The national Republican., 1866-12-04

upon The popular mind that Il Is Important for
seoaony n We national sxpsnses. for the nsints-
nance Of tfus dsmoefacy In the adminlstsstion
Of the Govsrnnsnt, for the cause Sof good nsfsls
and o. petlis vistssl-tAas the policy Of 4 stsa4y
annual rsdustion Of the debt should BE- dshnitely
and that economy In the national sxpsnditurss
which win render practicable, will reconcile the
people 10 the burdens Of taxation. A national
asbt must ever Be severe strain upon rspublieaa
Institutions, sad oun should mot b. subject 70 u
ustion Of tie existing debt Of the United States
there ars also II may be proper TO remark serious
objections growing out Of the oircumstancss under
which II was created. Although incurred In .
msns and therefore especially sacred in It's eharse
ter It's burdens are to be shared By those TO whom
Il 10 reminder Of humiliation and defeat. Il II
sxessdingly desirable that this, with other causes
Of fhsastbuinings And alienation, should Be removed
- rapidly y possible, and that all should disap-
b nothing in the future to prevent that unity and
good feeling between the sections which are nsess.
sary for true national prosperity. IN
The eserstsry. regrets, notwithstanding the
isfsstory sosditiop, in other respects of the Ma
toual Treasury. that little progrsss has been made
since his last report toward specie paymsnts. The
views presented By him In that report although
endorsed In the House Of Representatives, By .
nearly unanimous vote, we're not sustainsd By cor
issd to rsdses the paper circulation Of the country.
according to his Recommendation, tho amount Of
United Statss notes which he was permitted 10 re-
tire limited 70 90 ooo 900 for the six months
ending October u, and to $4,000. 900 per month
thereafter. In The meantime, the reduction Of
these notes and Of the notes Of the State banks has
bssn nearly balanced By the increase Of the circu.
lation Of the National Banks. and specie commands
about the same premium y did when the last
Treasury report w.; prepared. Having been thus
toward return to specie payments, the Secretary
has mainly directed Ills attention to measures look
ing to an increase Of soisnoy In the collection Of
the revenues. to the conversion Of
notes into eys.twcsty bonds, and to reduction Of
these respects, and 10 not already understood BY
the country IL explained elsewhere 10 this report
The Secretary has also deemed II to be his duty
10 uso such means, within his control, ~ were, In
his judgment, bsst calculated to keep the busnss.
on the uncertain basis Of an irrsdesmsbls currency.
To accomplish this he has thought II necessary to
hold handsome reserve Of coin In the Treasury.
For doing 90. he has been criticised BY many very
Intelligent persons some Of whom have condemned
the policy n involving . heavy loss to the eoun:
| 70 II a. hilurs on his part to avail himsslf Of
means within his control for reducing the price Of
coin, and thus approximatiug specie payments; on
the contrary, not few have pronounced all sales
OF gold BY the Government unwise, on the theory
that II the coin received from customs, and not
quired for the payment Of interest," should be per-
mittsd to accumulate until II should reach about
the same proportion to the outstanding United
States notes that, in former days. the coin In the
vaults of vsll-managed banking Institutions sus-
tainsd to their immediate liabilities, specie pay.
msnts might be resumed, without reduction Of
the currency, and without regard 10 tho condition
Of trade between the United States and other na-
tions. -...-1f, ..
The great responsibility Of his position, ths Score.
tary has deemed II safer and better for the country
to act according to the dictates Of bis own judg-
msnt, carefully regarding the condition Of the mar.
ksts and Of the Treasury, rather than 70 take his
direction from those who, however intslfs:nt and
eminent, aud might Be lsss seeurstsly advised In
regard to the actual state Of Its financial Affairs.
He has regarded . steady market - Of more i'm.
portsncs to the people, than the saving Of few
millions Of dollars In the way Of Interest," and OBJ.
ssrvation and experience have assured him that, in
order to secure this stsadiness In any considerable
degree, while business 10 conducted on paper ba-
ss there must BE- power In the Treasury to prevent
successful combinations to bring about fluctuations
for purely speculative purposes. He has also been
clear In Els convictions that specis payments are
not to BE- restored BY an seeumulstion Of coin In
the Treasury, to be paid out at future day In the
redemption Of Government obligations; but rather
By quioksnsd industry, increased production, and
| lower prices, which can alone make the United
States what they ought to be-a creditor and not Z
debtor nation. These views explain tho course that
| has been pursued with tho gold which, during bis
administration Of the Department has come into the
Treasury. He has permitted II to accumulate when
the use or the sale Of 1t was not necessary for pay
Ing Government obligations, or to prevent CONNER.
oisi panios or successful combinations against the
j national credit; and he has sold whenever salei
were necessary to supply the Treasury with cur.
rsnoy, TO ward OF financial crises, or To save the
bis, from unnecessary and damaging depreciation.
For making sales hs alone 10 responsible. II, in
4 conducting them, any favoritism has been shown,
or II the interests Of any particular class have been
especially regarded II has been without bis knowl.
sdss, and In violation Of bis instructions. He hsi
not the slghtsst reason to suppose, however, that
they have not bssn conducted honestly, fairly, and
II may b hardly nscsasry for the Secretary to
remark that his opinions have undsrgons no change
In regard 70 the Importance Of restoration 81 ths
spseis standard, the means necessary to eject II
d trusts, however that he has not been under
stood ss entertaining the opinion that reduction
Of the currency would Of itself necessarily bring
sbout specie payments, although the chief and o.
ssntial means 70 eject the desired result. He rs'
d sssds . ssdundsnt lsgsl-tsndsr currency ss ths
prime cause Of our Ansneiai didicultiss, and cur
faIlmsnt thereof Indispensable to an increase oi
labor and reduction Of prices, to an augment.
tion Of exports and diminution Of imports. which
alone will place the trade between the United state
and other nations on an equal and sati'faotofy foot
Ing.
/ nisapprshssdsd. tbs sserstsry trusts that hs viii
BE- psIdonsd for referring (svsn at risk Of repe
ttion Of what hs has hsnstofore presented In othe
communications to Congress and in other ways Il
the country to certain laws, we'll understood bu
loo often dinegsrdsd, which regulate internations
trsds and control the movements Of coin. Wehsv'
travelled 10 far from the specie standard and ART
90 blinded In regard to our actual financial eondi
tiou and our relations With other countries, by ar
Undated and irrsdssmabe currency, and BY tho ex
portation Of our securities, that frequent recur
isnos TO insxorsbls commercial and financial law
II necessary.
Rvsr since trade commenced between the psopl'
Of dlnsrsnt nations, gold and silver have been th,
only reliable and Recognised measure Of value ant
medium Of exchange While In their interns
| ixAas other representatives Of value have, to
greater ns kss extent, been used BY all nations
money made AZ these metals has been pronounced