Prescott journal. [volume] (Prescott, Wis.) 1861-1871, 1867-12-14
Synopsis Of The RPpOrt Of the Secretary
Of the Treasury.

| Synopsis OF The report OF the secretary
Of the Treasury.
New YORK, Dec. 3-The Secretary
| of the Treasury reports the finances of
the United States, notwithstanding the
continued depreciation of currency, IN
much more satisfact Try condition
/ than at the last annual report.
Since the first of November, 1866,
| 5493 999, 1863 of interest bearing uotss,
certificates of indebtedness and TEN
porary loans, have been paid or con
vert.d into bonds. and the public debt,
deducting theTefrom the cash IN the
treasury, has been reduced 1898, O55,
| COS during the same period.
A decided improvement has been
witnessed in the general commercial
condition OF the country. The policy
OF contracting the currency, although
not enforced to the extent authorized
Z by Law, has prevented the expansion OF
/ credits add had no little Influence in
stimulating labor and increasing pro
iuctiOD Industry has been steadliy
returning 70 the healthy channels from
which u was diverted daring the war,
and although incomes have been small
and trade FenerAlly inactive, Ia no
other commercial country has there
been less iiuauciHl embarrassment than
In the United States.
Since tie first Of September, 1865
the temporary loans, certificates of IN
debtedness, aud the five per cent. notes
have all been paid, with the exception
of small amounts. The compound in
terest notes have been reduced from
s2I7. O24,I69 to S71, 678, GAO, Sll, 500.
600 having been taken up with three
DER cent. certificates. The seven thirty
bonds have heen reduced from $780,,
900. 600 10 1897, 978 500; United States
notes. iuc,ndIng frac iOnal currency,
from S459. 500, 81 TO 1897. 81, ATT;
while tie ash an the Treasury has been
iucreas ed from SIS 2lS 055 70 Sl33 $685.,
398, and the funded debt increased TO
$3.50, 594, 500.
In bis last report, the Secretary re-
marked that he was of the opinion that
specie payments might be resumed as
early az the lst Of July. 1868. These
authorizations NAV not be fully realized.
| The grain crops of 1866 were barely
sufficient for home consumption. The
| expenses of the War Department, 10y
reason OF Indian hostilities and the es-
/ NhDlASAAlEhl u AAAiAAAA al
| the Southern States, have greatly ex-
ceeded the estimates. The Govern
ment has been defrauded OF large
pant OF its revenue upon distilled
! | quors. and the condition of the
South has been disturbed aud
nm satisfactory. These facts
and the apprehe Dsions created IN Ed
| rope. and TO some extent at home, By
| the utterances OF some of our public
men on the subject of finance and tax
alton, that the public faith might not
be maintained, may postpone the time
| when specie payment shall b. resumed;
| but not Witbslaudlng these unexpected
! endorsements, much preliminary
work has been done, and there Is not,
In the opinion of the Secretary, any
insuperable difficulty in the way of the
early and permanent restoration of
] specie standard 1t may not be safe to
! fix the exact time, but with favorable
crops next year, and no legislation I'M
| favorable to the contraction at this SEES
sion. it ought not to be delayed beyond
/ the first of January, or, at the farther
most, the 1st of july, 1869. Nothing
will be gained, however, by forced
resumption. When the country is in
condition to maintain speciepayments
they viii be restored as a necessary
consequence.
To such a condition of national pros
perity as Will insure the permanent
restoration of the specie standard, the
| following measures are, in the opinion
of the Secretary, important, If not In
dispensable:
1st. The funding or paying of the
| balance of the interest bearing notes.
and the continued contraction of paper
currency.
I'd. The maintenance of public faith
| In regard to the funded debt.
Sd. The restoration of the Southern
States to their proper relations to the
Federal Government.
The Secretary argues that national
banks should be sustained, as they
could not be destroyed without pre-
cipitating upon the country financial
! troubles which it is now in no condi-
! ton TO meet. AT some more propitious
period it may be wise for Congress to
I consider whether the national banking
system may not be dispensed with
| That the national system, with its lin
/ tied aud secured circulation and re-
stricted provisions, by suspending the
state system has prevented financial
crisis, there can be but little Doubt
/ For this il is entitled to credit, aud r
/ this aud other reasons it is suggested
that it should be sustained until bet
ter system shall be devised, or the
country be IN a condition to dispense
with bank issues.
| Regarding, as be does, the issue of
/ United State notes, in the first in
stance, as having been a misfortune,
and their continuance as circulating
medium. unless the volume shall be
steadily reduced, as fraught with mis-
chief, the Secretary can conceive of no
circumstances that would justify fur
Their issue of these deprecated but legal
tender notes Notwithstanding that,
the reduction that has tAken place will
staud in the way of a return to specie
lpayments, a substitution of them for
bank notes would be regarded by him
and the country as declaration that
resumption had been indefinitely post
i poned. If those now outstanding shall
be retired at the rate OF 81 600. 600 per
month, the amount IN actual circula-
4 tion will soon be reduced so that
they may not seriously retard restora-
ton to the true measure OF value,
If, on the contrary, under any pretense
or for any purpose whatever, their
. value should be increased, especially If