Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1867-06-07
Che gspnblifaa'
Letter from Secretary Mccall
IOch-HOpeful Condition of
our Finances-What He
thinks of our Future.

New YORK, May 29.-Secretary McCul-
locil has declined an Invitation to public
dinner rendered him by the leading citizens
OF Boston.
In speaking Of the financial condition OF
the country lie says:
you must not expect our monthly
statements for the rest of the present year
and the early part of the next fiscal year
will ne rs satisfactory as for many months
past The donations as hounties 10 sol
diers, preparations for threatening Indian
war, even If the war itself should be avoid
ed, and very liberal appropriations of q
miscellaneous character, will cause unus-
ual drafts on the treasury; while on the
the other hand general failure of the
wheat crop and partial failure of the corn
crop last year.
There is slow progress in the restoration
OF the Southern States to their proper re
lations with the Federal Government
Dnliness oi'tra,leis complained ofthrough-
out the country, partly the result Of the de-
crease of production and partly Of natural
reaction which always follows perilS Of
excitement and speculation together with
reduced taxes. This combination Of adj
verse circu instances may retarl e.srctu;n
TO specie payments with the large issues Of
bonds to he made to The Pacific Railroad
and It's branches. or divisions, will prevent
for brief season reduction of the public
debt. an.t may even render temporary in
crrase of it unavoidable, but wilinOt weak
en- my faith in our ability to move on in
the right direction at an early day. On
the contrary. believe this check in our
progress VIII lead to improvements in our
revenue laws. and to the increase of eff
Cheney in their execution. hasten represen-
tation in Congress of the Southern States.
ami secure greater economy in all branch
es of public service.
Mr.. McCulloch explains the reason why
he has not Ter some months reduced the
circulation of L. s notes. viz. opposition
Of majority ofCOngreSst TO immediate con
traction: the existence of forebodings of
financial troubles and the danger of panic
in commercial cities. thus inuriOusly af-
fccting the legitimate business of the coun-
try. and The f,ilurc Of the cotton crops last
year.
lie concludes. Ynu will not infer from
what have written. tlat am not hopeful
in regard Ia our financial future. Ii has
been my constant aim - So manage the
national finances so as to aid in bringing
the country to healthy financial condition
without being subjected to the severe dis
asters which many ju,licioTs persons have
supposed the large dyhl. arrangement of
business and the diuinuiion ofindustry oc-
casioned b. war and redundant curfcncY
waald render ineyiIallc. Ny faith Thai
this can he accomplished. i ur~laken.
The causes which are now operating
against Us are exceptional anl temporary.
The prospect of good crop of winter
wheat was never better. More spring
" heat has been s0wn and more corn has
or viii be planted this season than ever be
fore. The people ar, beginning 60 com
prchend tde important truth Nhich seems
to have been diSregarlrd for some years
past that prosperity is the result of labor;
that industry and economy are aS indiS-
penS.b'e to national rs individual wealth.
shall be Disappointed if another year
does not witness large increase of indus
try and enterprise.
There is decided progress toward the
resumption Of specie. and the speedy reduc
ton of the public debt
Your Obe,lient scr''ani
III. MCCULLOCH.