The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1867-06-05
Secretary AIcCulioeh upon the
Financial Condition of the
Country,


Secretary HIcCulIoeh upon the
Financial Condition of the
Country.
New York, May 24-Secretary McCul-
loch has declined the invitation to public
dinner which was rendered him by the lead
ing citizens of Boston. Speaking of the
financial condition Of the country, he says
You must not expect our monthly State-
ments for the rest of the present year and
and early part Of the next fiscal year will
be as satisfactory as for many months past.
| The donations or b0unties to soldiers, the
preparations for the threatening Indian
war, even if the war itself should be avoid
ed and the very liberal appropriations Of a
miscellaneous character, will cause an un-
usual draft on the Treasury, while on the
other hand the general failure of the wheat
crop and the partial failure of the corn
crop last year, the slow progress in the res
toration of the Southern States to their
proper relations with the Federal Govern
ment, the dullness of trade throughout the
| country. partly the result of decrease in
production and partly Of a patural reaction
which always follows periods excitement,
and speculation, together with reduced tax
es will very considerably affect our reve-
nueS. ~
This combination of adverse circumstanc
eS may retard return to specie payments,
and with large issues Of bonds to be made
to the Pacific Railroad and its branches, or
divisions, will prevent, for brief season, a
reduction Of the public debt, and may even
render Il temporary increase of it unavoida
bic, but will not weaken my faith in our
ability to move in the right direction at an
early day. on the contrary | believe this
check to our progress will lead 10 improve
ments in our revenue laws, and to an in
crease of efficiency in their execution; has
ten representation in Congress of the South
ern States, and secure greater economy in
all branches of the public service.
Secretary McCulloch explains the reason
he has not for some months reduced the
circulation of the United States notes, viz
The opposition of majority of Congress
to immediate contraction; the existence of
forebodings of financial trouble, and the
danger of panic in a commercial city in.
juriously affecting the legitimate business
OF the country; the necessity of paying or
converting large amounts of interest bear
ing notes within the present and next fiscal
year land of Il failure to certain crops last
year, as above stated he concluded-you
will not infer from what | have written
that | am hopeful in regard to our financial
future.
1t has been my constant aim to so manage
the national finances as to aid in bringing
the country to healthy financial condition,
without being subjected to the severe disas-
ters which many judicious persons have sup
posed the large debt and arrangement of
business, and diminution Of industry, occa-
stoned by war and redundant currency,
would render unavoidable
My faith that this can be accomplished is
mistaken. The causes which are now
operating against us are exceptional and
temporary. The prospect of a coed crop
of winter wheat was never better. Moro
spring wheat has been sown, and more corn
has been planted, or will be planted, this
season than ever before.
The people are beginning to comprehend
again this important truth, which seems to
have been disregareded for years past, that
prosperity is the result of labor; that indus
try and economy are as indispensable to
National as well as individual wealth.
| shall be grievously disappointed if an
other year does not witness large increase
Of industry, of enterprise, and of the rev.
enue and decided progress toward the
resumption eff specie payments and seduc
ton Of the public debt.
Your obedent servant
TT McCTTTT OOH