The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1867-12-06
DAILY PRESS.
CORTLAND
Friday Morning, December 6, 1857.


Ihuay morning, December 9, 1857.
=
$500, =
INC secre'"fy OF ihe Treasnrl
The annual report of the Secretary of III
Treasury makes a c,osel, ,r;n,o1 ,,.,,,,,L,,
of sivtc ,oa Nv ,,,l p""i'",'
" eAs paSes' we give petow the materii
portioh oil the argument by which MIR. Nd
Culloch supports his recommendations.
coNprrroN OF r,,r prvApo,s
The finances of the IImted Sta,as ~
witbstandine the continued danreeiatio,' ~
the currency. are in A much more at;ssao.l !
condition than they were when The Saaroso
had the honor TO make IN fyonsress ~ ii
animal renort. Since the first J3y of Na.< ,,'s
ber. 1886. s493. 900 263 "a of Interest -hea.;,.
bearing notes. certificates of indehte,Ina !
and OF Temporary loans have been mid !,
converted INTO bonds; and the public den,
deducting theretrom the cash in the Treas
| urv. which il to he onniied h lie nann,a,,,
has been reduced $40 SIX 555 10 Di,r;n,. -. ~,
same nerind decided imnrovan,ent he ~ ~
been witnessed IN tbe GENERAL acono-,,;-a
condition of tbe courtry Tha naI;a., =
| contractino no .,,rra,.cy al,hn,,olr rsJ y
iorcad 10 ,i,a az on, a,;,;,o.;."i T., no' Gu
,,no,,a,,,vJ 'n@ ,.";r ~ N,, W ia", la
S,, an eAP'nsoh ~. ~ eieuts, 70 whiei
, ieuonun', anu eSpeeiany uepreciateo
4
| ~ i'''" hihusnec lii sai,na'nihs iaDor hnd
niefsas's piouuctioh. INDUSTRY has been
| steadily returning to the healthy channel,
from which it was diverted during the war
and although incomes have been small, and
trade generally inactive, in no other CONNER
cial country has there been less financial en-
barrassment than in the United States.
r SPECIE PAYMENTS.
| In his last report, the Secretary remarked
| that "aiter a careful survey of the whole
| field, he was OF the opinion that specie pay
| ments might be resumed and oaght TO be re-
| sumed, as early as the first day OF July 1868.
| while he INDUCED in the hope that sueli
you'd be the character of future legislation
| and such the condition OF our productive IN
dustry that this most desirable event might
be brought about at still earlier day."
| These anticipations of the Secretary NAV
not be fully realized. The grain crops OF
| 1866 were barely sufficient for home consump-
| ton. The expenses OF the War Department,
| by reason of Indian hostilities and the es-
| tablishment of military governments in the
Southern States, have greatly exceeded the
esllmases, Inc government has been de-
na.!'' lTauueu VI Iarse part oI tne revenue upon
sn',th Ios ao,s .1;s.',r,aI III y, 'ne
3S''u I'd, no, an'i
Enro,,a "a 90 snr,a ppt,,t I us, az ~
nttarancaa of some Of o,,r n,,,,,c @ n'e ~ ', ~.
,t,a s,,h;aots Is ,;,,.,,aa poas en aPDn ~
public faith might not be n,ai.,tai.e cd, may
1 pestPeas ssso-tine wben specie payments
shall be resumed. But, Notwithstanding
| these unexpected embarrassments, much pre-
liDiI.ary work has been done, and there is
not, IN the OPINION OF the Secretary, any in
superaDle diffculty IN the way OF an early
and permanent restoration of the specie stan
dafd. Lit may not be safe to fix the exact
time hlt- with favorable avfv Il
with no legislation untavorable to contraction
at this session, it ought not to be delayed be-
| yond the first OF January, or at the farthest
the first OF July, 1869. Nothing will be gain
ed, however, by forced resumption. v hen
the country is In condition to maintain
specie payments they will be restored as a
necessary consequence. hH ata3 p
FINANCIAL POLICY RECOMMENDED. D,
To such a condition of national nrosperitv
as will insure permanent restoration If the
specie standard the following measures are
in tbn onin;on of the Secrator1 ;n,nor.o.,. :,
no tindisnensable: '' =
r. .r,.o
80 aaof o. ost nc ,uhus " payment OF tne pal
anee u in.el eS.-CeaIins hoGes, anu contnu-
9" @ eon.ia ao'i1a M VI .he paper currency
SECOND. ne maintenance OF the public
lalsn IN IN regard 10 tne iunded debt.
ihFa. Inc restoration OF the Southern
States 10 tneT proper relations TO the federal
government.
