The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1867-12-13
TREASURER'S REPORT.

The Secretary of the Treasury re-
ports the finances OF the United
States in a much more satisfactory
condition than at the last annual re
port. Since November lst, 1866,
S493, ,999,263 of interest bearing
notes, certificates of Indebtedness and
temporary loans have been paid or
converted into bonds. The cash in
the Treasury has been reduced $685.
sos, ,555 during the same period. A
decided Improvement has been wit
messed in the general economical con-
dition of the country. The policy of
contracting the currency, although
not enforced TO the extent authorized
by law, has prevented the expansion
of credits, and had no little influence
in stimulating labor and increasing
production. Industry has been stead
lily returning to the healthy channels
from which it was directed during
the war, and although the incomes
have been small and trade generally
inactive, in no other commercial
country has there been less financial
embarrassment than in the United
States.
Since the 1st of September, 1865,
the temporary loans. certificates of
Indebtedness and five per cent
notes have all been paid, with the
exception of small amounts. The
compound interest notes have been
reduced from $2l7, ,024, l69 to S71,-
tS7S,O40; S11. 100000 having been
taken up with the three per cent. GER
tificates. The $40 notes have been
reduced. from sS30,000,000 to $780,
97S, 800, and the United States notes
including fractional currency from
S469, ,504,31l to 1887 ,S1l, AT, while
the cash in the Treasury has been
increased from SSS, ,2l8,055 to $780,
99s, 1898, and the funded debt has in
creased to $3.50, ,504, 4,S06. In his last
report, the Secretary remarked that
he was of the opinion that specie pay
ments might be resumed as early as
the 1st of July, 1868. These anti
cipations may not be fully realized.
The grain crops of 1866 were barely
sufficient for home consumption. The
expenses of the War Department, by
reason of the Indian hostilities and
the establishment of military Govern
ments in the Southern States has
greatly exceeded the estimates. The
Government has been defrauded of q
large part of its revenue upon distill-
ed liquors, and the condition of the
South has been disturbed and unsat-
isfactory. These facts and the ap-
4 prehensions created in Europe, and
to some extent at home, by the ut
terances of some of our public men
on the subject of fiuance and taxation,
that the public faith might not be
maintained, may postpone the time
when specie payments shall be re-
sumed; but, Notwithstanding these
unexpected embarrassments, much
preliminary work has been done, and
there is not. in the opinion OF the
, Secretary, any insuperable difficulty
in the way of an early and.permanen1
restoration to specie basis. 1t may
not be safe to fix the exact time, bu'
with favorable crops next year, and
lii no legislation is unfavorable te
contraction at this session, it ough
not to be delayed beyond the 1st o.
January, or, at the turthermost, tt
the 1st of July, 1869. Nothing will
be gained, however, by forced re
sumption. When the country is in
condition to maintain specie pay
ments, they will be restored, as
/ necessary consequence, to such