New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-03-24
FINANCIAL POLICY.
Important, Letter OF Sec. McCulIoch
WARRINGTON, Friday, March 3,

NA-HlNGloN filua!, MhICH - 4oots
The following letter was addressed to-day by
the Secretary of the Treasury TO the Chairman 0; the
Committee OF Ways aud Means:
TREASURY DEPARTMENT. March -, 1850.
DEAR SIR Your favor Of the 22d inst is received
transmitting to me the following resolution namely:
" Resorsd That communication be addressed by this
Committee to the secretary Of he treasury 'inI tAi he
tb, tiiop snfeny sraed with bower TO csrry out
the policy in h late annual report aud request
the Secretary u inform the Committee whether such ms
opinion
In reply have to say that l must have failed 10
make my self clearly understood by the honorable
Der Of the Committee To whom reference Is made l
did not intend say him that the Secretary Is with
out further legislation, sufficiently armed with power
10 carry the policy announced in his late annual re-
port; but did intend to 10 him that II II should be-
found necessary 10 modify any important particular,
the provisions of the bill reported by the Committee
should prefer that II would mol become law. IL viii
be, ia nv opinion national calamity II Con
gress shall fail 10 grant additional pcgers 70 the Secret
arv for il Will be very difficult If not impossible, TO
fund the interest bearing notes under existing laws.
But do not desire that the Committee nv self should
become in any way responsible FOR law that Is likely
t. fail il accomplishing its object. regard I; matter
of the greatest Importance that the power OF tie
Secretary should not be strictly defined. H. for
example, the Secretary should be prohibited from
selling bonds below par, II would be easy (as the
market in the process OF funding must be beray sup
ped) for the enemies Of the Government 70 form sue
cessiul combinations for keeping the bonds az such
price as would prevent the negotiation OF them On the
other hand il the Authority Of the Secretary Ia this
spec j. not limited such combinations a. this would
be likely 70 be formed In my opinion the pest way OF
keeping the bonds at premium viii be to leave the
Secretary uures;rained IN the sale Of them. Against
an underlined power il would be difficult 20 form success
FIJI combinations a limitation OF the authority II the
Secretary in this respect would be very likely 70 pre-
vent funding; do not. therefore favor such imta
ton, and should regret TO have the Committee re-
sponSible for II.
IL regard 20 the other important feature OF the bill,
the authority TO withdraw United States notes. have
merely 10 remark. that conceive IL 10 be OF vast in
poranee the business he country. the welfare o.
The people and the credY 81 the nation. that such
financial policy should BE- adopted by this Congress a.
will prepare the way Tor a return 20 specie payment
When this can be broggh; about will depend upon the
condition OF ltional industry and the trade relations
between the United States and foreign nations IL IS
not desirable that specie payment should be restored
until that restoration can be made permanent by IL
creased industry and proper adjustment Il the trade
with Europe. The tendencies now all n the right
direction and II they shall be adjusted by IdIcious leg
isla.iOn shall be hopeful thai lie currency u the
country muy be brought up 10 the specie standard
without a large reduction OF IT, The apprehcnsion
which exists that il power Is given 70 the Secretary 10
retire Clted states notes the circulation o. tue country
will be ruiEOu.ly contracted Is wiilo.i any suhstaI'
tal Foundation II reliance can be placed upon the
discretion anu csreglnes OF tue SECRETARY the very
condition of the finances Of tbs country viii prevent
such reduction Of the cGtIenty. or El make eIseT