Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-06-02

tons or bounties to soldiers, preparations
for g fhreatened Indian war, evena n war
itself should be avoided, and very liberal
appropriations Of q miscellaneous char
aeter VIII cause unusually heavy drafts
to be made upon the treasury, while, on
the other hand, %thegenefaI failure Of the
wheat crop and a partial failure OF the
corn crop last year, slow progress ia the
restoration Of the southern states 70 their
proper relation with the federal govern
ment, dulhess Of trade throughout the
country, partly the result Of q decrease
Of production and partly Of the natural
reaction which always follows periods Of
excitement and speculation, together
with reduced taxes, will considerably
affect our revenue.
This combination Of adverse cfreum-
stancesamay retard q return 10 specie
pRyments, and with large issues OF bonds
to Ne made 20 the Pacific railroad and its
branches or divisions, will prevention =
brief season q reduction Of the public
idebts and may even render q temporary
~inefease ofrit unavoidable. But It will
net weaken our faith IN u ability to
move on again In the right direction at
an early day. On the contrary, ] believe
that this check to our progress viii lead
to improvements in our revenue laws,
and TO the Increase Of their efficiency in
their execution, hasten the representa-
ton Ia congress OF the southern states,
and secure greater economy in ali
branches OF the public service.
He says, IN reply 10 their surprise, thus
expressed, that he has not lately con-
tracted the currency and to show that
his opinion on contraction has under
gone no change, he r~eiterates that he is
as mech persuaded as ever Of the impor-
specie payment. What the country
needs to eeure this, he says, is economy
and Industry. he adds that he has new
erFheIess suspended the reduction Of the
United States notes, and for the follow
ing reasons, either Of which would per-
hspshaye Justified his course, and al Of
which have had more or less influence in
determining it:
/. The views OF a majority Of the mem
bers o! congress, rs indicated by the
number Of votes last winter were adverse
to immediate contraction, and I have
not felt a liberty to place myself In prae-
teal opposition 70 the law making branch
of the government, without whose sup
port I must be powerlsss.
2. There has existed for some months
past anxious fOTebodings Of financial
troubles, and while they continue Ihave
been apprehensive that a contraction Of
currency, the object and effect of il be-
ing misunderstood or m-isinterpreted.
might produeeR panic in the commercial
cities, which, extending oyer the couu-
try and beyond the speculative interest.
would injuriously affect the Legitimate
business and the revenue dependent
upon it.
8. A large amount of interest bearing
notes are TO be paid or converted with
the present and next fiscal year to which
it seemed prudent for me 10 direct nv
attention Touching the question of a
eurtailmeut OF the circulating notes. TO
he determined from month to month bv
the condition Of the country and Of the
treasury.
4. Anticipating that the failure of the
crops and the other circumstances allu-
ded to would seriously affect business, I
have considered it important the public
mind should not be diverted by the crit
icisms and complaints OF those who are
opposed to contraction, from real causes
of trouble. That a sound policy should
not be putin peril by being made the
scapeg0at for evils resulting from differ
ent causes. He concludes:
You will not infer from what I have
written that / am not hopeful in regard
to our financial future. It has been my
constant aim to so manage the national
business as to aid in bringing the coun-
try 10 . hsalthfal financial condition
without being subjected 20 the severe
disasters which many judieious persons
have supposed a large debt and derange-
ment OF business, and dimiDutiOn of in
dustry o~ceasiOned by the war, ana q re-
dundant currency would render iHevita-
bic. Aiy faith that this can be accom-
plished is u~Bshaken, Causes which are
now operating against Us are exception
able and temporary
The prospect Of q good crop Of winter
wheat was Y better. More spring
wheat has been sowed and more corn
has, or will be planted this season than
ever before. The people sre beginning (
to comprehend again this important
truth, which seems TO have been disre-
garded for some years past, that prosper
ity is the result Of labor; that industry
and economy are Indispensable to the
national as well as individual wealth. /
shall be gfievouslY disappointed if an
other year does not witness a large iu-
crease Of industry of enterprise, and Of
revenue; a deeided progress towards re-
sumption Of specie payments, and a
steady reduction Of the public debt.
Your obedient servant,
III. M~CCULLOCT.