New-York tribune., 1866-12-04
PRICE FOUR CENTS.

the six months ending Osober - and 70 100000 per month
Of the notes Of the State Banks 1as been nearly balanced Eb
the increase Of the circulation OF the National Banks sne
specie commands about the premium n did when ne last
Treasury Report prepared Having been thus lreene
from taking the first important step oeara retuin o sI
payments Secretary has mainly directed ms ATTENTION
measures looking 10 an increase Of eccncy IN ie eos @
Of the revenues to the conversion OF VII
tyetwenty bonds and 10 reduction OF ihe Ppns "p il @
has been accomplished In these respects ana is nVl
asstS2d ey the country Is saPSna % h his daty to use ci
within his control were m his ludgnn' " W
cuaed keep the business Of the country steady s ~
currency To accomplish this he has th9nght II
hold handsome Of coin in the Treasury FOR cong
he has been criticised by many very Intelligent ersons
OF whom have condemned the policy involving b
loss the country in the way OF interest others have o'eeu
TO as failure on his part avail himself Of means wlH
his control for reducing the price Of coin and thus nrrof
mating specie payments the contrary not Few have %
nounced All sales Of gold by the Governments unwse Oh.
theory that If the coin received rom cpn ana Dol Fsd
for the payne Of interest should be permitted 70 aeeumss
until should reach about the proportion TO the oniiad
ing United States notes that in former 'ys the CON ~ e
Of wemanaged banking institutions sustained 10 ef
immediate liabilities specie payments m ht be resamea VIM
reduction the currency and without regard to the ton-
don OF trade between the United States and other nations
Under these circumstances feeling sese OF lhe s,h l
sponsby Of his position the Secretary has deemed Il sier
aud the country act according to the dictas ~
his Judgment carefully regarding me coh1uoh I" no
markets and Of the Treasury rather than 70 take ms m,eon
nom those who however intelligent and able under
official obligations the Government and might be less aeeu
aey advised in regard to the actual state OF ITS hnanci
nnce the people than the saving Of few millions Of dollars
in the way Of INTEREST," and observation nd experience hive
assured Lin that order this adaess in any
siderable degree while business is conducted paper basis
there must be power in the Treasury 70 pent successful com
buaons bring about fluctuations fos purely speculative uf
poses He has also been clear In bis convictions that ce
payments not 10 be restored by an accumulation OF con" IN
iLe Treasury 10 be paid ont a future a n the Is9s%rnoa
increased production and lower prices Wcn can aoS nAo
the United States what they ought 20 ea creditor ana not
debtor nation These views explain The course that has ten
pursued with the gold which during the administration o. he
Department has into the Treasury de has IermHd u
accumulate when the or the sale o. u was not necessary
ior paying Goyernment obhgatons OF 20 prevent col
pac essf combinations against the national ciedt
and be has sold whenever sales were necessary TO supply ho
Treasury with currency ward of nalca crises 20 save
the paper circulation OF the country practicable Dom
alone Is responsible IT, conducting them any iayontsm
been shown the interests OF Particular class have
10 violation OF his Instructions He has uo, the slightest reason
suppose however that they have nor been conducted hoh-
Ii nav Be hardly necessary for the Secretary remark that
his opinions have undergone no change regard 70 the im
pOancc restoration the specie Standard the means
Necessary 20 effect IT, He tTus however hathe has not ttn
Understood as entertaining the opinion tLt reduction of o
currency would OF itself necessarily bring about se Iy
mens although the chief essential TO effect the de-
er rt he rcarls redundant legal tender currency
the prime Of our financial difficulties and earancns
indispensable increase Of aor and reduction ~
prices to an ugmentaton exports and dmnuon q i'm:
States and other nations equal and satisfactory footing
hnded thc Secretary trusts that ke viii b paroDed for
ierng at risk OF repetition ol What he has h'ebe
presented in other communications to congress ana 10 ott
ways country certain laws wei understood bnt TOO
degaTded which regulate international trade aud con-
o the movements OF coin We have tlgeiod so lar oh il9
specie standard and blinded in regard TO our actual
financial condition anu orr relations viii other eonn.t "
inflated and irredeemabe currency ana 0y the escoa
Of on, securities that frequent recurrence 70 neAoabe COM
u.egcal and financial laws IS necessary
Eycr since ade commenced between le people Of dSeIent
raons gold and silver been the Or reliable and
nlcd OF value and medium Of exchanges Whie IN
their internal trade other Fepresenatiols o value have 70
greater extent been used by all nations money mhde ~
these metals has been pronounced by the Judgment oi TIE "od
only currency possessing the attbuie necessary for uni.
