The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-12-07
ENORMOUS STOCK
CLOTHING,
M. GUTMAN & CO.'S.
FINANCE AND TRADE.

Financial and Commercial Items.
We present herewith concise stare
ment Of the main points OF the report
of the Secretary of the Treasury: The
summary may prove useful to those VINO
des,re IN hear tie main features and rec
concentrations of the report in mind.
The Secretary adheres to his policy OF
contraction of the currency, heretofore
expressed by him as the proper one to be
pursued, and thinks there is ne reason
why the business of the country can
not be brought to specie basis oy July
l, 1869. In order to bring this about
he holds that three things are neces-
sary: first, the funding or payment OF
the balance of the interest-bearing
notes, and continuance Of the policy
of contraction; second, the full main
tenance of the public faith in the pay
mont of the public debt; and third, the
restoration of the Southern States. de
argues that the question of specie pay.
ments underlies the great questions oil
the currency, taxation and reconstruc-
ton. He goes into an elaborate argu-
ment to show that the contraction
should be applied to the legal-tenders,
rather than to the National bank notes,
and he does not approve of substituting
greenbacks for National bank
notes. He takes strong ground
against the proposition to redeem
the 500 bonds in currency, ana
urges economy in the public expendi-
lures. and recurs to the subject of keep
ing faith in the bonds. On this latter
subject he quotes from speech made Dy
Mr.. Stevens in the House while one OF the
loan bills was under consideration, In
which he twice referred to the bonds as
being payable in gold. On the connec-
ton of reconstruction with the bust
ness prosperity of the country, he refers
to the fact that last year, notwithstaAd-
ing the crippled condition of the South
ern States, those States furnished three
fourths of all the exports sent abroad
to keep up the balance of trade: he
specting the matter Of taxation of gov
eminent bonds and the funding of our
loans, he makes an important recon,
mendation in favor Of consolidated b
per cent. loan, to run twenty years,
from which one-sixth of the interest
shall 10 annually withheld from the
bondhoIders and paid over to the
individual States. The Secretary urges
greater stability in onr revenue laws; re-
commends a revision of tho tariff, which
he says yields large amount OF rev.
enue, and yet does not protect American
manufacturing interests; and calls at
tention to the decline of the American
shipping interest. The internal re,
venue laws, he says, would have yielded
more revenue than estimated if it had
not been for the whisky frauds, and the
failure of the revenue officers to collect
the whisky tax, showing that both the
officers and manufacturers of the article
have become thoroughly demoralized by
the temptations to evade or violate
the law. The report shows re-
duction of the public debt during
the past year of over $50, OOO, 900. He esti-
mates the expenditures for the current
fiscal year at $295. 0O0,O 900, and the re-
seipts for the same period at S296, GOV,-
OO0, leaving a balance of 81 ,0OO,OOO on
the 1st of July, 1865. On the whole
Mr.. McCulloch takes hopeful view of
the financial situation, saying that our
finances are in much more satisfactory
condition than at the date of his last
report; and that during the same pc
Rod decided improvement has also
been witnessed in tho general econom-
ical condition of the country"