, 1866-12-24

Secretary McCnllocl's policy of currency
contraction meets with almost univesss1
condemnation. Eyery exchange we open has
something in opposition to 1t. The people
are becoming alarmed and aroused. The
views presented by the writer of the follow.
ing letter-Hon. Harrison Noble, Of Mclean
County-Eefect the ideas In the public mind
on this subject:
MR Epnon:--I see The Secretary of the Treas
ury recommends The withdraw from circulauon Of
Treasury notes, And the consequent reduction OF
the circulating medium, IN order to rcd1re prices
OF AZ eomnodities nom what be calls their pres
enH ins,sd q e. sPef 5ss,,
notes, leads me 10 Inquire what rood eould be nc
compitehed By their Withdra Aal from circulation,
or Whist harm would attend should th-y remain a
1T present, or a., they were one yesr ago.
Suppose foEr hundred millions Of Treasury
noles are noE IN circulation. u is estimated by
The Assis1ant Comptroller OF the CurTeney.twentJ
four uIlltun1 Of interest Is aaved TO the Govern
uent annually ou that 2nouutv counting interest
nj aix per cent. Twenty four millions saved 10
,hs GevSnncns1 1u't tho sanao amount aayed to
Why, her. withdraw The Treasury notes, and
Hht not keep as much Or the two thousand I've
hnndrcd millions Of public debt1n TseasuRy noten
Bnt ,be Secretary says the circulating medium
m1st be reonced, Or nnavctal min will speedily
ensue from t111dln Of prices, specul9tlou and
ovstt.sdisns is Does " seessta{ propetJ sRprs.
on .hia ques'lon! LIE deprec1.es high p,icea,
tut wonid ask how the ieduc;ion Of pslces Il
tbis time, to epecan basis, woald benefit the peo-
pie: Can farmer pay tax Of Two or three hun
Cred dollars annually an! easfe. when pork aud
beef are worth three dollars hundred. than hc
c1n when they Are worth len dollars hundred
Would his corn, sold AT ten ceues hushel, and
wheat at forty cents bustel. pay = tbs OF tar
with more facility thsn he can pay II the present
umef The case for the farmer Is clear.
How L. Il for the merchant and manufacturer
Does not the same rule govern their business that
doe the hrn1etss When money Is plenty, trade
active and prices temucerauve, all classea are
prosperous, and payments are prompts made
In this question Of finance the people havc
Of wnF compelled the tssre Of the unusual amount
ofpsper money now circulating, and the National
debt was made when he vaines were correspond
ing1y depfeseed. 1kas debt md its interest must
necessarily be paid. It's the peoples debt, and
rsht 10 all reasonable iactlttes 70 enable them to
meet those great outstanding obligations. While
two aHd half billions Of debt, with It's annually
acc1uing interest hse to be paid BY the peap1e,
bat right hs' any 6nancler to cnauge the base Of
millions annually, while the same process that
increases the auonut Of interest required de.
Teaees tie ability Of The people 10 pay2
Our financial condition Il nov 10 enigma. The
enme policy which brought us so saiely through
the war, has not failed Us n two years OF peace.
lhe people can carry on war OF Immense m4gnI-
snda tor four years, without contracting foreign
debt, ard At It's close return to ant pnTsue fts
peaceful avocations without 1naneia1 rtyu1sion.
sreas ends, Is worthy Of further trial. and until Il
tails to meet the neceeaihes OF the people and Of
the Government, no chauge VIII be tolerated BY
the people. aAAR1sos NoD1E-