New-York tribune., 1867-05-30

werc cleansd out The Bosto1 iettor has eot all ths
shorts 10 coScr and tho bulb TO buy. Let them
beware lest tssSecrctarys PERFORMANCE in this cass
should belle his PROMISE rs il did N that Buycm
for rise will likewise do well 10 rencmbcr that.
even should tho Secretary suspend for tho
present tho canceistiOn OF plain fegalkender,
ho does not promise not TO cancel the Si6OA)TY
OF compound legal tender which mature in juno md
July and whchnow constitute portion Of tho bank
reserve On the contrary. IL is well understood that
ho intends 10 pay OF and destroy these notes, reserv
ing tho s0000Oo0 Of three per cont certificates Tor
the August and September notes. The banks will
find this amount OF contraction quito sufficient to
keep them conservative. Mr. McCuloch pays poor
compliment TO his friends in Congress when he says
that " the views OF majority were adverse
TO immediate contraction" People generally rathcr
understood. on the contrary, that while the expau
sionsts constituted considerable body in the last
Congress- the sound men were in majority on cvcry
test vote, and that they enacted iaw-.which the
Secretary seems afraid TO execute-directing Q
monthly curtailmsnt Of 100000 of legal tenders.
But after ALL the st of the Boston letter may reside
in this paragraph
Fourth: Anticipating that the failure Of the crops and
She other circumstances alluded to- would seriously affect
business have considered important that tho public
plants OF those who opposed to contraction from the
real causes Of M trouble % that sound pscy s9osd @ e be
sutng from different causes.
In other words the Secretary deems a revulsion -
inevitable from other causes than the contraction Of
tho currency that he don't wish to make himself even
seemingly responsible for what hc cannot avert.
There is some shrewdness in this.
The letter is not expansive except in the estimation
of those whose wish Is father to the thought While
the Secretary writes soOthingly he pushes on tho
funding of tho short currency debt with long honda
and steadily approaches the time when be haa
nothing but plain grcenbacks to redeem, and has an
ample fund in gold with which to do it, We append
tho letter in full
WASHINGTON May n
need not you. gentlemen, that 1t shall be nay
earnest purpose continue TO administer my Office az
justify the confidence you have SO generously given
me You must not expect s nd tS GSr ospy na
OF tho next fiscal year Will be rs satisfactory as te nave
been for many months past nds~
the itself should be avoided and very liberal
Unusually heavy drafts to be made upon the treasury;
while other hand the general future Of the wheat
slow progress the restoration OF the Southern States TO
their proper relations with She Federal Government the
dullnessOf trade throughout the cOuntrypartly tho re
suit OF decrease OF production, and partly tho natural
reaction which always follows periods OF excitement ana
OBSERVATION-DISCLOSURES with reduced taxes. viii very con-
sideraby affect revenues This combination OF ad-
yS nSS & MAY Of be 60 10 G
Pacific Railroad and its branches or divisions. VIII pre-
NAV even render temporary increase OF 1t
but il will not weaken my faith in our ability 70
again in the right direction at an early day. On the
Contrary believe that this check to progress viii
lead to improvements Ia revenue laws, aud to an IN
senStOn in Congress Of the Southern states and
greater economy in all branches of the public service
montSs past reduced the circulation Of United states
notes according the authority conferred upon me by
Congress aud an inference may be drawn from thAs
my opinion upon tho subject OF contraction has un:
dergone change. Permit me to say therefore thatL
am as much persuaded OF the Importance OF an
early return to specie payments and Of reduction o.
the currency as means OF cnecahg sos wbS
all efforts to restore permanently the specie s,shaarc
that spece payments may be resumed and maintained,
and real prosperity secured is an increase .,
people among ourselves we must more aud spend
less. In trade with foreign nations we must ssn
more or buy less Any different prescription for exisna
financial evils is in my Judgment quackery That con.
traction will tend to bring about tins Desirable condos
OF things have never doubted but have, nevertheless
suspended the reduction Of the circulation OF pni'ea
States notes, and for the following reasons, enel ~
which would perhaps have justified my course, and all
OF which have had more or less influence IN determining
gess indicated by number OF votes last winter wers
adverse to immediate contraction and have no, felt
making branch OF the Government, without whose sup
seond There have existed for some months past anI
forebodings OF financial troubles and while they con-
enrenc the Object and Of i being
misinterpreted. mighproduce panic In the CONNER
the speculative interests Would hjurousIy affect eg
mate business and the revenue dependent upon IL.
be paid or converted with the present and next fiscal
year. to which it seemed prudent Tor me nrst 70
the circulating notes to be determined from month 70
month. by the condition OF the country and OF tns
Fourth: Anticipating that the failure Of the crops and
the other alluded TO- would seriously aece
business, have considered It important that the Pube
mind should not be diverted, by the criticisms and com
real causes of troubles that sound policy should not b
put in peril by being made the scapegoat Tor evils TO
You viii infer from what have written that am not
hopeful in regard financial futue 1t has been my
in bringing the country healthy financial condition..
without being subjected TO the severe disasters when
the arrangement of business, and the dimnution OF in
dnsy by the var and tss S, s sa
complished is unshaken The causes which are now0p
TSs sooS e @Ser bet
ter More Spring wheat has been sowed and more corn
people are beginning again comprehend this important
truth which 10 have been disregnried Tor sone
dnst, and economy are as Indispensable 10 national
well as TO individual wealth. shall be grieyons.y as
crease OF industry Of enterprise and Of revenue decde
progress toward resa%ptbIIn @ pbII o. specie payments and
Please pardon for writing long letter. and be
leve be, with sentiments Of the highest regard,
your obedent servant H. McCuLLocH.
On the 10th Of June the trunk roads will make .
substantial addition to the freight charges and adj
here TO them Some Eastern and Western roads
Lave not yet agreed TO make corresponding adj
vance but they will be forced to pay the trunk roads
their price or 40 without the freight. IL is stated
that there smon tunDage moving over the New-forh
Central and Ere Roads than last year but at unpro-
uctye rates The essential evil in railway manage
ment lies IN taking business at loss, an evil the
trunk roads are attempting to correct Another evil
is the employment of an army Of freight drummerS'
who DO no, create pound of freight, and only live
upon the corporation IL these agents are all cut on.