Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-12-02
FROM WASHINGTON.
Report of the Secretary of the Treas

New York. Nov. 30.-The Tribune's
| special says: Secretary McCulloch has fin
| ished his report, and copies will be sent to-
morrow to the principal newspapers. The
document, which is of considerable length,
| refers to the different Treasury bureaus,
drawing from them facts and figures in
support of the views advocated in his own
| report, and celebrating upon them at
length. McCulloch alludes to. his earlier
reports, going back to the time of his NOM
nation; also to the reports of Secretaries
Chase and Fessenden, in support of his
views and policy of continuing to retract
at the rate of four millions per month, as
provided by law. He shows that there
were months when he could have contract
ed the above amount, but refrained from
doing so because he did not think it neces-
sary or eXpedient. lie takes sJrong ground
against expansion. which, to use his own
language, would be ruin and lead to repu-
diation.
The views of Gen. Butler and Mr.. Ste
vens and others are commented on, and the
tendency of the different nnance schemes
if carried out are enlarged upon and con-
trasted. He interprets the law i'm reference
to the five-twenties as bringing the country
to their payment in coin. principal and in
terest and believes if the policy looking
co their redemption in currency shall be
adopted the effect will be disastrous.
He states that he has sufficient gold in
the Treasury to meet the demands on the
Government and keep the market in check.
He gives his reasons tor not selling more
gold and endeavoring to bring resumption
in that way. The SPECTATORS would to-
morrow buy up all the gold he could off r,
and then easily control the market and
make the premium higher than ever it has
been. He believes the Tribune's policy of
resumption would lead to an immediate
crash in business, which he hopes TO avert.
nf fbo INF
R"venue Commissioners report. and gives
H. opinion that if the Internal Revenue
Department and the Treasury had sole con-
troll of the system, the taxes would be fully
collected and an end put to frauds and Cor
ruption.
The report has been read at Cabinet
meeting for the information and guidance
of Mr.. johnson, who has some financial
views to propose in his forthcoming mes
sage.
Tone of the Message.
A special to the Commercial from Wash
ington. the 30;h. says: The Presidents
message is moderate and conciliatory in
tone, but it argues that the Congressional
plan OF reconstruction is a failure, and that
the country has pronounced against it at
the fall elections. Economy, retrenchment
and uniform taxation are recommended II
means to effect the restoration of specie
payments.
Finance Committee
The Finance committee will press to
vote Fessenden's bill, limiting the circula-
tion of Northern banks and Increasing it
South.
mpeachment.
Fifty-seven votes can be counted in the
House, in favor of imp eachment.
The Message and Documents
WASHINGTON, Dec. 1.-The Presidents
Message and accompanying documents
will be communicated 10 Congress on
Tuesday. Copies were mailed to day in
order to reach distant points by that lime
financial Report.
The following is an extract from the re-
port of the Comptroller of the Currency.
relative to the failure of National Banks:
Since the organization of the First MAJ
tional Bank June 20, 1868. up to October ! e
1867, ten national bankfhg. associalions,
have failed. Their. agSrsgate capital Is l
$l,S70,O00; aggregate liabilities and seircn::
lation. 81, ,lS7 900 deposits. .ailds other Tia
biI!ties to pub1iS, SO 81 200; total, 81 SEQ y
100. The Circulation wifi be paid III fi1t,
so the public Wibsufler no 7Ioss4 from tfiauI
source, and the bonds deposited as seeur-
ties for the same would today realize a
surplus of some $3.50 600 "A careful estfGs
mate of the assets leads to the conclusion
that they will realize a sum sufficient to
payZ70sper cent. to CREDITORS leaFhg the
total ultimate loss sustained bv the public
thraugh their failure about $l55.cd; i,ih az q
The failures of National anksowbich
have thus far occurred may iii every in,
stance: be directly traced TO- dishonesty or
the ofethe bank officials and+
the habitual violation of the plainest provi
sions of the law. under WHICH they were or.
ganized. q +:as o1J stAa q hel4fh., ssE J1sY
Government deposits are not incident to
the above mentioned item Of deposits and
other liabilities of: tile public. :, The only
loss to the. Government will result from the
failure of the Merchants National Bank OF
Washington, which has been Investigated
by a; Congressional committee. The esti-
mate of total ultimate lossssustained by the
people does not Include amounts which
may I. be recovered from stockholders on
personal liabilities. s.iz..a,; "a o.as1se aJ i