The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1866-03-24
FROM WASHINGTON,
Congressional Proceedings
Letter from Secretary McCulloch.
THE FIRE IN CINCINNATI
Total Loss Two Million Dollars.

| Means:
TREASURY DEPARTMENT, I
March 90, 1866.
DEAR SIR: Your favor of the 22d inst
is received, transmitting to me the FOL
lowing resolution:
| Resolved. That a communication be
addressed by the committee to the Sec
retary of the Treasury, stating that the
committee had received, through one OF
it's members, information that the Sec
retary is of the opinion that he is,
without further legislation, sufficiently
armed with power to carry ont the pol
icv announced in his late annual report
and to request the Secretary to Uniform
| the committee whether such is his
opinion.
In reply | have to say that | must
have failed to make myself clearly I'm.
derstood by the honorable member OF
the cohmittee to whom reference is
made. l did not intend to say that the
Secretary is, without further legislation,
sufficiently armed with power to carry
out the policy announcedin his late an
pual report; but | did intend to say to
him th at if it should be found necessary
TO modify, in any particular, the proyis-
ions of the bill reported by the commit
fee. should prefer that it would not be
come a law. 1t will be, in my opinion,
Il national calamity, if Congress shall
fail to grant additional powers 10 the
Secretary, for it will be very difficult to
fluid interest bearing notes under exist
inc laws; but l don't desire that
the committee Or myself should be
come, in any way, responsible tor
Il law that is likely to tail
in the accomplishment Of It's object.
! I regard it as matter OF the greatest
i,nnortauce that tho powers Of the Sec.
rrtary should not be strictly defined,
for if he should be prohibited from sell
lug bonds below par, it would be easy,
~ ihe market in the process OF funding
must be literally supplied, for the enc
mics of the Government TO form success
tnl combinations for keeping bonds at
such prices as would prevent the depre,
ciaticn of them On the other hand, If
the authority of the Secretary in this
rasnect is not limited, no such combina-
lions would be likely to be formed. la
NV opinion, the best way OF keeping
bonds at premium, will be to leave the
! Secretary unrestrained in the sale OF
them A Limitation Of authority OF the
Secretary in this respect would be very
likely to prevent funding do not,
therefore, favor sGch a limitation, and
should regret to hear Congress author
ize it.
have merely 10 remark that | con-
| reive il of the most vital Importance to
| the business of the country, the welfare
| 81 the people, and the credit OF the ma.
! t;nn that such financial policy sho1ld
he adopted by this Congress as will pre-
mare the way for return to specie pay
ment when this can be brought about
vithout injury to the condition OF our
national industry, and the lraue rela
tinns between the United States and for
eign nations. 1t is not desired that
snec;e payment should be restored until
that restoration can be made, by mcreas
Ing industry, and proper adjustment OF
trade with Europe. The tendencies now
al @ all in tue right direction, anu II they
sLall be adjusted by iudicious leglsia'
t;ob, shall be hopeful that the
currency of the country may be brought
mn to a specie standard without large
reduction of it. The apprehension
which exists that if power IS given TO
tbe Secretary to retire United States
notas the circulation of the country
viii he rninously contracted is without
any substantial foundation. II no re-
lance can be placed upQn the discretion
nf the Secretary, the very condition OF
tho finances of the country will prevent
snch n reduction of currency, or will
male either a light money market or
depression in business. Authority to re-
dnce the currency will 80 very far to pre-,
Tpnt the necessity for reduction. The
hottle will be more than half fought
wben the Government shall adopt a
healthy financial policy
am, very truly,
Your obedient servant,
fSig,edl HUGH MCCULLOCH,
Secretary of the Treasury
To Hon JUSTIN S. MORRILL, Chairman
Committee on Ways and Means.
New YORK, March 23.-The Tribune S
special says that Attorney General
Speed has given an opinion sustaining
the recent decision of the Commissioner
of Pensions as to the right of revolu
tionary pensioners being restored to the
rolls of the Southern pension agencies
ON proof of continued loyalty through
ont the rebellion All pensioners thus
restored will now receive their pensions
from the date Of their last payment on
the former certificates, without inter
ruption. By direction of the Secretary
of the Interior, payment trom the pc
rioa for the 10th of August, 1851, tC
the date of completing the proof OF
LOYALTY, was suspended while awaiting
the opinion of the Attorney General
which is adopted by the Department
After referring to the terms and import
of the act of February 4th, 1862, direct
inc the names of all disloyal persons
and those who have at any time mani
tested sympathy with the rebel cause
to he stricken FROM the rolls, the Attor
nev General says: by this act, Con
gress has sought to be just TO all these
pensioners of the government who shall
remain faithful and true, and without
any fault of theirs, they must oe lie
garded as public enemies. As enemies
/, all intercourse with them under the
4 laws OF war, by the act of Congress, anC
the proclamation made in pursuance
thereof, was suspended; but by the aaI
OF February, 1862, their rights are
', saved, and when intercourse becam,
J lawful their right to demand payment
was revived, and it became the duty o
- the government to paw.