The tri-weekly news. [volume] (Winnsboro, S.C.) 1865-1876, 1866-09-01
Secretary MeCulloch on the Finances.

Secretary McCullech, being on recent
visit to his native New England, was invit--
ed to dine with the solid men of Boston.
The letter failed to reach him till after his
return to Washington; but on the 18th in
stant he responded, showing why he could
not accept, and speaking of the national
finances as follows
"Although it was hoped that ere this tho
currency of the country would have been
brought nearer to the specie standard, 1
am sure the people have cause for congratu-'
lation that. dur finances are in so healthy O
condition as :hey are.
"Since March, 1865, the war has been
brought to u successiul conclusion i'm.
mense arn,es have been disbanded; every
soldier has been paid before being mustered
out of the service all maturing obligations
Of the Government have been satisfactorily
provided for, while the national debt is
nearly $3.50, COO, 600 less than estimated it
would be at the present time, and the re-
duction of it has averaged, for the past
year, more than $10,00O,000 per month
If no other nation ever rolled up o. debt so
rapidly, none certainly ever commenced the
reduction Of its debts SO soon after its Gre
alton. If our currency is deprecated, VIC
have so far escaped tho financial troubles
that usually occur among nations at the
close of expensive wars, and which there
was reason TO apprehend would happen to
us at the termir alton of the great war in
which we have been engaged. If the busi-
ness of the country is conducted upon
changing and uncertain basis, IL has been
subjected to no severe revulsions. If our
taxes are heavy, our resources are almost
unlimited, while the disposition of the peo-
pie to bear cheerfully their burdens is a
surprise even to those who have the great
est confidence in the honor of good faith Of
free people. In my opinion, the people
of the United States are to make republi-
canism illustrious among the nations by es-
| tablishiGS the fact that the securities of q
republican Government are the safest of all
securities, and that the people who impose
taxes upon themselves are the most jealous
OF their national credit.
do not, however, disguise the fact that
great financial difficulties are still to be
| oyercomei that our present prosperity is
rather apparent than real; that we are mea.
easing "v'iuVo %. falso standard, that Vi . :
are, in fact, exposed to all the dangers
which attend an Inflated nnd irredeemable
Currency, which diminishes labor-thc true
source Of national wealth--and stimulates
speculations and extravaganza, which lead
invariably TO thriftlessness I'D demoroli-
zation Before the country becomes again
really prosperous The specie standard must
be restored, prices reduced, industry stimu-
lated, the products of the country increas
ed, the balance ofstrade 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 impair
tial legislation, and all sections of the coun
try to be brought again into harmonious
and practical relations with the General
Government.
That the country will be again thus real
ly prosperous is as certain as anything in
The future, That it should be 80 at an car
ly day, and that, too, without financial cri-
SIS, 1t 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 thepublc revenae
Trusting thao you will pardon me for
writing so long n letter in acknowledging
the receipt of your very courteous invita-
ton, remain, very truly, your obedient
servant, HUGH McCULLoCH.