced, industry
stimulated, the products of the country
increased, the balance Of trade between
the United States and other nations cease
to be against US, all the great interests of
the country cared for and protected by
wise and impartial legislation, aud all
sections of the country be brought again
to harmonious and practical relations
with the general government. That the
country will be again thus really pros
porous, is as certain as anything in the
future. That it should he so at an ear.
ly day, and, too, without financial disas.
ter, it is enly necessary that proper
legislation by Congsess, economy in
public expenditures, and fidelity on the
part of those who are entrusted with the
management of the public revenue.
Trusting that you will pardon ME for
writing so long letter in acknowledg.
ing the receipt of your very courteous
invitation, remain, your obedient ser
want. r-.--s..
{Sigued) HUdH MCULL )CH,
Secretary of the Treasury.
To Messrs VIM. Gray. Nathaniel Thay.
er, Thos. b. Wales, r. ThaH and others,
Boston, Mass. .-.-.