The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-12-03

S66h6mS IN lbe national oEbehaes for shs maiDto-
nance OF tIue democracy IN the administration Of
Of public Vrtue-that the policy OF a stoady annual
reduction Of the debt shOu be definitely and Inexo.
rsblY established. Nothing short OF this, and that
economy in the national expenditures witch WM
render IL accabe, Will reconcile the people to the
A national debt must ever be a severe STRAIN upon
republican institutions ana should not DO sub.
teot e. IL one day longer than 10 necessar 10 the
pefletuanOn OF the existing debt OF the United
States there are also Il may be proper to remark
serious objections growing out OF the circumstances
uDoer which II was created Although incurred IN
great struggle ior the preservation OF the Govern
meht and therefore especially sacred In its oharao
"a rsna ~ are 10 De shared oy thoee 20 whom
ceeolngly desirable that this, with other causes OF
heart Inines ana anenation, should bo removed as
rapidly as possible and that all should disappear
with tie present generation so that there NAV be
nonng IN the iuture to prevent that unity and good
,,ps ~ Ine seotlons which are necessary for
The Secretary regrets, Notwithstanding the large
Ieo1cuon OF the national debt, and the satisfactory
condition. In other respects, of the NaiIonaI Trss
surY, that little progress has been made SINCE his
sented bv him in that report although endoraesS ~
lhe House OF kepreS Sentatives by nearly una
lation. Instead of being authorized to rsdues she
paper circulation OF the country, according 10 his
einSations. M the smognt Of United States
10 $40 600 O0O Tor the six months ending Ootoher 10
and TO "a 100000 per month thereafter. Ia the
meantime, the reduction OF these notes and of ths
notes OF the State banks, has been nearly baiancsS
by the increase OF the circulation Of the National
banks; and specie commands about the Same
premium II dio when the last Treasury Report was
made NV
Under these circumstances, feeling sensible of tho
great responsibility OF his position the Secretarv
deemed II safer and better for the country 10 ACT
ding to the dictates OF his own judRmant ca,e
fully regarding the condition OF the markets and OF
the lrea, ,uIy rather than take his direction nom
those who, however Inte hinge & and abe ware
unoer no official obligations TO the Goyernment
and might be less accurately advised IN reVa d 10
the actual state OF its financial affairs. He mas re
garded steady market as OF more imuortance Ia
the people, than the saving of few millions of dol
lars in the way Of interest; ana observation and
experience have assured MIN that IN order to secre
this sieadIness in any consdera ole degree wbiIe
bus ness Is conducted on paper basis, there must
be power in the IIeasury to prevent successful com
binatlons to bring about fluctuations for purely
speculative purposes
After careful survey oftbe whole field. the sac.
retary Is OF the opinion that specie payments nav
be resumed, and ought 10 be resumed, as early ~
the first day of july 1868. while he indul0es the
hope hat such Will be the character OF fuure eSiS
lanon, anu such the condition OF our producI,vr in
oustry, that this most de-irable event NAV ~
brought about at o still earlIer day. - w
The ioLowing IS s atement OF the public debt.
June 30. 1866 exclusive OF each in Treasury -"
bOnub, Pccs,r D PeI oeht, -, -. -.