The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1866-08-23
Secretary McCulIoch ON the Finances.

| SECRETARY ACSuhoch on the
| Secretary McCULLocH, being on recent visit to
his native New England. was invited to dine with
the solid men ofBoson. The letter failed to reach
him til after his return to Washington; but the
18th instant he responded, showing why he could
not accept, and speaking Of the national finances
a. follows:
"Although It was hoped that ere this tho cur
rency Of the country would have been brought
nearer to the specie standard, sure the people
have cause for congratulation that finances are
| In SO healthy q condition as they are.
"Since March, 1865 the war has been brought
| to q successful conclusion; iuDense armies have
| been disbanded every soldier has been paid before
being mustered out Of the service all maturing OBJ
legations of the Government have been satisfactory
ly provided for while the national debt Is nearly
$3.50 900 900 less than 1t estimated II would be
at the present time and the reduction Of II has av
eraged, for the past year, more than $40, 000 900
Der month. II no other nation ever rolled up
debt 80 rapidly, none certainly ever commenced the
reduction Of Its debt after its creation. II
our currency Is deprecated We have far escaped
the financial troubles that usually occur among
| tions ut the close Of expensive wars, and which
there was reason to apprehend would happen to US
| at the termination Of the great war In which we
have been engaged. II the business Of the country
Is conducted upon . changing and uncertain basis
It has been subject to no severe rovulsons II our
taxes are heavy our resources arc almost unlimited
fully their burdens Is surprise even to those who
have the greatest confidence In the honor and good
faith Of Stree people. In my opinion, the people
Of the United States are to make repubicanism H.
lustrious among the nations by establishing the
fact that the securities Of republican Government
are the safest of all securities, and that the people
Who impose taxss upon themselves are the most
Jealous Of their national credit.
l do not, however, disguise tho fact that great
financial difficulties arc still to be oyeroome that
our present prosperity is rather apparent than real
that We are measuring values by a false standard
that We are, In fact, exposed to all the dangers
which attend an inflated and irredeemable curren.
cy, which dminshes labor-the true source OF
national weath-and stimulates speculation and ex-
travaganeo which lead invariably to thriftessness
and Generalization. Before the country becomes
again really prosperous. the specie standard must
be restored prices reducsd industry stimulated the
products Of the country Increased, the balance Of
trade between the United States and other nations
cease to be against us-all the great intersSts Of
the country cared for and protected by wise and
impartial legislation and all sections Of the
try to be brought again into harmonious and pract
cal relations with the General Government.
That the country will DO again thus really pros.
porous Is as certain as anything In tbs future.
That It should be SO at an early day, and that too
without financial crisis, II Is emily necessary that
thsrs should be proper legislation by Congress.
economy 10 the public expenditures, anf fidelity
management of tho public revenue.
Trusting that you will pardon me for writing so
long letter In acknowledging the receipt Of your
very courteous invitation, remain, very truly your
obsdisnt servant. HUoH McCULLooA.
Msssrr. William Gray Nathaniel Thaysr. Thomas
B. Wales, Andrew T. Hall and others, Boston,
Mass.