The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1867-12-11
REPORT. OF THE SECRETARY. OF the

REPORT OF The SECRETARY OF THE n
TREASURY UPON TIE FNASCES.l gdl
THIS report, always looked for with grea
interest, is OF more general Importance at
the present tnan at any former timeIln the
hnancial history 81 the cOuntry. This re-
port, IL will be observed, Is made annually
BY Law, not T. the President, but to Con,
sress7-the body q which is con6ded the
entire subject Of revenue. taxation, and the
maintenance of the qubllc credIt.taafe .|s.
The Secretary open. he report with the
assurance that the finances of the United
States, notwithstanding The continued Dr.
preciauon oi the currency, are in more
Satisfactory cOndltion than thev we're year
ago. Nearly five hundred millions OF IN.
terrst bearing notes, certificates oil indebtr
edaess, anu Of temporary loans, have been
pad or converted into bonds. and the pub
lic debt IA. been reduced By sixty mil
lions:
The policy of contracting the curren-
ey, although not enforced to the extent au-
thoriz. By law, has prevented an expan-
sion OF credits, TO which redundant. and
especially depr.c lated currency Is always
an incentive, and has had 40 little Influence
IN stlmu'atlpg labor and increasing proJuc
tipn. Industry has been steadily returning
70 tie healthy channels from Which II was
diverted during The war, and although in
comes nave been small, and trade general
/. inactive. III no other commercial ecun-
| u, ia, there been less financial embarrass-
mcnt Than in the United States"
A contrast Us drawn Nv he Secretary be
tween the critical condition OF the hpances
al the close OF the Wal and The present com
patatI'ely satisfactory state Of things. The
Secretary relied much upon the authority
10 issue the seSen-thirty Treasury notes.
The people. With the jealous. and able sup,
port OF the psblic press. without distinction
OF party. promptly took up the entire issue.
~ the great relief Of the Government. The
national banks. too, gave eificient aid, by
iiberaI subscriptions, to the effort Tor the
support OF the Government credit
The crn,liiiun OF the country and the
Treasury determined the policy of the Se-
cretary. which has been to convert the IN.
trrrst bearing nntrs. temporary loans. &C..
into gold bearing bonds, and To contrac, the
paper circulation by the Redemption o
United S,ates noes. For the last two year,
tins policy has been steadily, but careiull,
pursued, and The resul., upon the whole
mas been satisfactory 10 the Secretary. and,
a. he believes. 10 majority OF the peo.
ll-.'
The Secretary suggests, as the time wher
specie payments nav b. wholly resumed
the lst Of January. 1869. or, At the falthes,
tie Ist Of July, 1869.
The conditions indispensable for resump.
ton are:
/" First. The funding or payment Of HI,
balance OF Understanding notes, and =
continued contraction Of the paper curren
cy.
Second. The maintenance Of the pub
lie taith in rgard 10 The funded debt.
Third. The restoration Of the Southern
Safes IN their proper relations 10 the Frde
raj Government.
I" II The opinion be correct, the question
OF permsneut specie payments, involving a
i dnes the prosperity of the country, IN
deriirs the. great question OF currency, tax
aA'Sss 500 atN wv
engaging the attention Of the people. an'
cahnot tail TO receive the earnest and deli
5trsie attention ol Congress"
The Secretary proceeds TO discuss, wit
great force aud clearness, the great gues
ton VI 4 return To a specie standard. In
views presented BY ham in his report lw
years ago, 10 favor Of q retsrn 10 speci
payments, were promptly approved BY
resolution OF the House oi Representative,
and seemed To be heartily responded TO b
the people. Congress limited the extent ,
contraction. aud the Secretary has con
J formed with It, continuing the redsctio,
!. with the exception ot some months. whe
0 he state Of business rendered II injudi
cious.
d The continuation of this policy he con
: siders as OBVIOUSLY wise, aud proceeds
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