New-York tribune., 1866-12-04
REPORT or THE SECRETARY or THE
TREASNRY

IKEAoChl.
The Report of the Secretary of the Treasury, given
elsewhere in full is eminently judicious and contains
suggestions well calculated to reduce the national
finances to order and to place the business of the
community upon a solid basis. He declares the ma
tional debt to be anything but blessing but while
satisfied that itshoud bepad By the generation which
created IT, does not see the way TO continue its liqu
daton by surplus income faster than six or seven
millions per month PRIOR TO June, 1865. He is Of
opinion that the honor Of the Government requires an
early withdrawal Of tho egatender notes. leaving
the National Banks to supply the currency Of the
country. He urges the system Of redemption by
the banks at the Atlantic cities or at one city, New
York. He acknowledges the financial wants Of the
South 50 far as currency is concerned but is Of opn.
ION that their needs should be supplied by curtailing
the Issues Of the Northern banks. He advocates a
reduction Of the currency, and snch a revision Of the
tariff as will give new yigOr 10 productive industry
throughout the Union. lie urges the issue Of bonds
az ~ or per cent interest payable principal in EG-
rope, 10 be exchanged for United States bonds now
held in Europe, as well to supply the future de-
mand for Federal stocks in Europe Upon the ques.
ton Of contraction Of the currency his language is
very clear; indeed without contraction he is conf
dent that widespread disaster must be experienced.
In regard to resumption he is of opinion that it can
take place by July, l-67 and may be brought about
earlier.
The estimates Of The Treasury for the last three
quarters of the fiscal year to June 80 l-G7 fol-
lows:
Receipts eye 5oooo9
Enpcls1s- -.------.-- ~ lp'lf5
Surplu, u,..................... a.. .oos57
and for the year ending June 20, l-6s:
E,ecps 'gS32G t5 97 SiI
ltpfhars.- .....t.....' 'Ft-t''fl
sarrlas............................ te575295s
The decrease in the public debt from the highest
point is stated By the Secretary a. follows:
ne5t august l-e5 5.............s2 - .1 sj ss5 ,5
Debt OCt Jl. lroD. 2all, ,f+t l+t
Deersase. y7g5 sos
The Secretary has small comfort for free.trader5,
and says:
Tie onghopei or period whom there shall be no legal
olstructons fcc exchange ot commodities between the
Tpei state. and other ,l1trie, h, s Ear in the future
ao protection Of those homo interest. upon which heavy
internal taxes are t0 BE- assessed
In presenting his views, he
Does not mean 20 assert that the adoption Of
an these measure. although De regards each a. import
anti j. absolutely necessary 20 return 20 sFce
payments that other remedies may not DO adopted by Con
gress the country um impending financial troubles
lie presents be- considers 20 be bis duty % do bis own
views aud asks that they may receive careful consideration
and be- adopted u they commend themselves 90 The wisdom Of
Congress and rejected better calculated 90
the desired b. devised The most sauguHe and hope
h must perceive that the business Of the country cannot Tor
much longer De- upon the present high level with safety
The speculative interest large and powerful itself rccey
ug daily aceons OF strength by le increase Of iutyd
ua credits aud when spccuatos and debtors control the
financial policy OF The country financial collapse Is ineyita
ble."
The Report should command a careful study from
every taxpayer or business man. It's recommenda-
tons may not be enforced by legislation, but they
are none the less valuable the opinion of ono who
from his position and experience, possesses iniorma
ton not accessible 10 the public at large
Tho Secretary has placed himself squarely on the
record in favor Of contraction and specie payments
and really asks no nso posers 10 enable him to fund the
short dsjt, and resume by July, 1868.
It remains to be seen whether Congress differs with
him TO the sItent Of rpeaiHg eIisng ias, under which
the Secretary will proceed toward resumption. I'm
less rpeal TO be the order Of tho day. people cannot
be too careful about getting in debt