The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-12-04

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method Of dc ing this qn carly day, but by sgbssu
ting for them bonds which, being payable principal
ana interest In Europe win be less likely 70 be re-
ders OF in Europe are now subject 70 great
n & Smp nSt 10 oe e III & Ser cent or er
maps -four and 9ol PER cent D9nds PeyaSle IN Lon on
cents without any other expense TO the United states
wham ne 6e might be made The saving Of
interest be thus effected would be no inconsidera
Europe placed in the hands OF actual investors is too
Ffith Tne hnh and last remedy suggested is, the
o, he states recently cen in
he steps ppon dangerous ground. aud that he may be
c%i fepoT but, in his 6pnoH there Is no question
nSw before me r county more more important I'M IN m
onsequenty industrial status o the Southern states.
lands Of the country and producing articles Of great
value tor home use AMI or eapof'@uon 90 other e9nn
yernment cannot remain unsettled and their indus
without causing such diminution of the production
revenues, and render still more unsatisfactory than
they now are, our trade relations with Europe. As
states continues-as long as they have no partcipa-
aT on % 10 % e 30 ypee
their industry will be restored or their productions
prehend that until harmonious relations again exist
between the Federal Government and these Sates,the
condition OF their industrial interests Will become day
by day more uncertain and unsatisiactory There VIII
no real prosperity in one-thlrd part of the United
he ConsIiiniinnp Can tSs nntiop he PregaTed es In
healthy condition when the Industry of so large por
ton oft is deranged? And can the labor question at
the The South South be settled as long as M the P3ca status % S
elevated and the public debt be rapidly reduced unless
the southern states shall largely contribute to the
sad pSa ps Sg & d 9ey yfp9 m ~ ther % & SG
continue be patient unless their burdens Of
ton can De lessened BY being equally shared by the
cal questionable relation of these states to the Federal
Union Is an exceedingly interesting and important
one ana as such demands the calm and careful con
The Secretary has thus presented in such manner as
his pressing official duties would permit his views of
trouble present prospective the remedies for
the same II these remedial measures shall be APP
ation he s confident that specie pay may be re-
tired, which must be done in less than years
probably will be in an much d shorter period a. ,,
consequently OF productonato liilIment of obliga-
ton of the public dePt a. the same time that taxes are
5adr but eay mes
financial ITonbes W%cS sav prScede %e e
eer G eng period 61 of n and
though he regards each as importantly is absolutely
other remedies may not be adopted by Congress to
lie presents as he consders to be- his dy to o
his own views and asks that they may receive careful
selves to the wisdom Of Congress- and rejected II mea
be devised. The sanguine and hopeful must per
ceve that the business Of the country cannot for
with safety. The speculative Interest, large and pow
Strength by The increase Of indiydnn Credits; and
when spectators and debtors control the financial
policy OF the country financial collapse Inevitable
These untoward and dangerous influences now be
resisted and the true interests of the people require
that they should be resisted promptly and decisiVey.
Unsatisfactory. as IS, in many respects, our cond
ton, there is cause for congratuluton that have
thus tar escaped those financial troubles which
usually fall nations at the close OF expensive and
tracted wars. With our vast resources and buoy
ant and persistent energy of free people, IL will be
our own fault II we do not escape them altogether.
The Secretary has pointed out the financial dangers
around and before us, in order that they be
sidered and avoided before they cumnate IN general
disaster. Strong as Is his convection that have
been for some time and still moving in the wrong
direction, ana that much of our prosperity is un-
real ana unreliable his confidence in the ability of
the country TO right itself speedily is mistaken.
We have but touched the surface of our resources
the great mines of national wealth yet be
developed. The experiences OF the past four years
have only assured us of ourStrengh It only
sary that true situation be understood in order
that the proper remedies may be applied There no
insurmountabe obstacle in the of restoration
perfect financial health, without the painful trials
jected. TO be coworker with Congress and the peO
pie in affecting this most desirable result been
and will continue 10 be- the highest aim of the Seere
tary. -. 2 u. -.r dEl
retary is OF the opinion that specie payments may
the first day of July, 1868 while he INDUCES the
hope that such will be the character future egis
latjOn, and such the condition of productive in
du try, that this most desirable event NAV be
bro vght about at q still earlier day.
TSe following is q statement OF the public debt
juno 80, 1866 exclusive OF each in Treasury
Bonds, l0-40s, per cent,
Bonds PacIhc Railroad 6
per CENT que 10 1895 and