The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-12-04

may be returned at any time for sale the United States
efforts return 10 specie payments After giving the
subject careful consideration. the Secretary has
cuded that II advisable that he should be author.
lied 70 issue bonds not having than twenty years
TO run, aud bearing low rate OF interest," payable In
England or Germany, 70 DO used In taking up the six
per cents held abroad and In meeting any foreign
demand for Investment that may exist The question
be considered Is not how shall bonds be pre-
vented from going abroad Tor large amount has already
and continue to buy more than pay for In
other way but how shall they be prevented from being
thrown upon the home market to thwar our efforts In
restoring the specie standard The Secretary no
practicable method Of doing this at early day but by
cpaI and interest in Europe. will be ess likely TO be re-
turned when their return Is the least desired The hold
Of securities In Europe are subject TO great
and little expense In collecting their
coupons and Is supposed that Ave per cent perhaps
-four and half per cent bonds payable in London
Frankfort could be substituted for six per cents
without any other expense 10 the United States than the
trifng commissions TO the agents through whom the
exchanges might be made The saving OF interest TO be
thus effected would be inconsiderable item and the
advantages Of having bonds in Europe placed in the
hands Of actual investors Is too important 70 be dre
sarded. The ffth and last remedy suggested is the
NECESSITY or rHK REHABILITATION on SOUTHERN
srATEs
In abiding 70 this subjecr the secretary Feels that ne
charged with introducing political topic In financial
report; but IN bis opinion there 10 no question now
ings upon our finances than the political and
Industrial status Of the Southern States
Embracing they do, ons-third part Of the richest
lands Of the country and producing articles OF great
value for homs and for expectation TO other
tes thor position with regard 70 the general govern
ment cannot remain unsettled, and their industrial
pursuits cannot continue 70 be seriously disturbed with
out causing such dimnuton Of the production OF their
great staples must necessarily AFFECT revenues and
render still unsatisfactory than they are
trade relations with Europe. Al long the present
anomalous condition Of these States Continues long
they have participation In the government 10 the
support OF which they compelled 20 contribute-t IL
idle to expect that their industry win be restored
their productions increased. On the contrary there Ia
reason 20 apprehend that until harmonious rela-
lions again exist between the federal govern
ment and these States the condition Of their
industrial interests will become day BY day more
uncertain and unsatisfactory There will be no Peal
prosperity In these States, and consequently no real
ali poess again equal privileges under the constitution
Can the nation be regarded a. In healthy condition
when The industry OF large portion OF u derangedf
And the labor question 1t the South be settled NJ
long the political status o. the South unsetedf
Can the national credit be elevated and the public debt
be rapidly reduced unless the Southern states shall
largely contribute 10 the public revenues and can such
contributions be rolled upon long ~ they remain In
their present disfranohised condition. WIN the tax
payers Of the North continue 70 b patient unces their
burdens Of TAXATION can b. leGDened BY being equally
shared BY the people Of the Souhf Regarded thus
purely financial question: the relation Of thess States 10
the federal Union is an sxcsedingiy interesting and i'm
portant one md such u demands the calm and
ful consideration OF Congrc0
Specie rArnuD HAT NJ nnsUnD N LkSs raAs rwo
The Secretary hes thus presented In such manner
HE pressing ocai duties would permit his views Of the
nAaacs ssados o. The country We causes Of trouble.