Evening star. [volume] (Washington, D.C.) 1854-1972, 1867-12-03

days from the time OF deposit, after a notice o
The nve per cent notes were payable in law
IuI money, In one and two years from Decem
The compound interest notes were payabl,
IN tnree years from their respective dates, al
becoming due between the 10th day of June
ieoI. and the 18th day Of October, 1865.
The 10 notes were payable, in about equa
proportions, IN August, 1867. and June and
July, le6-, IN lawful money, or convertible a
80 bonds.
The certificates Of Indebtedness would ma
lure al vaIiods times between the 3ist day Of
august 1855, and the I'd dag of May, 1867.
during the month of September, 1865, the
army having been reduced nearly 10 q peace
iootlDg, II became apparent that the internal
De suf1cieEt TO pay all the expenses ofthe Gov
eminent and the interest on the public debt. &C
mat thenceforward the efforts Of the Secretary
were TO be turned from borrowing to funding
Besides the United States notes in Circulation
mere Were nearly S1.3O0, co., 600 of debts In the
form or interest bearing notes, Temporary
ioans, ana certificates of Indebtedness, por-
non OF which We're maturing daily, and all OF
Which, win the exception of the temporary
loans, which, being in the nature OF loans on
cali, might or might not be contiD ued. accord
ibg 10 tbe viii OF the holders,) must be con
verte0 INTO tonos or paid IL money before the
l6tn OF October. l-6-. The country had passed
through var unexsmpsed in its expensive
ness and sacriice of lives; ii was afflicted with
". VI
OF properly ana the cost OF living mad ad
Fanced correspondingly with the increase
oi me circulating medium: men, estimating
thef means by q iaise standard OF value, had
become reckless and extrayagant in their
ezPeHd iiurrs and habits. business IN the a h.
sEnce OF :. stable basis. was eady and specu
IatiNeaEd great financial trou bles. the result of
eNpt nslNe wars, seemed 10 be almost newt
abie. VI was under such circumstances that
the work of 4unGing the RAPIDLY maturing
Obligations Of the Government and restoring
~ fr,
While he latter object could not be brought
shout mill the former had been accCpnpIIs he'd
u Wa highiy important that the necessity of
IN eaLlS return 10 specie payments should
never be lost sight OF. At the same time II
seemed To The Secretary that a return 10 he
rIe measure O. value, however desirable
wac rot OF suh, cient I'M pOTtance TO Justify the
ADOPTION OF SUCH measures as might prevent
funding, and ihIuriously affe CT hose branches
OF industry from which revenue was 70 be
derived, much less such measures as might
"y Exciting alarIn. precipitate the disa strr
Nhieh so many anticipated and feared. Thus
NE cohCitIOn OF the country aud the Treasury
determined he policy Of tue Secretary. which
has been 10 convert The Interest-bearing notes,
10 temporary loans, &c.. into gold -bea ri bonds
ana 10 contract the paper circulation by the
redemption OF taIied States notes. For the
iast TWO years this policy has been stead w.
out carefully Purs usd, ana the res q ~ upon the
WhoIe has been satisfactory to The Secretary
ana a. be believes, 10 a large majority of the
people.
Since he first day OF September ISL. the
temporary loans. the certificates of indebted
ness and the five per cent notes have ali t,eeu
pad win The exception OF small amounts OF
eaeh not presented for payment the com
Pound interest notes have been reduced from
SCI ,U2i.fOO 20 S9i.-75 0iO. 81 sc 100 HAVING
oeeh iaken up with three per cent. cer,iii Gates
the eeN en- and threetenth notes from $500 go 900
10 >a-'s-ys--~UN: the United States noes. inclua-
ing fracfional currency, from SAG 5OI.3II 81 to
-->Ie1l'i95 3"-while the cash In tue Treasury
has been increased from So 2is,O5j l3 To AIz!