Fortunately all the nterest-beafing notes
are to be paid or converted within eleven
months, and they need not therefore be re-
garded as a serious impediment to a return to
the true standard of value. As to the re-
demption of these notes, and the manner in
which they should be redeemed, there cannot
of course be much difference of opinion. 1t is
in regard to contraction of the currency
Ut nj fho frxrn st,1o
United States notes or the notes Of the ma.
tional banks contraction should be brought
to bear, that difference of sentiment seems
to exist. '
THE CURRENCY.
The Arguments in favor of compelling the
banks to retire their notes and yield the field
to the notes of the government, are based up
on the supposition that if three hundred mil
mons OF Uhiteo, ota,cs notes were substituted
ha,,i, .he tnree nunurea mlinons o. national
,'A 1'oa'-9, NV IA circuiatl0n, the govern
1ieiiC , wouiu save some eiehteen millions o
aoa9is th a Ln ni1eIest wllch Is now sratuity to
;r no uanhs ~, ana. .here Woulu De no SUCH say
ms, ms, NJ any sas,nS, ny ehe proposed suDstltu
~, IN i,;s ~ 1ne comptroller o
eio 1a ,.: ~. "SeoUUnipahyInS e report, to
whie,i % 'nT ne a''on.lon u congress = especially
ssh1u' II an "eeoun' Mele openea Win .the
oanHs au aono nGn Non %eie cna.seu Win tlie ntef
%. on 93Soooo,gov' anu lne loSses sustained
'niousn ';loso sua. nasc lai;eu, anu cfedited
VIII WIN u .ne Li.e'es. oii llle oniCeu states noteS
neiu py eheln as permahent reserve, with
Ine ,I'A .aAes paiu py I.eh W tue government
anu .l1 1 STATS hnu WIN WIN COMMISSION cover
ms onJ WIG. naJ peen saVc'' ~ transferring
anu uisouio'nS .i puplio money, ~ Wouiu pe as
ar:.5 sne. .o pans WeIe Iot ueDtors 10
sno rn IL oSa'oS. - 70 Ioe neceesary, now
ese @ b;s ,a;,, m; y ot,;eoay W o"eh on tnis point
as nis niain ocJecuo1 10 the substitution
wou,9 noe ee isnioved u SAVING OF interest
Wouiu W enecseu .,' Dy u. neSaiuing as he does
tho isouo vi .no Gni.cu STATES hotes IN the
mrs. lnsIance as having peen misfortune,
anu tneir conIlhaahoe ~, as circulating medi-
UNI, 9i'iees sno toiue ':.I su@h uc Steaahy re-
duceu, as fausnt Win nlschiei, tne oecreta-
~ can conceive Q. no circumstances that
moui9 Justly 1I .',i ui oi .seue. Anese depre-
t adno,io " a. hes nJe'
.ne ~ - aS .aAen Piace, stiii stand
III .nt way =, af ,ha'', a. ~ specie payments
~ supsI,u,i1n ~ =. .hent III Danh notes would be
fegalueu oy I'M anu ~ tnG county as dec
isl,a ala'ion .na. tt nau oeen tilioenh-
lteH Poe.pu,no11 snse ~" outstanding
s%ni'il % oo io'nsI az 'no n ia.o y. oniy iour mil
lions pm psu non, 'no I'', "a ID, ao.ua clrcuia,
ION VIII soun 80. DS sJ ieSuoeu .u .na. tney may
noe SERIOUSLY e .aI,, S'o oia'ion ., Tue
| true iheasuie VI s@uo. ~ on .ne contrary
,lluel any pte.o p VI al any purpose Wnat-
eyeI' .reii so,Is I'.,S ~ De ,noleaseu, espec
lally u .ney s1Du 41,o M maui .ne sole paper
circuiation : " tne county, iaise measure OF
Yaiue wnl, oi S,atn Sueu' specaaslon a: VIII DC
stiliuia.1u' i!uy "nl ooehne, anu tne
| ereat rlsA po ,a.aI ,n.uaoI .nas nnanclh neaitn
WI ory cs ou,a1I ,A,, - ~ s, .ssa.s,on, .ne ei
Iect VI wui.n nc u, up .e ~ ., la ni.eiests anu
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