The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-05-29
Secretary McCulIOch on the Financlai
Prospects.

Secretary McCullOch on the FlhahOi"'
Prospects.
Mr.. MoCuLLoCH some weeks since wrote
letter to the citizens of Boston, which has Just
been made public, and which VIII go Iar
towards removing any doubt or mlsgWlng
which may have been occasioned by the falling
off of the sinking fund, as shown by the last
monthly statement. 1t will be remembered
that the appearance of the debt on the 18th OF
NAV was much less encouraging than on the
Ist of April; and the New York Tribune and
other organs of immediate contraction were
NOT slow TO put down the deficiency to the
score of the failure of the Government to adopt
their peculiar ideas. Mr.. McCulloch antici-
pated such a result, and in his letter dated
April 3Oth says
starments for the rest OF the present and the early
part Of the next fiscal year will be as satisfactory as
lions or bovnties to soldiers p[eparstions for threat At
nash and vey befa approprIatons Of msce
aneOus character win cause unusually heavy drafts
10 Ss mSdS SGn failure hS o h wheat crop and tue
partial failure corn crop Ssi m @
proper relations with the Federal Government the
pSrtS the result or decrease Of production and
partly Of the natural reaction which Always doil3ws
With reduced taxes win very considerably affect
stances may retard return to specie payments, and
with large issues of bonds to be made to the Pacific
for a brief season reduction Of the public debt and
render ss IN IN % ou sSy
dsy.S HS'e '" "SA'' - ''' 90 49, '' '''
Such being the anticipation of the Minister
of Finance, there is surely no good cause for
alarm when the decrease does actually occur.
It's the simple fulflment of what is common
law of trade, and is one of those unavoidable
fluctuations to which national as well as indi-
vidual credit is always liable.
The failure of the Secretary for the past few
months to contract the s4000,000 of currency
per month which was authorized by Congress,
has ocoasioned no surprise, but is the ground
for sincere qualification. In his letter the
causes which induced him to make the delay
are fully stated, and are SO forcible and cogent
that we copy them in full. After stating that
he has not altered his views as regards the
desirability of specie payments, he says that
for the following reasons, he has suspended
contraction
First. The views Of a majority of the members of
ter were adverse to immediate contraction, aud L
e 10 e h SsS % K Paes o IL The
ment, without whose support must be powerless.
crbodnEs of nsnsIsI tsoS5Iiss
traction OF the currency the object and effect of n
being misunderstood or misinterpreted, might pro-
Ing over the country and beyond the speculative inte
Tssds nna hs wESe peveune dependent upon IT,
''Third. Large amounts ofinterest-bearng of notes
fiscal year to which it seemed prudent for first to
direct my attention leaving the question OF crrtal
MAJ Of hn rpn 0etermlne0
month to month by the condition OF the country and
Fourth. Anticipating that the failure of the crops
and the other circumstances alluded to would seri-
that the public mind should not be diverted by the
criticisms and complains of those who opposed to
contraction, from the real causes oftrouble."F
The course of the Secretary is eminently
wise, and displays far more financial ability
than his previous acts had led us to give
him credit for. The views taken by Mr..
McCulloch are never roseate. Yet his picture
of the future prospect of the finances is so
encouraging that we might imagine that Mr..
McCulloch was as much of an optimist as
Mr.. Seward. The true need, and the remedy
for the threatened evils, are well given:-
"what the country needs. in order that specie pay.
ments may be ere resumed and maintained, and real
restoration OF our former habits OF economy. AS a
people, among ourselves we must earn more and
sell or buy less ANY different prescription
for existing financial evils is in myjudsment' 9daek
"The causes which now operating against us are
exceptional and temporary. The prospect of a good
crop of winter wheat was never better More spring
wheat has been sowed and more corn has or wifi be
planted this season than before. The people are
beginning TO comprehend again this important truth
which seems TO have been disregarded for
past that prosperity the result of labor that
dustry and economy are Indispensable to nationa
as well as TO individual wealth. shall be greVOusly
disappointed i another yesr does not Witness large
decided progress towards resumption of specie pay
ments, and a steady reduction of the public debit
This letter is well timed, and cannot fail t
inspire popular confidence. 1t is judicious il
its tone, and will prepare the country for
falling of in the decrease of the debt, which will
probably be evidenced by the june state
ments. 1t is word spoken in season, and i
calculated to reassure the doubling.
Ennlish as Well as EnIse.