The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-15

THE SECRETARY OF THE TREASURY AND THE
FNANcEs.-We are glad to observe some little
evidence on the part of the Secretary Of the
Treasury that the views expressed by this jour-
nal have not been entirely without inf,l-
ence in correcting his ideas respecting the cur
rency and specie payments. Although his last
report to Congress was no more satisfactory
than the previous one with regard to those i'm
portant subjects, he has recently written let
ter to the President Of bank at Buffalo which,
while it contains sort Of half apology for the
crudities of the report, makes frank acknow-
ledgment Of desire to do what we have been
constantly urging, namely, to work back to
specie payments without any very large cur
tailment of legal tender notes, thereby avert
ing financial collapse He says, furthermore.
that he will act in the future with great eau
ton, and attempt no impracticable thing, which
a resumption Of specie payments on the lst Of
July, 1868, as predicted in his report, would
certainly be. The text Of the letter is as fol-
lows:--.
TREASURY DEPARTMENT, WASHINGTON Dec Z, 1865
DEAR SR-Your favor Of the 4ih inst is received.
Yom will receive copy Of my report through the Comp
but is think, sound In doctrine.
What need is increase OF labor. II we could
have the productive industry or the country In full cxer
else We could return to specie payments without any
large curtameut OF United States notes Ny object
has been 10 keep the market steady and 10 work back
10 specie payments without financial collapse shall
act In the future as have in the past, with great
ton, and attempt no impracticable thing am. very
Hon T. a. SpsuLpss Farmers and Mechanics National
Bank, Buffalo, N. Y.
This is an encouraging sign, SO far as the
views of the Secretary with regard to currency
contraction are concerned. There are other
matters, however. connected with his manage
ment of the finances which demand attention,
and particularly that of Congress. It is well
known that the Treasury is in the habit of
selling gold secretly and in like manner con-
verting one form Of government security into
another. This is SO clearly unfair to the gen.
eral public that reform is urgently called for,
and we trust that Congress will SO legisIate as
to define the duties of the Secretary Of the
Treasury in every important particular and
provide for the public sale OF all gold which
the necessities of the Treasury require to be
sold, and for the public conversion, with timely
notice, Of all securities which stand in need Of
conversion. As it Is, damaging rumors are
in circulation in regard to these transactions,
which should be avoided in the future, and
this can only be done'by definite legislation.
1t is very important that public confidence
in the stability Of values should be preserved,
and this is only to be secured by an open and
above board course on the part of the Trea-
sury, natural working Of the money market
and an absence Of undue contraction Of the
currency on the part Of the government, an
appreciation Of the importance Of which Mr.
McCulloch evinces in the letter we have
quoted. "Let well enough alone" should be
the motto Of the Secretary.
SAFETY OF PASSENGERS ON CrY CARs.-On