The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1866-03-24
Treasury DEPATMENT,

SIRs-4OuT# IaVOE Vi LL1G AA%s4l 1lSLs1 10
received, transmitting to me the follow
ing resolution, viz: Resolved, That
a communication be addressed by their
COMMITTEES to the Secretary of the Urea.
sury, stating that the committee had
received through one of its members,
information that the Secretary is OF the
opinion that he is without further leg
islation, sufficiently armed with power
to carry out the policy announced in
his late annual report, and to request
the Secretary to inform the committee
whether such is his opinion. In reply
| have to say that must have failed to
make myself clearly understood by the
honorable member of the committee to
Whom reference is made. / did not in
tend TO saw that the Secretary is with
out further legislation sufficiently arm
ed with power to carry out the policy
announced in his late annual report, but
/ did to say to him thatifitshould
be found necessary TO modify IN any
particularIprovision ofthe bill reported
by the committee. I should prefer that
,it should not become law; it Will be,
in INV opinion, national calamity il
Congress shall fail to grant additional
powers to the Secretary, for 1t Will be
difficult to fund interest bearing bonds
under existing laws; but Idon't desire
that the committee or myself should be-
come in any way responsible for law
its object. 1 regard it a matter of the
greatest Importance TINT the powers OF
the Secretary should not be strictly de-
fined, forif the Secretary should be pro-
hibited from selling bonds below par IL
would be easy, as the market, in pro-
cess of funding, must be loerally sup
piled, for the enemies of the govern
ment to form successful combinations
for keeping bonds ut such prices as
would prevent the depreciation of them
-on the other hand, if the authority OF
the Secretary, in this respect, Is not
limited, no such combinations would
be likely to be formed. In my opinion
the best way of keeping bonds at "a pre-
MUM will be to leave the Secretary I'M
restricted in the sale of them against an
underlined mower it would be difficult
to form successful combinations. A
Limitation of the authority of the Secre-
tary, in this respect, would be TO pre-
vent funding. do not, therefore, Ia
vor such Limitation, and should regret
to have Congress authorize it,
In regard to another important'feature
of the bill, authority to withdraw U. s.
notes, 1 have merely to remark
that L conceive it of vast Importance to
the business of the country, the welfare
of the people and the credit of the ma
lion. that such n financial policy should
be adopted by this Congress as will pre-
pare the way for return to specie pay
rnent, when this can be brought aDont
without injury TO the condition of The
national industry and the trade rela-
lions between the United States and
foreign nations. It is not desired that
specie payments should be restored
while that restoration can be made by
increasing industry and proper i'd
iustment of trade with Europe. The
tendencies now are all in the right
direction, and if they shall be adjusted
by judicious legislation I shall be hope
full that the currency of the country
may be brought up to specie standard
without large reduction of it. The APP
prehension which exists that If power
Is given to the Secretary to relieve the
United States notes the circulation OF
the country will be ruinously contract
ed is without any substantial founda-
ton. If no relieve can be placed upon
the discretion of the Secretary the very
condition of the finances of the country
will prevent such reduction of the
currency, or will make either light
money market or depress business:
Authority to reduce the currency will
20 very far to prevent the necessity for
a reduction, the battle will be more than
half fought when the Government shall
adopt healthy financial policy.
am very truly, your ob't serv't,
(SiGned) HUGH MCCULLoCH,
Secretary of the Treasury.