form and universal circulating medium From this iudgmont
rowoced Measure Of vae and medium Of exchanges but
by regulating flow, II indicates the coz 1on and the Tss
naturally seek level than does specie ho from nation 10
another for the payment Of balances created BY an unequal eh
change commodities Trade between ations Is geheIhDy
chiefly conducted by exchange Of leI productions t
these exchanges never exactly eqa there are e"say
PAYMENT nothing but the precious metals legal under it
is his necessity for paying balances II coz men men ftsss o
which the nation that sells d It bays the Ctd-
or nation aud the nation that buys than 1t ss lie
balances that determines the que ION OF the abny 4
The balance is in our favor or ii not in on ivor he Balance
against small that can be paid without cxhaustng
Gesae Galn on Sae S S9I aSorae 4 not e. ot % H
ing our heavy exports during the past yea chat Of cotton hny-
ing been 65o672e2o pounds nearly 10000 bales aqUan
tty greater than our entire crop OF The present yea') no
viii put right this point Between the year
Isl when gold first discovered IN California ard the bst
United states was about 100 o0ooo nearly all OF which Las
gone into the world general STOCK and 4 Is rot fohabe tt
much larger than it was eighteen years ago
Dng the fiscal year ending June 30 1874 the United States
Foreign merchandise free of duty. sss0l759
Foreign merchandise poyins duty. jS5 S5d@Ool
SiszSo9sIO
OF foreign merchandise there was reexported
Free Free Of duty ...-.-.-.''~---. sdd,9,'5S5 sd;%'iS5
Total mixed gold and cur
Which. reduced to currency value, was
equal to....-....- iN-o3-N
Total net imports foreign merchandise,
valued IN % god IN 7"O''"'
q ti'viis wiieh There tScfc was icg1. -
polied----.--.----.'.'---- 3FNo9'
Net imports spec.e..................... G92s4j9
Total net imports foreign merchandise and specie i29 $500
During tie hscal year endiI, June 20, lsob he
United States exported domestic merchandise
TO SoI5o god value S4e
Specie exported. ......-.. ...--......... s2t3,5A
Total domestic exports, valued in gold s4i'ta's3
Apparont balance of trade valued in gold ts0o5U
But these figures the reports OF the custom Ioss,
Doi present whole truth For there has rsn
systematic Of foreign erchandise imported
into the United States and large amounts Aaye been snfd
make for undery auaons and smL ng aud for cot ~
paid 70 fOrcgn hpowneIs ~ per cent at hast
should be added the imports which would make the haslce
for the past year against the United Safrs nearly Sou0HO
IL is eydent that me balances have bcea ley agsnst TO
United for years past whatcr have been he
eccong i. dat a verr large amoan. b imecan bonds -
how held Ia Europe which ale estimated a. 0lOWa 10 WI;
Tinted Stqtos lop..s .......... ..... S3-0iNGrO
state aLu municipal bonds. i1Ouuluo
Railroad Otu,f stCcks anu boui lt0oe,no
Total ..................... tlOuo0toO
Its evident lese figures that balances nic against
w. and chiefly by the expectation OF government bonds
are bn Temporarily and improydent arranged iemIoTai-
H. because large portion Of these bones have Doen bought
speculation and viii be likely 20 be returned whenever bnantl
toubs In the countries In which they held sha make t
necessary the holders realize uoa them Hhen''er
satisfactory profits be made by returning them which VIII
he when they nearly approach their par ue IN com lmpc-
IDENTITY becaNe ey being purchased az very low pncs
and hecause their exporatOn stimulates imports and thus