New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-05
THE TREASURY REPORT

THE TREASURY REPORT
Mr. McCullOchs views are in the main, emf
npntly sound and wise. His exposition OF the
causes which led to our departure-under the
pressure of war and disaster-frOm the specie
standard or measure of value, and of the evils
and perils-industral, financial, and moral-ot
perssting in the use of incOnvertible paper as
currency, after the seeming necessity therefor
has ia ssed away-is able and conclusive. His
calculations of the past history and present
state of orr Finances are unsurpassed IN terse-
ness and lucdty. His summary of the reasons for
continuing the use of National Bank notes, rs
well as Greenbacks, should carry conviction to
all whose understandings are not clOuded 10y
prejudice and blind hostility. His dcmonstra-
ton that a currency expansion may (by ehhlnc-
ing prices increase the pressure for money
which it was designed To abate, Will he mover
TO many, yet can hardly fail to produce con
vicfion. His discussion of the nature and moral
obligation of our National Debt, and OF the
medium wherein the several loans must respec-
lively be paid, though condensed, is mastery;
and we envy neither the head nor healt
of any one who can read this portion OF the
Report and still insist that the Frye-IWentlcS
and their kindred rightfully may Indeed, cam
he paid off in violated promises-n printed
lies. We should like to hear Mr. stevens OF
PENNSYLVANIA expOund the two following pas
sagcs from his speech of February, 1862, advo-
eating the passage of the Fiye-Twenty loan
bill. which hc had reported, as Chairman oil the
Committee of Ways and Means:
a dollar misers safe. uuproduciye Is a sore aus
turbancc. Where could they invest ~ III thr tn,'u
- -fx uprg
yorSthc best and most valuable permanent investment
But widows and orphans Interested and in tears
one who has inoncy invested IN the United states bonds
pdv0bic IL, gold u trciifB ye"'S' "lth interest Sem
annually"
That the proposed payment @ of those Five
Twenty bonds in rrcdccmabe paper would be
a gigantic bare faced fraud. we have never
doubted That it would be rs suicidal rs
great knayerics usually are, Mr.. McCulloch
shows more clearly than any one has hitherto
done. No American who either has any prop
crty already, OF means to acquire any, can afford
to countcnancc this fragrant fas6aity. II seems
To us that the opponents of that daStardly
form of Reputation which the Secretary rep
rebates ought to combine and print One
Million copies of this Report in a large, fair
pamphlet, and give a copy 10 every voter who
will promise TO read aud preserve It, There will
be ten thousand yianous stump speeches
made within the next year which a persal of
this Report would most effectively answer.
Shall it not be placed in the hands oil every
voter who can rcadi
Those who have talked OF a surplus rev
enue of Slj0OO0O0O. to bc di,sipatcd by re-
ducing and repeating taxes at this session, will
be somewhat disconnected by Mn McCullOchs
less tattcring but more truthful exhibit. II
seems that the reductions most improydcntly
made by the last Congres, have nearly arrested
the payment of the principal of the Public
Debt The Secretary estimates the current eX-
pendiures (mcludmg interest on the Debt,
from Sept. 30, 1867, 10 June 20, 1869 at S205-
100000 and the current income ut barely $1,000
600 more; aud hc estimates the revenue ior
the fiscal year thence ensuing at S3sl 100000,
whereof all but SQ,OOO0OO will be- required 10
meet the current outgocs leaving but $1,000,
600 in all to be- applied to the payment of prin-
cipal Of the Public Debt for the twcnty-onc
months commencing with October last aud
closing with June, 1859. Yet Journalists talk
of taking off scores after scores of Millions of
taxes rs though we were dealing with a surplus
that we could scarcely devise ways To get nd
Of. We trust Congress will be at once startled
and sobcrcd By this timely exhibit.
The SccretaIy's numerous suggestions of rc-
tIcnchmcnt, by converting the Branch MINIS at
Dahloncga and Denver into Assay Offices, lbs
the sale of Government stocks in various pri-
waite or local corporations and ~ limiting the
time wherein War claims may be- made, strike
MS as iudicOus. I'm short, the Report is in
most respects a strong and good one. Yet we
have looked carefully through it for justiti-
cation of the SecrctaIys policy in keeping for
many months past, more than Si00,OOO0OO in
coin shut mp in his Golfers, and have scanned
it in vain. Had that sum been expended,
months ago. in buying up IN open market and
destroying our interest bearing bonds, our
we should have been lmuch nearer 10 Specie
Payments than we now are. We speak from
experience when we say that lac who owes
largely and has comparatively little ready
means can use those means to great advantage
in buying up and caucclng that portion of his
debts on which the holders are most anxious
to realize We regret that this course-whch
commcnds itself to the Judgment of almost
every one elsc-should still be distasteful To
Mr. McCullocl We beg him not to perseyere
in it till Mr.. SewaId-by the purchase OF count
less Walrussias and ST. 1homases--shall have
used up his magnificent reserve altogether.
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OUR OFFICT1L REPORTS.
IL ia to be regretted that our public func-