Evening star., 1866-12-03
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fCONTIEUED IRON FIRST PAGE-l
is-ss are falrhfuiiy enforced by the ofaoers
charged with their execution. That u Is the
Will Of the people that j. should be paid and
not perpefna'ed, Is clearly indicated by the
favor with which MS rapid reduction daring
q national debt can be aaything 2 else than
hnIden, a merieaee upon the property and in
dusty of the peope-is fortunately not an
American idea. In countries in which the
public expenditures are so heavy or the re-
sources are so small that no reduction OF their
public debts rs practicable, and where national
seeHrines become monopoiized capital In the
hands Of monied aristocracies. who not only
.aoeo'o the means, but give direction 10 the
sentiment OF the people, public debts may be
rTEarosd as public blessings, out no such fhl-
lacy will ever be countenanced by the free and
intslligsnt people of the United States.
Nothing IN our HISTORY sas eIraied 80 much
redaction of our national debt. The wonder
e1cifed by the rapidity with which IL was
erested 10 greatly ex oeeded by the admiration
oftbe resolution of the tax payers themselves
thaf1: shall be speedily extinguished.
The Secretary regrets, notwithstanding the
large sedoeton OF the national debt, and the
satisfactory condition. in other respects, OF the
National Treasury, that little progress has been
made sta Rce his last report toward specie par
menis. The views presented by him in that
report. xltbonch h en- dorsed in the Hoase of Rep
Lesentstsyes by a nearly unaRIrnou vote. were
not sustained by corresponding Legislation.
Instead of being authorized 20 reduce the ps per
eFcnla'hoH OF the country, according 20 his
recommendations, the amount Of United states
BUtss which be was permitted 10 retire was
l'niiItd toslO.ooe,O.o fer the six months end
rag October I2ih, and to "a, ,ooO.Cso per monrh
hereafter. In The meantime, the reduction Of
these notes. and of The notes of the State banks
has been nearly balanced by the IN crease OF the
circulation of the National banks; ana specie
commands about the same premium IL did
when the last Treasury report was prepared
HavIB 2 been nus preven led from taking the
Hrst I'm poriant step toward q return TO specie
paymSnis. he Secretary has mainly directed
his attention 10 measures looking TO an in crease
of efhcIency IN The collection of the revenues
TO the conversion of interest bearing notes int
hv--twepiy bonds, and to.a reduction o the
public debt. The Secretary has also deemed
II 10 De his duty 10 use shch ans, within his
control. rs were, in mis- judgment, best caIcu-
lated TO keep the business of the country as
steady as possible, while conducted on the un-
certain basis of Irrt tdeemabie Currency. To
accomplish this, he has thought II necessary
TO hold handsome reserve of coin in the
Treasury.
lie has regarded a stf ady market as OF more
importance 10 he people. than the saving OF q
Few millions of dollars in the way of interest
Al q observation and experience have assured
INN that, IN order 10 secure ihis steadiness in
any considerable degree, W hile business is con-
Quoted on paper basis there must be power
IN the Treasury TO prevent successful combi-
nations TO bring sbout successful fluctuations
fer purely speculative purposes He has also
been clear IN bls con victions that specie nav.
ments are not 10 be restored by an accumula-
non OF coin In the Treasury, TO be paid out at
future day IN the redemption OF Gro vernment
ooiIgstlcns; but rather by quickened industry,
can alone make the United States what they
ought 10 be-a creditor and not a debtor ma
ton. These views explain the course that
has been pursued with the gold which during
ms ADM inistration OF the Department has come
into the Treasury. He bas permitted il to ac-
cummulIte when the use of the sale of II was
NOT necessary for paying Government obliga-
tohs, or TO prevs mt commercial panics, OF sue.
cessful combinations against the national
eredn and he has sold whenever sales were
necessary to supply the Treasury with cur
TenCy, 10 ward of fin ancial crises or 10 sava
the paper clreuistion OF the country, as far as
PTsct>aole. from unnecessary and damaging
depreciation.
IL may be hardly necessary for the Secretary
10 remarx that his opinions have undergone no
Chanee IN regard 10 the importance of a resto-
ration of the specie stan dard, or the means
necessary 10 effect it, He IusiS, however that
~ has not been understood as entertaining the
Cplnlon that reduction OF the currency would
OF itseif necessarily bring about specie paw.
ments, although the chief and essential means
10 feet The desired result. He regards re-
dnncant legal-iender currency as the prime
cause OF our financial diffc mites. and q cur-
tailrnent thereof indIspen sable 10 an increase
Of labor and a reduction of pricP:. to an aug
Hentaiion OF exports and dinInntion OF i'm
ports, which alone Will place the trade be-
tween the United States ana other nations on
an equal and satisfactory fooung.
The Secretary states his views on these snb-
3rcts n some length. and suggests that the rem
edits ioT the mIschIef resulting from the use
Of an incoryertible paper currency which has
been made q legal ten der, may De iound:
r deem heir notes at the Atlantic critics. or,
what y oUld be better, at a single city.
second In a cuTtailrnent OF the currency n
IT. amount required by legitimate and health
uEtra6e
Third In a careful revision of the tariff for
The purpose OF hs-InOnIZIng il with our inter-
H2l iaNes-remOyIHg fhe oppressive burdens
Row imposed upon certain branches of i-tns-
Wy, and relieving altogether, or greatly re-
GeEing. raw materials from taxes. in order
mat The proGuct OF labor may be enhanced and
production aud exportaiion Iucrsa sed
Fourth In theissIe of bonds. ia ytlble in not
over twenty years and bearing Interest AT the
rae OF no, over ii We per cent. payable in Eng
iand OF Germany, 10 an amount sufficient To
absoTb the Elk per cent. bonds now held in
fGTope, and 10 meet The demand there for ac-
tual anc perman ent IN vestmene and ..
FifihS The rehabilitation OF the Southern
States = -
Each of these remedies is treated of by the
Secretary AT some length If these remedial
measures shall be approved by Congress. and
fident that specie payments msy be resumed
by the time our interest bearing notes are
retired. which must be done in less than two
years, and probably will be in a much shorter
period. - -
After careful survey of the whole field, the
Secretary is OF the opinion that specie payments
may be resumed, and ought to be resumed as
early as the 1st day of July, 1868, while he
1ndulges the hope that such will be the char.
acter Of future legislation, and such the condi-
ton OF our productive industry. that this most
desirable event may be brought about at a still
earlier day.
REPORT OF THE SECRETARY OF THE
GAxV