Abbeville press. [volume] (Abbeville, S.C.) 1860-1869, 1866-09-07
SECRETARY MccULLocH ON THE FIEAN-

SECRETARY McCULLoCH ON THE FIFhN-
CES.
Secretary McCulloch, being on 4 recent
visit 10 his native New England, was invi-
ted to dino with the solid men Of Boston.
Tic letter fnilcd to reach him till after his
/ lutr,rp TO Washington; but on the 18th
instant he responded, showing why he
could not accept, and speaking Of the ma
| tional finances rs follows:
Although it was hoped that ere this the
currency OF the country would have
been brought nearer 10 tho specie standard.
| am sure the people have cause for con-
graduation that our finances are in so
healthy condition rs they arc.
Since March, 1865, tho war has been
brought to successful conclusion immense
armies have been disbandcd every SOL
dier has been paid before being muster
eli out Of the service; all maturing oLliga.
tons Of the Government have been salts
factorily provided for, while the national
debt is nearly $3.50, 900, 900 less than it was
estimated it would be at the present time the
Of it has averaged, for tho past year, moro
than 81 O 900, 900 per month. If no other
nation ever rolled up a debt so rapidly,
none certainly ever commenced the reduc-
ton Of its debt so soon after its creation.
Ii our currency is deprecated, We lavo SO
far escaped the financial troubles that usu-
ally occur among nations at The close Of
expensive wars, and which there was rea-
son to arpr"lcnd would happen to ns at
the termination Of the great war in which
VIC have been engaged. II the business Of
the country is conducted upon changing
and uncertain basis, it has been Subjected
10 80 severe rcvuisions. If our taxes are
heavy, our resources nro almost unlimited,
while the disposition Of tho people TO bear
checrfulIy iler burdens, i, surprise even
to those who have tho creates! confidence
in the honor and good faith of free peo
pie. In my opinion, The people Of the Uni
ted States arc to make rcpubcanism illus
trious among the nations ly establishing
the fact that the securities OF republican
Government aro tho safest OF all securities,
and that the people who impose taxes up
on themselves are most jealous Of their
national credit.
7 do not, however, disguise tie fact that
great financial difficulties are still to be over
come; that our prcscnL prosperity is rath-
or apparent than real; that we arc meas
uiing values by a false standard that we
arc, i'll fact, exposed TO all the dangers
which attend an inflated and irrcdeemable
currency, which dimnishcs labor-,he true
source Of national weal,h-and stimulates
specuiations aud extravaganza, which lead
invariably to thriftlessncss and dernoraliza-
ton. Before the country becomes again
really prosperous, the specie standard must
be restored, prices reduced, industry slim
uated, the products Of the country in.
creased, the balance Of trade between the
United States and other nations cease to be
against us-all the great interests Of the
country cared for and protected by wise
and impartial Legislation, and all sections
of The country to be brought again into
harmonious and practical relations with
the General Government
That tho country will be again thus real
ly prosperous is as certain rs anything in
the future. That it should bo so at All ear
ly day, and that, too, without financ ial
crisis, it is only necessary that there should
| bp DrOpar lausl latiou by ('on0recc ecopomy
in public expenditures, and fidelity OH the
part Of those who are entrusted with the
management Of the public revenue.
Trusting that you will pardon me for
writing go long letter in acknowledging
Che receipt Of your very courteous invita-
ton, remain, very truly, your obedient
servant, ..
| HUGH McCULLOCH.