The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-12-04

the Government, tor the cause OF good morals aud
of public yiitue-thnt the pOICY o. a steady annual
reduction OF the debt shou d be definitely and ineTo.
raDY established Nothing short Of this, and that
economy in the national exlendiiures which VIII
render practicable, viii reconcile the people TO the
bulucns Of taxation.
a national debt must ever be a severe strain upon
republican institutions, ana ours should not 30 sub.
iect To II one day longer han 10 nece sary 10 tine
peipetDauon Of The existing debt o the United
olaies mere are also u may be proper TO remark
erious objections growing out OF the circumstances
uncer winch IL was created Although incurred IN
great suuggo Tor the preservation OF the Govern.
ment and therefore especially sacred In It's oharac.
Ter ts bur0ens are to lie shared BY those TO whom II
ls u Ieml1uer q humllation and defeat 1t is eX.
otedpgly desirable that this, with other causes Of
heartbufnings and alienation, should be removed as
rapidly as possible, and that AL should disappear
nothing ID the future TO prevent That unity and good
ceng Delween the sections which are necessary for
true national prosperity.
The Secretary regrets, notwithstanding the large
reduction OF the national debt and The satisfactory
Cehuii0n IN oIheIespectsi OF the National Treasury
mat le progress has been made since his last report
him in that report although indorsed IN tSe }5usS
OF Representatives by nearly unanimous vote were
being authorized to reduce the paper creniao5 ef tSS
country according to bis recommendations, the
to retire was limited to Noo00OOo for the six
eRoing October S ana TO fto3O0q per month
notes and OF the notes OF the state Banks has been
Tie National Banks; and specie commands about the
same san premium i ala when the last Treasury Report
was prepared. Having been thus prevented from
taxing tbe first important step toward return TO
,lStlN pH iitilo, lHe secretary mas mainly directed
ms attention TO measures looking to an Increase OF
encenGy in The collection of the revenues, to the
bonds, boz and to q deduction Of the public debt. What
% " el uCSollpllShed lh these respects, ana Is not
where in this report The Secretary has also deem d
troll as were in mis- judgment best calculated to Keep
me business or the country as steady A. possible
while conducted on the uncertain basis Of an ire
be5lp' Hbeen9pig currency TO- accomplish this, be has
coin in the Treasury. For doing so he has been cr
Cised by many very intelligent persons, whom
to the country, in the way OF interests others have OBJ
means within his control for reducing tue price of
cotn and thus Rpproximatng specie payments on the
by the GQvernment unwise on the theory that ii the
coin received foi customs, and not required for the
late until it should roach about tie same proportion
daS g. the c0in i'm the yapits of Vein9naedW y baning
institutions sustained 10 their immediate liabilities
lion oithe currency, and without regard TO the cond
ton OF trade between the United States and other
Under these circumstances, feeling sensible of the
deemed Il safer and better ior the country TO- act ac
cordlng to the dictates OF his own Judgment carefully
Treasury rather than to take his direction from those
accurately advised in regard 10 the actual state of its
OF more Importance 70 the people, than the saving of
lew millions Of dollars in the way Of Interest," and OBJ
SCrvOtion and experience have assured him that, in
order TO secure this steadnes in any considerable de
gree, while business is conducted on paper basis
there must be pOwerin the Treasury TO prevent sue
cessiu combinations to bring about fluctuations for
purely speculative purposes. He has also been clear
IN his convictions that specie payments are not to be
restored ~ an accumniatio9 OF coin IN the treasury
Government obligations but rather by quickene1 in
can alone make the United states what they ought to
be-a creditor and not debtor nation. These views
god which Of tSo pepart she
it to accumulate when the use or the sale OF was not
nSSsay 0T paying dT legations or to
lions against the national credit and he has sold
with currency to ward Off financial crises or to save
ihe paper circulation Of the country as far as prac
For making sales he alone is responsible If ia con:
the Interests Of any particular class have been eSpe
cially regarded IL has been without his knowledge
slightest reason to suppose however that they have
may be hardly necessary for the Secretary to re-
mark that his opinions have undergone no change in
standard or the means necessary to effect it. He
trusts however that he has not been understood as
rency would of Itself necessarily bring about specie
payments although the chief and essential means
effect the desired result lie regards a redundant
legal tender currency as the prime cause Of our
Indispensable to an increase Of labor and re
trade between the United states ana other nations
In order that bis views on this point may not be
the SecretaIy ofnsts @ R G9ad ne VII 0e
Of what he has heretofore presented in other commu-
TyI TO certain laws well unders TODD but too often dis
regarded which regulate International trade and con
rom the specie standard and are so blinded in regard
with other countries, by an inflated aud irredeemabe
currency, and by the expectation of our securities
and financial laws IS necessary.
Ever since trade commenced between the people Of
reliable and recognized measure of value and medium
of exchanges While in their internal trade other
tent, been used by all nations money made of these
metals has been pronounced by the Judgment of the
world the only currency possessing the attributes
necessary for uniform and universal circulating
oI Not only is the the true true and university ucknowedsed
measure OF value and medium OF exchanges but by It's
Tus Of trade between different nations Water does
ow from one nation to another for the payment
OF balances created by an unequal exchange Of COM
ceS oondacted by an exchaneor their produGons
Dut as these SHonahggs are never eHaG,y m e9uS,' mere
thing else and, in their payment, nothing but the pre-
paying balances in coin which regulates the trade Of
nations Il Is lhls great e9mmereal and financial law
the creditor nation, and the nation that buys more
e bn co e IN e paHmeR Of p baaRees de-
tlmlnes the question of The ability Of the United
i've baiance aeainSt ms Is so small 69t ii can e nad
specie payments can al once be resumed. such un-
heavy exports during the past year Chat of cotton
having been 65Q $40 pounds or nearly $4,000 bales
quantity greater than entire crop Of the present
year, the United States are largely debtorto Europe
he IeSr e@ f5S @ when w s @ a w 5 S @
ornia and the first of July, 1866 the product of the
F6C06O066O, nearly all Of which has gone Into the
worlds general soek and II Is not probable that the
amount Of gold and silver now In the United States Is
very much larger than Il was eighteen yea ago.
during the fiscal year ending June 30, 1866, the
Foreign merchandise free OF duty ...... SIS S1l7j9
Foreign merchandise paying duy',-...." 3js60s,0ll
Orioregp merchandise there was re-exported;
Ilee O uuly elttutJpt