The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-05-31
pEG1STER BINDERY.
@t'heeliue Register.
.O.,.,nr, neCuIIoch's Letter.

r,Iday norninG.. .-........-- May IL.
secretary MeCulIoch's Letter.
secretary McCuLLocH's letter to the
s.,.or merchants is attracting marked
,,.o,ion. 1t is deemed important as
r,n for its political, as for its financial
.,rifc,nce. II is in effect a powerful
-,,iopmrut of the Radical Congress,
I'd cannot fail to be productive of great
n,d in fixing the responsibility for our
;r,,cial troubles where it properly be-
,,,r. He states that there will he no
oo,e liouidation of the public debt ;
.,, that the national indebtedness will
.r,b,L,v Js increased. Such contrac-
ia, Of the currency as msy lead to the
sumption of specie payment, or any
.op,raction at all he regards as entirely
NJ of the question at present, while
,,e nrospect of revival in business is
,o,sidered very unsatisfactory. The
smharrassments of the situation are
,rtribnted in polite but unmistakable
terms 10 Congressional action. Extrav-
,rsut and useless appropriations have
.yhaas;ed the treasury, and may render
N increase of the public debt unavoid-
,ble The chief difficulty is said to be
",se ,lov progress in the restorat tion Of the
Sathers States to their proper relations
q The General Gorernment.' In
,,.n words the obstinate folly of the
Radical party in keeping the Union di-
,ileI is producing the. financial ruin
1.-THE people, and while their danger
,r, schemes are adhered 10 there is no
grospsc, of any relief for the great
stress of the country. To the authors
l,ihe Radical policy belongs the re-
,ponsibiity for the present pecuniary
mublts, and the Secretary earnestly
assists that public attention shall not
,4 diverted from "the real causes of the
.ropblr" and himself be made the
-xape-goat" for the evils produced 10y
Radical stupidity.
We subjoin synopsis Of his letter,
shich is given in a Washington dis
,srch TO the Pittsburg Commercial OF
yesterday:
In the course Of this letter he says
aev must not expect that our monthly
elements for the rest OF the present
,rd early part of the next fiscal year
all be as satisfactory as they have been
.or many months past. The donations
d bouuties to soldiers, preparation
.tra threatening indian war, even II
br war itself should be avoided, and
very liberal appropriations of mis-
gIIaneous character, will cause unusu-
,,ly heavy drafts To he made upon the
treasury. While on the other hand
'ar General failure the wheat crop and
lartlul failure of the corn crop last
val: slow progress i'll the restoration OF
.lr Southern States to their proper re-
h,iops with the Federal Government;
,ar dullness of trade throughout the
country. partly the result of a de-
Crease OF production and partly of nat
nal reaction. which always follows
yerods of excitement and speculation,
lose,her with reduced taxes, will very
tonsideraLly affect ear revenues This
J0mhination OF adverse circumstances
may retard return to specie payments,
and with large issues of bonds to be
made to the Pacific railroad, and its
ranches or divisions, will prevent for
.short season reduction of the public
debt. and NAV even render temporary
ucrra>r OF it unavoidable, but ii will
aOr weaken faith in our ability to move
oa again in the right direction at an
'arly day.
Ht says that in reply TO the surprise
'Ipyrssed that he has not lately con-
iracted the currency, and to show that
-hUpiniOns on contraction have under
ionc no change, he reiterates that he Is
Is much persuaded as ever of the I'M
Iortance, of the necessity, of an early
return 10 specie payment. What the
country needs 10 secure this, he says,
SrconOmy and industry. He adds that
De has nevertheless suspended the re-
d1ctIOn of the circulation of United
mates notes, and for the following rea-
WDN either of which would perhaps
ave justified his course, and all OF
'llch have had more or less influence
lartermiping it:
Inst, The views of q majority of the
NrmberS of Congress, as indicated by
lumber of votes last winter, were ad-
''>e To immediate contraction, and
lave not felt AZ liberty to place myself
Practical opposition to the law
-ak,ng branch of the government,
''hout whose support l must be pow
-:eSs.
Second, There have existed for some
-onths past anxious forebodings of
.lancial troubles, and while they con-
"aEed have been apprehensive that q
Vltractlon Of the currency-the object
'aa effect of it being misunderstood or
,Nnterpreted-might produce a panic
= the commercial cities, which, ex-
Saaing over the country and beyond
-e speculative interest, would injuri-
,-'y affect legitimate business. and the
Venue depending upon it,
Third, Large amounts of interest
-Sfng notes are to be paid OF convert
within the present and next fiscal
..''t, TO which it seemed prudent for me
-N to direct my attention touching the
.'esllon of q curtailmeut of the circu-
'ung notes, to be determined from
~oath TO month by the condition of the
",rniry and of the Treasury.
Fourth, Anticipating that the failure
" 'ae crops, and the other circumstan-
alluded TO would seriously affect
.IsHness, have considered it important
~N the public mind should not be di-
red by the criticisms and complaints
Nose who are opposed to contraction
s I The real cause of trouble; that a
Svu9d S'S9d. policy should not be put in peril
Otelng made the scapegoat for evils
'D'Ing from different causes.
secretary McCulloch's letter con-
'Odes as follows:
Lou will not infer from what I have
a"1 el that am not hopeful in regard
our .f financial future. 1t has been my
sn'aht aim 20 SO manage the national
IN uees as to aid in bringing the coun-
r;,hs 70 a healthy financial condition,
t,r. Uut uI being subjected to severe disas-
.unnon, "n,ch many judicious persons have
asp, asea ss the large debt and, derange.
&1 r.