's>iS- 90, and the funded debt has been in
creased S6S6,js4.eOO. While this has been ac
compiished there has beer no commerci,I
crislS, and (outside of the Southern States
which are suil greatly suffering from the ef
IeCts oil the war and tbs unsettled state of their
bousuial interests aud POLITICAL affairs NO
considerable financial embarrassment
IL his last report the Secretary remarked
mat ''After q careful survey of The whole
beio- ne was of The opinion that specie paw
meEts might be resumed, and ought To be re-
sImec- as early as the first day Of July If
while ne INDUCED the hope that SUCH would
De the character of future legislation and such
me ccAoiuon OF our productive industry thai
this most desirable event might be brought
about at a still earlier day" These anticipa
hoes OF tie Secretary may not be fully
reahz' d. The grain crops of 1850 were barely
umcien' fcr home consumption The ex-
peIses OF the War department, BY reason
OF INDIAN hcsiilities and the establish
meDt OF military governments In the Southern
SIatts' nave greatly exceeded the estimates
nc GOyeTBInent has bee defrauded of a large
par OF he revenue upon dIs tiled Iiquor and
tne condition OF the south has been DISTURBED
and uDsatisfactory. These facts.and the appre-
heBsIon created III Europe, and to some extent
a. home, by the utteranees of some OF OR pub
Inc men upon me subIects Of finance and taxa
tion, mat The pu bile iaith might not be main
1alhro, may postpone the time when specie
pay m~nts shall oe resumed. But. natwith-
SANDING these unexpected embarrass ments.
much preliminary work has been done And
there Is not, III the opinion Of the Secretary
any insupeTable III Guilty IN the way Of an
early and permanent restoration Of the specie
standard II may not be safe TO fix the exact
unne, but, with favorable crops next year and
AT ihis session. IL ought not To be DELAYED be-
yond the let OF January, or ~ the fartnest the
let OF July, 1c69. Nothing will be gained.
however. by a forced res um ption Wnsn the
country is in q condition TO MAINTAIN specis
pay menu they will be restored as a necessary
consequence. To such q condition of national
prosperity as will insure a permanent re.tora.
lion OF he specie standard the following meas.
urss are. IN the opinion Of the Secretary, i'm.
poriant, II not indispensable.
fsTSi. 4 ne funding or payment of the bal
contraction OF the paper currency
Nee"nd. he maintenance Of the pubIic faith
an regard 10 The funded debt.
Ta'Td, The restoration ofthe Southern States
ID ihrir proper relations TO the Federal Gov
eminent.
IL this opinion be correct. the question OF
permanent specie payments, involving as u
ooes the prosperity OF the country, uuderIiss
The great question of currency, taxation, and
recOnsu uc:ion, which are now engaging the
attention of the people, and cannot fail TO re.
etive the earnest and deliberate attention OF
Congress. In view Of The paramount import.
anee OF this great uestion the Secretary deems
u TO be his duty briefly to discuss the meas
ures regarded bv him to be necessary for An
early and wise disposition Of il, even A. the
risk OF q repetition of w hat he has said in pre
yioUs comm I'm icatons TO Congress
The measures regarded by him as important
II not indispensable for national prosperity.
and as consequence for permanent resump-
ton. are
FRS, The funding or pay ment Of the balance
OF interest.bearing notes, and q continued con.
traction OF the paper currency.
By the act OF March z, 1867, the Secretary
was authorized And directed to issue three per
cent. loan certificates to the anon nj Of fs,v
millions Of dollars, for the purpose of redeem
ing and retiring compound In trrest notes: AID
such certifi Gates. on the ist instant, had boen
issue d To the aDountof sII $50. coo. m redemo.
ton OF he notes becoming due in October ana
December The notes stll ourstandinx will be
ritber taken mp with certificates or paid Al
The seven and three tenth uote.
being pay able IN lawful money or converuble
NJ the option OF the holders into aye-tveotv
oonds. will be paid OF COT versed according 10
The terms OF the contract Fortunately ali the
interest bearing potss are TO be paid or cor
ve.ted within eleven months, and they need .
not therefore be regarded ~ q serious impedi- I
70 ent 20 q return to the true standard OF value.
As 10 the redemption OF these notes. and the I
manner IN which they sbonId ne redeemed. Z
mere cannot OF course be much difference Of
oPin ION. ~ IN In ARD 70 q coutraction of the