Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1867-12-25
THE FINANCES.
secretary ncCunoeh's View.

Secretary ucCunOeh's Views.
The able report of the Secretary of
of the Treasury is too long for our col
umns, although it merits the study Of
every man. We append synopsis of
his Veiws on several points:
RESUMPTION OF sPEcIE rAYENETs.
Mr McCulloch is not ssnguine con-
cerning the resumption of specie pay
ments. He says:
In his last report the Secretary re
marked that, after a careful survey of
the whole field, he was of the opinion
that specie payments might be resum-
ed, and ought to be resumed as early
as the first day of July, 1861
While he INDUCED the hope that such
would be the character of future legis
lation, and such the condition of our pro-
ductiye industry, that that most desira-
BILE event might be brought about at a
still earlier day. These anticipations
of the Secretary may not be realized
The crops of 1866 were barely sufficient
for home consumption. The expenses
of the War Department by reason of
Indian hostilities and the establish
meut Of military governments in the
Southern States, have greatly exceed
ed the estimates. The government
has been defrauded of part of its
revenue upon distilled liquors. and the
condition of the South has been dis
turbed and unsatisfactory. These facts
snd the apprehensions created in Eu-
rope, and TO some extent at home, by
the utterances of some our public men
upon the subject of finance and taxa
ton, that public faith might not be
maintained, may postpone the time
when specie payments shall be resum-
ed. But Notwithstanding these public
embarrassments, much preliminary
work has been done, and there Is not
in the opinion of the Secretary, any
finsuperable difficulty in the way of an
early and permanent restoration of spe-
Gle standard. 1t may not be safe TO
fix the exact time, but with favorable
crops next year, and no legislation un-
/ favorable TO contraction at this session,
it ought not to be delayed beyond the
first of January, or at the farthermost,
the first of July, 1869. Nothing will
be gained by forced resumption
when the country is in q condition of
national prosperity as will ensure per-
manent restoration of the specie stan
dard the folleRingmeasures ara, in the
opinion of the Secretary, important, if
not indispensable.
First-The funding or paying of the
balance of the interest bearing notes
land the continued contraction of the
paper currency,
| Second-The maintenance of the
public faith in regard to the funded
ldebts
| Third-Restotation of the Southern
States to their proper relations to the
federal government.
If this opinion be correct, the ques'
ton of permanent specie payments, in
lvolTing as it does the prosperity of the
country, underlies the great question
i of currency, taxation and reconstruc.
ltion, which are now engaging the at
tention of the people, and can not fan
to receive the earnest and deliberate
attention of Congress.
/, Mr.. McCulloch regards the funding
or payment of the balance of interest
bearing notes, and a continued con
traction of the paper currency, as the
! first measure important, if not indis
pensible for national prosperity, snc
as consequences, for permanent re
sumption.