The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-03

ETC., ETC., Ete's Etos, Eto., EtSs
Owing to the great length of the other Execu-
tive documents which we publish this after
noon, we are able to give only an abstract OF
Secretary McCulochs report. In it will be
found, however, the most material portions.
TREASURY DEPARTMENT.. WASHINGTON. Nov. 30
lsG7-In conformity with law, the Secretary OF the
Treasury has the honor to submit to Congress this
his regular annual report The finances Of the United
States Notwithstanding the continued depreciation of
the currency are in much more satisfactory cond
ton they when the Secretary had the honor
to make TO Congress his last annual report Since the
LIST day OF November 1885, 93 s9926S OF interest bear
ing notes. Certificates OF Indebtedness and oftemporary
loans have been paid converted into bonds the
public debt deducting therefrom cashin the Treasury
which be applied to its payment has been reduced
s5oysO5 555. During the same period decided I'm
provement has also been witnessed in the general
economical condition of the country. The policy of
contracting the currency, although not enforced TO
that extent authorized by law has prevented an ex
pansion OF credits to which a redundant and espe
ciaIly deprecated currency is always an incentive
and has had little influence In stimulating labor
and increasing production. Industry has been
steadily returning to the healthy channels from
which 1t was diverted during the war, although
incomes have been small and trade generally in.
been less financial embarrassment than in the United
since the lst day Of September. 1865 the temporary
SSns Of sS and ye per cent
amonnts The compound interest have oeen reduced
taken up with iIIacstes; seyea
and neseS rJm 70 sss
from S to $3S7l 47; while the cash In the
sss,s9s and the funded debt has been Increased
has been no commercial crisis and outside the South
eEn States which are SUI g@Tesy @ @ s1ne6ng @ IRON the
fnsncisi reimbursement.
nn Hss surveys Of the Whole d he was Of opinion
that spece pay mentS might be resumed and ought s
while he indulged the hoge that such would be The
Sion St our IF SrSdscSs industry that this most
desirable event might Pc STGngn Sp91s @ s s
may be fuy realized The grain crops Of 1866 were
@ s aT By Indian
ties aud me es.a6lishmsnt Of military governments
Se sstts e sSheFa Tne has beeS
q S Of s U ss @ SssH
and nnsats6sctory These facts ana apPfehsnsons % rs
the utterances OF some of our public men upon the
not be maintained may postpone the time when
specie payments snal be GeSsmea out
hminary work has been done, and there a not the
IL the way OF an early and permanent restoration
OF speee e SSt With favorable CROPS next year and
with legislation unfavorabie 70 contraction at his
Jannsry or a. the farthermost fst OF July isSs
ton. W6en the country in condition to maintain
specie payments they VIII be restored as 2 necessary
PeTty as win insure prominent restoration Of the
is of the secretsry Important Il no! IadspensSSs:
First The funding OF paying OF tne balance OF the
second. The maintenance of the public faith In
regard TO the funded debt, ., go.
Third. RESTORATION Of the southern States to their
In the present CONDITION the country ana In view
Sovernment ignoring. In this connection, the ques.
ton of good ahh the SecI etary has No dltcnlty In
taiped They are SO interwoyen with All branches Of
OF he GoVeTnment that they could not be destroyed
without pLecipltesng upon the S9}EnnsFY financial
some more propitieus period, when she Union shall
attained that substantial prosper ty which their great
resources and the enorgy OF their people must
Congress TO consider whether the national banking
not favorable time 70 consider this question. The
Sondton Of Our Poes and anSnSSI Sond SSTs Is 100
national banks or any considerabie number OF them
nsrSet fos the purpose ofproviding means retiring
their S Lee nST S
is TOO unsteady aud tne poli.9e IoL1Te Is TOO nm
tunaiely none are required. The national banking
system bas sts notes. ba soyen bey;ond y
question, and current throughout the Union Il has
IisSsd Goverhment with valuable financial agents.
Hed y not been adopted ihe STATE psnks would ta
To- furnish the country with bank notes. In most
Stocks for the security OF their notes and in
where seenrby f boTds %ss tbn nb Se deposed
and conseauently no limit to amount of notes that
might be put in circulation. In other States there
was s. curity beyond the capital Of banks and IRE
quently the unreal and partial liability OF stockhold
ers, Generally deceptive, VINO can essimste the ex,
tent Of injury which the people ana 0oVernmenl
would have sustained If state INSTITUTIONS without
any other restrictions tnan we're enforced by state
laws had been permitted during the war 20 occupy
the Held. All having suspended specie payments
and thereby been relieved from the necessity of fur
nish Dg evidence Of fsOlvency hauks unwisely or dis
honestly managed would have stood on q leve
win lhose which were mana ed wisely and
honestly while the latter would have found II
diment 70 Keep their issues with reasonable limits
stimulated as they would have been, 70 issue freely
by the nee, sslIies Of the Goverpment and the in
cTeasing demand for money. which is aWays tht
result Of an increased supply The former would hav'
created panic and panic disaster, That the nationa
svsIem with its limited and secured circuatIon M
ia restrcted provisions. by suspending Tire stat
evafeuns has prevented financial crisis there can b
hut itte doubt For this II ~ eniitled credit An,
for thls ana for other reasons sugested should b
Huatained until better system shall be devis or III
counIry Is ia condition 10 dispense with banE issue
Xfsnments In favor. Of eompelling 'tne banks I
retire their notes and yield the held 10 the notes
the CiOvernmeut based upon the suppo8itl0n the
II three hundred millions Uuued States notes Wer
Inbsttnted for three hundred millions OF nationi
bank notes now In circulation The Government WO0l