The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1866-08-28
Secretary NKcCul1oci ON the Finances.

Secretary NKcCulIocll ON the Finances.
SECRETARY McCulloch, being on a
recent visit to his native New Eng
land, was invited to dine with the
solid men of Boston. The Letter fail
ed to reach him till after his return
to Washington; but on the 18th in
slant he responded, showing why he
could not accept, and speaking of the
national finances as follows:
although it was hoped that ere
tins the currency Of the country
would have been brought nearer to
the specie standard, I am sure the
people have cause for rcongratulation
that our finances are in so healthy q
condition as they are.
''Since March, 1865, the war has
been brought to successful conclu-
sion; immense armies have been dis
banded; every soldier has been paid
before being mustered out of the
service; oil maturing obligations of
the Government have been satisfac
torily provided for, while the ma
tlonal debt is nearly $3.50, OOO. 600
less than it was estimated it would be
at the present time and the reduction
OF 1t has averaged, for the past wear.
more than $1O,00O,0O0 per month.
III no other nation ever rolled ND a
debt so rapidly. none certainly ever
commenced the reduction of its debt
so soon after its creation flour cur
rency Is depreciated, we have 80 far
escaped the 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 termination of
! the great war in which we have been
engaged. If the business of the
country is conducted upon a chang
ing and uncertain basis, it has been
subjected to no severe revulsions
III our taxes arc heavy, our resources
are almost unlimited. while the dis
! position of the people to bear cheer
fully their burdens, is surprise even
to those who have the greatest conf
dencc IN the honor and good faith of
a free people. In my opinion, the
people of the United States arc TO
make republicanism illustrious among
the nations hy establishing the fact
that the securities Of a republican
Government are the safest of all Sc
curitlcs. and that the people who i'm
pose 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 overcome; that our present pros
pcfltv Is rather apparent than real;
that we arc measuring values by a
false standard; that we are, in fact,
exposed to all the dangers which at
tend an intiated and irredecmable
currency, which dinlinishes labor
the true source Of national wealth.
and stimulates spcculations and ex-
travaSancc, which lead invariably to
thrlftlessncss and decentralization.
Before the country becomes again
really prosperous. the specie standard
must hc restored, prices reduced, in
dustrv stimulated, the products of
the country increased, the balance OF
trade between the United States and
other nations cease to bc against us
All the great interests Of the country
cared for and protected by wise and
impartial legislation. and Ill sections
OF the country to be brought again
INTO harmonious and practical rcla-
tons with the General Government.
That the country will be again thus
really prosperous is rs certain as any
thing IN the future. That it should
be so at an early day, and that, too,
without financial crisis. it is only
necessary that there should be proper
legislation by Congress. economy in
tn" pnhllc expenditures, and fidelity
on the part OF those who are entrusted
with the management OF the public
revenue.
Trusting that you will pardon me
for writing So long letter in ac-
knowfcdglng the receipt of your very
courteous invitation, l remain, very
truly, your obcdient servant,
HUGH MCCULLOCH.
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