Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1867-06-11
The Financial Situation of the Country.

Mr.. McCulloch, the Secretary of the Treas
ury, in reply to an invitation to a dinner ten
dered him by prominent citizens Of Boston, re-,
grets his inability to attend, and makes few
remarks upon financial matters. He says that
the bounties to soldiers, Preparations for the
Indian war, the intended large issue of bonds
to the Pacific railroad, and other liberal appro-
priations for miscellaneous purposes, together
with the partial failure of the wheat and corn
in the South, the reduced taxes and general
dullness of trade, will prevent reduction and
probably produce an increase in the national
debt for some time. He gives the following
reasons for not contracting the currency at the
present time, but says he is as much in favor
of that policy as ever:
Frrst.-The views of majority of the mem
bers of Congress, as indicated by number of
votes last winter, were adverse to immediate
contraction, and have not felt at liberty to
place myself in practical opposition to the law
making branch of the government, without
whose support [ must be powerless.
Second There have existed for some months
past anxious forebodings of financial troubles,
and while they continued [ have been appre-
hensive that contraction of the currency, the
object and effect of it being misunderstood or
misinterpreted, might produce panic in the
commercial cities, which extending over the
country and beyond the speculative interest,
would injuriously affect legitimate business and
the revenue dependent upon it.
Thid-Large amounts of interest bearing
notes are to be paid or converted within the
present and next fiscal year, to which it seemed
prudent for me first to direct my attention,
leaving the question of a curtaiment of the cir
culating notes to be determined, from month to
month, by the condition of the country and of
| the treasury.
Fourth Anticipating that the failure of the
crops and the other circumstances alluded to
| would seriously affect business, have consid-
cred it important that the public mind should
not be diverted, by the criticisms and complaints
of those who are opposed to contraction, from
the real causes of trouble-that a sound policy
should not be put in peril by being made the
'scape-goat' for evils resulting from different
causes
Confederate Dead.
In speaking of the Confederates who now
sleep in death, the Examiner says:
lift shall be found that with these mute
tenants of the garlanded graves there died also
right, and law, and liberty, and prosperity, fol-
their country; fit shall be found that mora
blight, and material bankruptcy, individual
Generalization and political despotism, lawless
ness and disorder, private vice and public We
| nalty, rlOtS, SUICIDES, murders, VIDE SpreaC
and fearful cyclone of crime, followed the loss
of their cause, and followed from that loss, ther
shall there surely come day when the world
will agree that these brave soldiers and then
brothers held indeed the true faith, were indeed
the true patriots, and well deserved to kv.
crowned with laurels.
To that day of calm account and Just scrutiny
we fondly, and with unwavering faith, commit
their names. The passing hours champion
their cause and defend their memories The
history that their enemies are daily making
pleads with unanswerable force for favorable
verdict on their deeds and death
''Why should the dreary pail
Round them be flung at all?
! Did not each hero fall
I Calamity slain ?'