The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-05-31
~ FlaAncIAL sIIuATIoN.


THE F1AAACIALs SITUATION.
Recent and Imp6rtsat Views or the
Secretary OF the TFeasuFy..In-l
crease OF the Public Debt UnayOId.
:. The Secretary of the Treasury having
been invited by certain citizens. of Bos-
ton to accept the compliment Of pub
lie dinner in that city, made lOBgre-
ply, in which he regrets his inability
70 visit New England at present, and
makes the following remarks upon the
financial situation MAY Pig
need not assure you, gentlemen, that
IL shall be my earnest purpose to con-
tinueto so administer my office as TO
Justify the confidence you have sogen.
eTOusly given me. You must not ex-
pect, however, that our monthly state /
ments for the rest. Of the present ana
the early part of the next fiscal year,
will be as satisiactory.. as they have
been for many months past. The do
nations or bOunties to soldiers prepa-
rations for an Indian war, even II the
war itself should be avoided, and very
liberal appropriations of a miscella-
neous character, will cause unusually
heavy drafts 10 be made upon the
treasury while on the other hand the
general failure of the wheat crop and
the partial failure of the corn crop last
year, allow progress In the restoration
Of the Southern States to their proper
relations with the federal government,
the dnllness of trade Throughout the
country-partly the result Of de-
crease OF production. and partly OF the
natural reaction which always follows
periods of excitement and speculation
together with reduced taxes, will
very considerably affect our revenues.
This combination of adverse circum-
stances may retard a return to specie
payments, and with large issues Of
bonds to be made to the Pacific Rail;
road and its branches or divisions, will
prevent for brief season a reduction of
the Eublic debt, and may even rem Ter
a Temporary increase OF it unavoidable;
but It will not weaken my faith in our
ability to move on again in the right
direction at an early day. On the con-
trnry, 1 believe that this. check to our
progress will lead to improvements in
our revenue laws and 70 an increase of
efficiency In their execution, hastent the
representations Congress OF the South-
in all branches of the public service.
Some surprise may exist that / have
not for some months past reduced the
circulation OF United States notes ac-
cordiug, to the authority conferred upon
me by Congress; and an inference may
be drawn from It that my opinion upon
the subject of contraction has undergone
a change. Permit me to say, therefore,
that / am as much persuaded as ever OF
the Importance OF an early return to
specie payments, and ola reduction OF
the = nf nhnnk-.
ing extrnvagance and speculation,
and OF increasing production, with
out which all efforts to restore
permanently the specie standard
will be Intellectual. What the country
needs, in order that specie payments
may be resumed and maintained, and
real prosperity secured, is an increase
OF Industry and a restoration of our
former habits Of economy. as a peo-
pie, among ourselves, we must earn
more and spend less. In our trade
with foreign nations we must sell more
or buy less. Any different prescription
for existing financial evils, Is in my
Judgment, quackery. That contraction
will tend u bring about this desirable
condition OF things have never doubt-I
ed, but / have nevertheless suspended
the reduction of the circulation of
United States notes, and for the follow
ing reasons, either Of which would per-
haps have justified my course, and all
OF which have had more or less infiu-
ence in determining It. ..55 \
FirSt.-The views of majority OF the
members of Congress, as indicated by
q number OF votes last winter, were adj
verse TO immediate contraction, and II
have not felt at liberty to place myself
in practical opposition to the law-mak-
Ing branch OF the government, without
whose support must be powerless.
Z SeeoRh-There have existed for some
months past, anxious Eorebodings of
financial troubles, and while they con-
ttnued 1 have been apprehensive that a
contraction of the currency, the object
and effect of 1t being misunderstood or
misinterpreted, might produce a panic
in the commercial cities, which, ex-
tending over the country and beyond
the speculative interests, would injuri-
ously affect legitimate business and the
revenue dependent upon 1t. -.
| N1hird-IaIge amounts OF intaFest.
bearing notes are TO be paid or con-
verted within the present and next fis-
cal year, to which It seemed prudent
for me first to direct my attention, leav-
ing the question OF a curtailment of the
circulating notes TO be determined, from
month to month, by the condition of
the country and ofthe Treasury.
Fourth-AnticipatinR that the failnre
Of the crops and the other circum-
stances alluded 10 would seriously az
feet business, I have considered Il I'M
Portant that the public mind @houId
not be diverted, by the criticisms and
complaints of those who are opposed to
contraction, from the real causes OF
tronble-that a sound policy should not
be put In peril by being made the
"scaps goat" for evils resulting from
different causes. -.