Des Arc weekly citizen., 1867-06-08
Secretary McOulloch's Views of the
 Sitnatinn.

"You must not expect that our monthly statements for the present year, and the early part of the next tis- cal year will be as satisfactory as for many months past. The donations or bounties to soldiers, preparations for the threatening Indian war, even If the war itself should be avoided, and the very liberal appropriations Of a miscellaneous character. will cause un- usual drafts on the Treasury; while, on the other hand, the general failure of the wheat crop, and the partial fail- ure of the corn crop last year, the slow progress in the restoration of the Southern States to their proper rela- ton with the Federal Government : the dullness of trade throughout the country, partly the result of decrease of production. and partly of the natu- ral reaction which always follows pe- riods of excitement and speculation together with reduced taxes, will very considerably affect the revenue.
 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 it's branches or divisions, will prevent, for a brief season, a reduction of the public debt; and may even rem der a temporary increase of it una voidable, but will not weaken my faith in our ability to move on in the right direction, at an early day.
 On the contrary. 1 believe this cht c !, to our progress will lead to improve ments ill our revenue laws, and to an increase of efficiency in their execu- tion hasten representation in Con gress of the Southern States, and se- cure greater economy ill all branches of the public service"
 Mir. McCulloch explains the reason he has not, for some months, reduced the circulation of United States notes, viz: exposition of a majority in Congress to immediate contraction ; existence of forbodings of financial trouble, and danger of q panic in com mercial cities injuriously affecting the legitimate business of the country, ne- cessity of paying or converting large amounts of interest bearing notes within the present and next fiscal year. and failure of certain crops last year, y as above stated. He concluded
 You will not infer from what 1 have written that l am not hopeful in regard to our financial future. It has been my constant aim to manage the nation al finances so as to aid in bringing the country to healthy financial condi- tion, without being subjected to severe disasters, which many judicious per sons have supposed the large debt and derangement of business and diminu- ton ofindustry, occasioned by the war and redundant currency, would render inevitable, my faith that this can be accomplished, is unshaken.
 .'The causes which are now opera ting against us are exceptional and temporary. The prospect of good crop of winter wheat was never better, more spring wheat has been sown, and more corn has been or will be planted this season than ever before. The peo- pie arc beginning to comprehend again this important truth, which seems to have been disregarded for some years past, that prosperity is the result of labor; that industry and economy are indispensable to national as wei as individual wealth. shall be gricyously disappointed if another year does not witness large increase of industry, of enterprise and of reye- nue, decided progress toward resump- tod of specie payments, and steady reduction of the public debt.
 ''Y our obedient servant.
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